Your Guide to Summer Homebuying: Save on Closing Costs

Wisconsin's housing market is heating up along with the summer temperatures, making now an important time to understand your options as a potential homebuyer. At Public Service Credit Union, we're committed to helping our members navigate this dynamic market with smart financing solutions and personalized guidance.

Wisconsin Housing Market: What to Expect in Summer 2025

As we move into the summer of 2025, Wisconsin's housing market continues to show signs of stability and opportunity for buyers. Home prices in the state have increased moderately, with the median home price currently around $310,800, up approximately 8.7% from last year. Despite this growth, Wisconsin remains significantly more affordable than many coastal markets, making homeownership accessible for many families.

Here's what we're seeing in the current Wisconsin market:

  • Balanced inventory levels - Housing inventory is up about 5-6% compared to last year, giving buyers more options to choose from

  • Moderating price growth - While prices continue to rise, the pace has slowed to a more sustainable 4-5% in many areas

  • Regional variations - Markets like Green Bay, Appleton, and suburban Madison are seeing stronger growth, while smaller markets like Wausau may see more modest changes

  • Strong demand in suburban areas - The shift toward suburban living continues as buyers seek more space and affordability

For Central Wisconsin buyers specifically, the market presents a unique opportunity this summer. With slightly increased inventory and still-reasonable interest rates, those who are prepared can find good value before potential future increases.

Why Our 8-Year Balloon Mortgage Might Be Your Perfect Solution

At Public Service Credit Union, we're proud to offer our members access to our 8-year balloon mortgage product – a financing option that can be particularly advantageous in today's market.

What is an 8-year balloon mortgage?

Our 8-year balloon mortgage offers lower monthly payments for the first eight years, with rates typically below standard 30-year fixed options. At the end of the 8-year period, the remaining balance comes due as a lump sum payment.

Why it might be right for you this summer:

  1. Lower initial interest rate - Get into your new home with a more affordable monthly payment

  2. Flexibility for future planning - Perfect for homebuyers who:

    • Plan to move before the 8-year term ends

    • Expect income increases in the coming years

    • Want to renovate and sell before the balloon payment

    • Anticipate refinancing when rates may be lower

  3. Simplified experience - Enjoy working with one employee who handles the entire mortgage process from application to servicing

Many of our members have successfully used our balloon mortgage option to get into their dream homes while maintaining financial flexibility. Unlike larger lenders who may sell your loan to servicers, we maintain our relationship with you throughout the life of your loan.

“Our members typically save 50-70% on closing costs compared to traditional bank mortgages, putting thousands of dollars back in your pocket at a time when you need it most.”

Save Thousands with Our Industry-Leading Low Closing Costs

One of the biggest advantages of choosing Public Service Credit Union for your mortgage is our significantly lower closing costs compared to traditional banks.

The real cost difference:

While the average closing costs for a home purchase typically run between 2-5% of the loan amount (that's $6,000-$15,000 on a $300,000 home), our members save substantially through our streamlined process and reduced fee structure.

Traditional banks often charge:

  • Higher origination fees ($1,000+)

  • Application fees ($500+)

  • Higher processing and underwriting fees

  • Various administrative costs

At Public Service Credit Union, we're committed to minimizing these expenses. Our members typically save 50-70% on closing costs compared to traditional bank mortgages, putting thousands of dollars back in your pocket at a time when you need it most.

Why Choose Public Service Credit Union This Summer

Beyond our competitive products, there are several reasons why working with us makes sense for your summer home purchase:

  1. Personalized service - With a smaller staff, we provide truly personalized attention. Direct your questions to:

  2. Local decision-making - As a state-chartered credit union with deep roots in Wisconsin, we understand the local market and make decisions right here in Wausau

  3. Simplified mortgage process - Experience a streamlined approach with minimal complexity

  4. Quick approvals - Get pre-approved typically within 24 hours with a complete application

  5. Member-focused approach - As a not-for-profit credit union, our focus is on serving our members, not maximizing profits

Steps to Take Now for Your Summer Home Purchase

If you're considering buying a home this summer in Wisconsin, here are the steps to take:

  1. Check your membership eligibility - Remember, to be a member you need to be:

    • An employee of WEC Energy Group, its subsidiaries and affiliates (like Wisconsin Public Service) residing in Wisconsin

    • Or an immediate family member (spouse, parents, children, stepparents, stepchildren, grandparents, grandchildren)

    • Or another relative residing in the same household as a current member

  2. Get pre-approved - Know your budget before house hunting by contacting our lending team for a pre-approval

  3. Calculate your costs - Use our website calculators at publicservicecu.org to understand your potential payment scenarios

  4. Connect with our mortgage experts - Schedule a consultation to determine if our 8-year balloon mortgage or another option best fits your needs

  5. Begin your home search - Enter the market with confidence knowing exactly what you can afford

Ready to Make Your Move?

The Wisconsin housing market this summer offers a window of opportunity for prepared buyers. With a balance of increased inventory and stable pricing, coupled with our competitive loan options and significantly lower closing costs, this could be the perfect time to find your new home.

Contact our team today:

Let Public Service Credit Union help you navigate the summer housing market with confidence!

MortgagesKyle Turner