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mn: VA Streamline Refinance Loan - 05/05/12 06:21 AM
VA Streamline Refinance
Minneapolis, MN: Everyone is talking about the HARP 2.0 (Home Affordable Refinance Program) loan. But what is you have a VA loan?
A VA Streamline Refinance is similar to the FHA Streamline Refinance. It is officially known as a IRRRL loan (interest rate reduction refinance loan) because of the money you can save by lowering your monthly interest rates. It was created by the VA in an effort help our veterans secure the lowest interest rate possible. This VA loan process is done quickly, with minimal hassle so our veterans can save immediately.
Veterans who have served active … (2 comments)
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mn: HARP Refinance - The first few months - 05/02/12 09:28 AM
HARP Refinance - The first few months
HARP 2.0 has been in place for awhile now, and although I have helped several people refinance their underwater loans with the HARP 2.0 loan program, it has actually been a bit disappointing. As typical with government programs, the reality of HARP 2.0 falls short of the perception.
When the program was announced back in October, 2011 it sounded like everyone - no matter what their loan to value or their income would be able to refinance at today's low interest rates.
When the program moved full steam ahead in March, 2012, many people have … (1 comments)
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mn: Details of HARP 2 Refinance program in WI and MN - 03/15/12 09:19 AM
HARP 2.0 refinance program details in MN and WI. Minneapolis, MN: The much anticipated new version of the HARP Refinance Program (HARP 2) is now in effect, making it one heck of a lot for home owner who have lost value in their homes to refinance their mortgage into today's low mortgage rates. The two biggest guideline changes to the HARP 2 program include the POSSIBILITY of unlimited Loan-to-Value and the POSSIBILITY to refinance even if you have Private Mortgage Insurance (PMI). This opens up financing opportunities for seriously upside home owners who have kept up with their current mortgage obligations. … (1 comments)
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mn: Who owns my mortgage loan? - 03/12/12 05:56 AM
Who owns my loan? Minneapolis, MN: Until recently, no one really needed to know, and no one really cared who ultimately owns their mortgage loan. Home owners simply receive their monthly statements, and make their monthly payments to their mortgage company or loan servicer.
There are many program to assist homeowners, including the improved HARP 2, the Home Affordable Refinance Program, which require the loan be owned by Fannie Mae or Freddie Mac, so it is very important to know who, and if they own your mortgage loan.
There are usually a few people involved in your loan process:
The Originator: … (0 comments)
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mn: The Yourgage Mortgage - Pick your own amortization term - 03/07/12 05:39 AM
Who said you have to pick a standard mortgage loan term? Design your own mortgage loan. Pick any amortization term you want from 6 to 30 years. A big internet lender likes to call this "The YOURgage", and claims it is "only available from them!" They go as far as to make it sound like they "invented" it. Well, that is far from the truth. Actually, it is a little know option available from a large number of MN mortgage lenders, just like us.
Mostly used for refinancing, but it can also be used to purchase a home. Let's say you … (1 comments)
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mn: FHA Announces Price Cuts to encourage streamline refinances - 03/06/12 01:43 PM
Millions of FHA borrowers could save average of $3,000 a year
WASHINGTON – Today, Acting Federal Housing (FHA) Commissioner Carol Galante announced significant price cuts to FHA’s Streamline Refinance Program that could benefit millions of borrowers whose mortgages are currently insured by FHA. Beginning June 11, 2012, FHA will lower its Upfront Mortgage Insurance Premium (UFMIP) to just .01 percent and reduce its annual premium to .55 percent for certain FHA borrowers.
To qualify, borrowers must be current on their existing FHA-insured mortgages which were endorsed on or before May 31, 2009. Late last month, FHA also announced it will … (2 comments)
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mn: Have an existing FHA Loan? Learn about the FHA Streamline Refinance Program - 03/01/12 08:57 AM
FHA Streamline Refinance Program in MNRefinance to today's low rate. No appraisal, no closing costs, and even skip a month of mortgage payments - How cool is that?
APPLY for an FHA Streamline Refinance in MN and WI HERE
CLICK THE SOCIAL MEDIA LINKS ABOVE - SPREAD THE WORD
(C) 2012 - Joe Metzler - A LICENSED Mortgage Loan Officer lending in MN and WI only NMLS #274132. ReRe-blog but do not steal! … (0 comments)
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mn: The awesome FHA Streamline Refinance Program - 02/19/12 07:16 AM
The FHA Streamline Refinance Program
Minneapolis, MN: If you currently have an FHA mortgage you are eligible for one of the simplest money saving refinances available today.
The FHA Streamline Refinance allows existing FHA borrowers to reduce their interest rate without having to jump through a lot of hoops. Basically, if you have made on time payments on your current FHA loan for the past 12 months. You get (almost) an automatic approval for the streamline refinance! How COOL IS THAT?
