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It's going get tougher to get a home loan in Minnesota
And it's not entirely a bad thing.  While the real estate market has had a boom over the last five years, mortgage lenders have been looking for ways to GIVE away money.  "Exotic" loans have become the buzz word in the mortgage industry.  These are the interest only kinds of ARMS that lower the monthly payments of the borrower.  These loans have made it possible for more people to quality for homes.  I'm not a mortgage officer, but here is what I have seen happen.  I have been meeting people who have been in there homes for 2-4 years, were unlucky enough to work with a banker who did not explain to them that over time the rates on those loans would go up, and so would the payments.  There are people who are now stuck with payments they can't afford.  I don't have a crystal ball, and am not a mortgage officer.  But if history repeats itself, and it usually does, interest rates will continue to rise-and so will the number of people who can no longer to live in their homes because they didn't either didn't understand that their payments would go up, or they didn't want to.  This likely means there will ... more

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