Your Local Mortgage Lender
Located in Appleton, Wisconsin
Personalized Mortgage Experience
Tom Seaman offers personalized service and loan options you'll love. We shop multiple lenders to find the best rate and product for you, getting you into your dream home faster.
With wholesale interest rates and cutting-edge technology, we make the mortgage process seamless. Trust the experts who focus solely on mortgages. Support your local community and experience elite client service.
Let us help you achieve your homeownership dreams!
The Home Loan Process
Mortgage Pre-Approval
Get pre-approved from one of our Loan Officers to see how much you can afford.
House Shopping
Work with a trusted Real Estate Agent to find a home you would like to move into.
Loan Application
Complete your home loan application to get the lending process started.
Don't take my word for it
Mortgage Programs
Experience the best mortgage experience located in Appleton, Wisconsin.
Home Loan Options
Our experienced mortgage advisors will walk you through the best mortgage loan program that will fit your specific scenario.
Conventional Home Loans.
FHA Home Loans.
USDA Home Loans.
VA Home Loans.
Frequently Asked Questions
How often can I refinance my mortgage?
There is no limit to the number of times you can refinance. However, you must qualify every time you apply and there will be costs associated with closing the loan each time.
Can I buy a home if I do not have money for a down payment?
Yes! There are a number of bond programs that offer low or no down payment financing options.
How do I know which mortgage is right for me?
The key to choosing the right mortgage is to understand the range of options and features available to you, as well as your budget, circumstances, and goals. Our licensed mortgage professionals are here to help you navigate that process. The more you know, the more comfortable and confident you will be choosing the best option for you and your family.
How long will the loan process take?
The Truth in Lending Act (TILA) does not permit a lender to close a loan until at least seven (7) business days have passed from the date your application was received. A typical home loan takes 30 days, as a number of third-party services such as appraisals, title work, and credit are required in conjunction with the mortgage process. Once you familiarize your Loan Officer with the details of your specific loan scenario, they will be able to provide you with a more specific timeline.
Will I qualify for a home loan?
The only way to find out is to speak with a qualified mortgage professional. Our Loan Officers have helped numerous clients who didn’t know if they could qualify to become home owners. We take the time to understand your financial situation and long-term financial goals, and then match you with the loan program that best fits your needs. Your approval for a loan may also largely depend on the price of the home you are financing. Getting pre-qualified prior to beginning your home search can give you an idea of what you may be able to afford.
Why do people refinance their mortgages?
Homeowners typically refinance to save money, either by obtaining a lower interest rate or by reducing the term of their loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts.
How much money will I have to pay upfront to buy a home?
This question does not have a simple, one-size-fits-all answer. The exact amount will depend on the price of the home you buy as well the type of mortgage financing you choose. Depending on your loan program, your down payment could be as much as 20% of the home’s price or as little as 3%, while some loans require no down payment at all.
Can I get a mortgage after bankruptcy?
You may still qualify for a home loan even if you have experienced a bankruptcy. The best way to find out if you qualify is to talk with a Loan Officer to discuss your options. Be sure to bring all paperwork regarding your bankruptcy so your Loan Officer can find the program that best fits your situation.
Should I lock my interest rate now, or wait until we are closer to our closing?
Interest rates fluctuate all day, every day. If an interest rate is good, it may be in your best interest to lock now. If you wait, you run the risk of an increase in rates later. If you are concerned that rates may go down after you lock, contact your Loan Officer to discuss your options. Some programs allow you to lock for an extended period and choose to lower your rate should a better one become available.
Most Recent Blog Updates
Online Mortgage Calculators Are Giving You the Wrong Numbers and Here Is the Actual Formula
Online Mortgage Calculators Are Giving You the Wrong Numbers and Here Is the Actual Formula
The Question Every Buyer Asks and the Answer Most Calculators Get Wrong
How much house can I afford? It is one of the first questions every buyer asks and most of the online mortgage calculators available to answer it are giving you numbers that do not reflect how actual mortgage qualification works.
Here is the actual formula and why the range it produces is larger than most buyers realize.
The Real Calculation Behind Mortgage Qualification
Mortgage lenders evaluate affordability using something called the debt-to-income ratio. The calculation compares your total monthly debt obligations including the proposed mortgage payment to your gross monthly income. Understanding how that ratio works is what tells you your real buying power rather than a ballpark estimate from a simplified online tool.
Here is how to run a quick estimate yourself.
Take your gross monthly income and divide it by three. That gives you a conservative maximum total mortgage payment that most borrowers with average debt loads can qualify for.
On a household income of $100,000 per year the gross monthly income is approximately $8,333. Divide that by three and you get roughly $2,770. At today's rates with 10 percent down that payment supports a purchase price of approximately $430,000.
That is the number most online calculators will show you. But it is not the whole story.
Why Zero Debt Changes Everything
Here is the part that most buyers have no idea exists and that creates a massive difference in buying power for people whose financial situation supports it.
If you have zero other monthly debt obligations no car payments, no student loan minimums, no credit card minimums, no other recurring debt the debt-to-income calculation allows the mortgage payment to consume a significantly larger portion of your income. In many cases lenders will allow the total housing payment to reach up to approximately half of gross monthly income when no other debts are present.
The same $100,000 household income that supports a $2,770 payment when average debts are present can support a payment of approximately $4,160 when no other debt exists. At today's rates with 10 percent down that payment supports a purchase price of approximately $650,000.
As Tom Seaman explains that is a $220,000 difference in buying power produced entirely by the presence or absence of monthly debt obligations. Most buyers have no idea this range even exists and many are shopping in a price range significantly below what they could actually qualify for because they ran a simplified calculator that did not account for their actual debt picture.
Why This Matters for How You Approach Your Home Search
Understanding your real buying power before you start searching has practical consequences for the homes you look at, the neighborhoods you consider, and the offers you write. A buyer who believes their budget tops out at $430,000 based on an online calculator is not looking at homes in the $550,000 to $600,000 range where they might actually qualify. They are making real estate decisions based on inaccurate financial information and potentially missing out on homes that would work perfectly within their actual qualification.
On the other side of that equation a buyer who has significant monthly debt may find that their online calculator estimate overstates what they can actually qualify for. Running accurate numbers before falling in love with a home prevents the disappointment of discovering later that the monthly payment does not fit within the lender's guidelines.
Find Out Exactly Where You Stand
The formula above is a useful starting point for a quick estimate but the actual qualification number depends on your specific income structure, your specific monthly debts, the loan type being used, the down payment amount, current rates, and the specific property taxes and insurance costs for the home you are purchasing. Those details can move the number meaningfully in either direction from the estimate the formula produces.
Tom Seaman works with buyers to run the actual numbers based on their specific financial situation and determine exactly what they qualify for rather than what a simplified calculator suggests. Comment the word home to receive a direct message with a personalized look at what your income and debt picture actually supports in the current market.
Sources
ConsumerFinancialProtectionBureau.gov FannieMae.com Investopedia.com MortgageNewsDaily.com BankRate.com
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