Thinking About Moving This Year? 5 Money Questions to Ask First

Woman looking at homes online on her laptop

If you’ve found yourself casually scrolling home listings, driving past “For Sale” signs a little slower than usual, or saying things like “We’re not moving yet… but maybe this year,” you might be closer to a move than you think.

Early in the year is when a lot of people in Lake Mills, Waterloo, Marshall, and surrounding Wisconsin communities start thinking seriously about a move. Maybe your family needs more space. Maybe you’re ready to downsize. Or maybe you’re just wondering what your options look like if the right house came along.

Before you book showings or fall in love with a floor plan, there’s one important step that often gets skipped: asking the right money questions first.

Here are five financial questions worth answering before you move, so you can feel confident, prepared, and supported, not stressed or rushed.

1. Can We Afford the Move, Not Just the House?

When people start thinking about moving, they often focus mostly on the listing price, but the true cost of moving goes beyond what you pay for the home itself.

Some expenses people often overlook when considering moving include:

Closing costs
Home inspections and appraisals
Moving trucks or professional movers
Utility transfers and setup fees
Initial repairs, furniture, or updates

In Southern Wisconsin, costs can vary depending on the location. Property taxes, insurance rates, and even utility costs can look different from town to town.

When you’re caught up in the excitement of the possibility of a new home, some of the other details can get swept to the side. But understanding the full picture of what a move will cost helps prevent surprises later, and ensures the move fits comfortably into your life, not just your loan amount.

This is where talking with a local mortgage lender can be especially helpful. A bank that knows the area can help you factor in costs specific to where you’re moving, not just what shows up on an online calculator.

Man at his desk holding a pen and calculator with figure of a house on his desk

2. What Will Our Monthly Payment Really Look Like?

One of the most common questions we hear is, “What would our payment actually be?”

A monthly mortgage payment is more than just principal and interest. It often includes:

Property taxes
Homeowners insurance
Escrow contributions

Online calculators can be a useful starting point, but they don’t always account for local tax rates or insurance costs, which can make a noticeable difference in your final number.

Knowing your true monthly payment helps you decide what feels comfortable for you long-term, not just what you technically qualify for. Having a comfortable monthly payment also ensures that you have enough money to cover the fun stuff too, in addition to the essentials and savings.

At Farmers & Merchants State Bank, we believe clarity beats guesswork. We take the time to explain how payments are structured so you know exactly what you’re signing up for.

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Try This: Mortgage Qualification Calculator

3. How Much Do We Actually Need Saved?

There’s a lot of misinformation out there about how much you need saved to move or buy a home. Many people still believe you need 20% down, and while that can be helpful, it’s not always required.

Savings to think about often include:

A down payment (amount varies by loan type)
Closing costs
A small cushion for after you move

Having a buffer can make a big difference, especially when unexpected expenses pop up in the first few months of homeownership.

Knowing what you need, and what you don’t, can turn a vague “maybe someday” plan into a realistic timeline. And the best way to achieve these goals? By making them SMART (Specific, Measurable, Achievable, Relevant, Time-bound).

Local banks like F&M can walk through these numbers with you and help you plan without pressure or unrealistic expectations.

Man and woman looking at homes together on a tablet in their living room

4. Are We Financially Ready to Buy Right Now, or Should We Wait?

This is a big one, and it’s not always an easy yes-or-no answer.

Here are some things worth considering:

Your credit history
Your current debt compared to income
Job stability
Life changes on the horizon (kids, career moves, retirement)

Not being “ready yet” doesn’t mean you’re behind. It simply means you have information, and information gives you options. Remember that there is no timeline for owning a home, whether it’s earlier or later in life. What’s important is that you’re doing it when it’s right for you and your situation, not because of perceived societal pressure.

Checking in early can help you understand what’s holding you back (if anything) and what steps could move you forward when the time is right.

A good lender won’t rush you. They’ll help you understand where you stand and what comes next, whether that’s now or later.

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5. Who Do We Want Helping Us Through This?

This question matters more than many people realize. There’s a difference between applying online with a national lender, working with a big bank call center, and partnering with a local community bank.

When you work with a local lender, you’re not just yet another number in our system. You’re talking to someone who understands Lake Mills, Waterloo, Marshall, and the surrounding areas, and who can explain things in plain language. We live here too, so we're invested in the good of our communities.

Moving is stressful enough. Having someone you trust, and can actually talk to in person or online, makes a real difference.

At F&M Bank, we combine personalized service with the mortgage insights and tools you expect, so you don’t have to choose between convenience and connection.

Keep Reading: Top 6 Places to Build Your Dream Home in Southern Wisconsin

Couple sitting together with local lender and looking at options on her laptop

Why Talking to a Local Bank Early Makes a Difference

You don’t need to be ready to buy to start a conversation. Talking with a local mortgage team early can help you understand your options, set realistic expectations, strengthen your position when you’re ready to make an offer, and also avoid last-minute surprises.

There’s no obligation, just information and guidance tailored to you. Ready to speak to someone? Contact us online or give us a call toll-free at 1-888-478-3007, to reach a team member in one of our Waterloo, Lake Mills, or Marshall branch offices.

Frequently Asked Questions About Moving and Mortgages

Do I need to be pre-approved before looking at homes?

Not technically, but getting pre-approved early can help you understand your budget and make stronger offers when you find the right home.

Is it okay to talk to a lender if we’re “just thinking” about moving?

Absolutely. Many people start with a conversation long before they’re ready to move.

Do mortgage rates matter if we’re not buying right away?

They can. Understanding how rates impact payments can help you decide when it makes sense to move.

Can a local bank really compete with bigger lenders?

Yes, and often with more flexibility and personal service. Local decision-making and one-on-one guidance are big advantages.

Moving Is a Big Decision, But You Don’t Have to Figure It Out Alone

Thinking about moving doesn’t mean you need all the answers today. It just means you’re ready to start asking the right questions.

Whether you’re actively planning a move or just exploring what’s possible, Farmers & Merchants State Bank is here to help, with honest guidance, local expertise, and real people who care about getting you into the right home at the right time.

Ready to talk through your options?

Visit us online or stop by one of our locations in Lake Mills, Waterloo, or Marshall to start the conversation.

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