Most current FHA loans qualify for a no out-of-pocket cost streamline refinance loan that lowers your FHA interest rate and reduces your … (2 comments)
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mn: Down Payment Assistance Loans in MN - 01/24/12 08:56 AM
Homeownership Is Possible With Minnesota Housing Finance Agencies First Time Home Buyer Mortgage Programs Benefits of MHFA Mortgage Loans Below-market interest rates Interest-free loans to help for with down payment and closing costs (up to $8500) Minnesota Housing Mortgage Loan Program Eligibility To be eligible for a Minnesota Housing First-Time Homebuyer Loan, you must meet these requirements:
Be a first-time homebuyer (meaning you have not owned a home in the past three years). Have acceptable credit (640+ middle credit score) Meet the requirements for income limits (listed below) Have federal income tax return copies for the last 3 years. Have … (0 comments)
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mn: Getting a home mortgage loan with bad credit - 01/21/12 09:32 AM
Can you qualify for a home mortgage loan with bad credit?
What’s Your Credit Score? Lenders rely heavily on credit scores as a major determining factor for getting a home mortgage loan. I hate to be so blunt, but lenders DO NOT give home loans to those with bad credit anymore. If you are denied by one lender, contacting 10 more probably won't result in success.
What credit score do I need for a home loan? Generally speaking, in today's mortgage world, if your middle credit score is below 640, it is very unlikely that you will qualify for home loan … (2 comments)
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mn: New CONDO and Townhouse Insurance rules to cause more pain in the housing industry. - 12/30/11 11:02 AM
Minneapolis, MN: Currently on Condominiums and attached Townhome units (PUD), Fannie Mae requires insurance coverage of the lesser of 20% of the unit’s appraised value or replacement cost.
For applications dated on or after January 1, 2012, 100% replacement insurance coverage of the exterior and interior of condominiums, or attached PUD (Townhome) units will be required.
If the “master” or “blanket” policy for the condominiums or attached town home development does not provide full coverage of the interior or is a “bare walls” policy, then an individual HO-6 "walls in” insurance policy must be obtained to reach the full 100% … (0 comments)
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mn: Stop Renting - Busting a few myths about buying a home - 12/19/11 07:53 AM
No more excuses. Go buy a home!
The housing market has changed dramatically, and everyone should be taking advantage of some of the most affordable home prices, and lowest mortgage rates in history. You may be hearing a lot in the news today that in some markets it is cheaper to own than it is do rent. It's true!
Stop listening to the doom and gloom drum beat the media plays. Bad news sell newspapers, so that is the spin they like to portray.
Common myths and misconceptions may be holding you back but shouldn't.
My credit is not the best … (5 comments)
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mn: FED leaves FED FUNDS RATE unchanged - 12/13/11 04:33 PM
THE FED LEAVES RATES UNCHANGED Minneapolis, MN: Today the FED (Federal Open Market Committee) voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.
Mortgage bonds are mostly unchanged since the Fed’s announcement, giving mortgage rates in Minnesota and Wisconsin little reason to move significantly in any direction.
WHAT IS THE FED FUND RATE? It is the interest rate at which a depository institution (Bank) lends immediately available funds (balances at the Federal Reserve) to another depository institution (Bank) overnight. It has NO DIRECT BEARING on what you the consumer will get as a mortgage … (1 comments)
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mn: Have mortgage interest rates finally bottomed out? - 12/08/11 08:08 AM
Have mortgage interest rates bottomed out?
The most recent Freddie Mac's weekly Primary Mortgage Market Survey (www.FreddieMac.com) has the most recent average 30-year fixed rate mortgage at 4.00% - about the same as it has been for the past few months.
Over recent months, the average 30-year fixed mortgage rates have ranged between 3.97% and 4.02% with an accompanying 0.70% discount points, and standard closing costs. Closing costs can vary by state and 1 discount point is equal to 1 percent of your loan size. An example of state differences: Minnesota has a "Mortgage registration tax" of either .0023% or .0024% of the … (3 comments)
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mn: Winning or losing in the mortgage interest rate game - 10/03/11 01:32 PM
Mortgage interest rates -- just like stock prices -- change price daily and you can win big or lose big if you don't know what you are doing.
#1 Mortgage Interest Rate and Lender Shopping Tip | MN and WI Mortgage Rates | Quote, Float, or Lock? |
St Paul, MN: For the typical home buyer that is "shopping" for a mortgage, or waiting for rates to fall, or just "hasn't gotten around to it", we suggest you almost always lock, and to do it quickly. The sooner you lock your rate, the less chance you have of losing in … (1 comments)
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mn: What is the value of your home? - 09/28/11 05:30 PM
What's the value of your home? (MN & WI Only)
Many homeowners are curious about the appraised value of their home in today's market. An actual appraisal is expensive, and county tax records do NOT always reflect true market value. As you may be aware, home values are constantly fluctuating, and with the decline in average values, it is important to have an accurate idea of what your home is worth.
There are many sites that claim to give you are idea, including Zillow, Trulia, and more.
The problem is, where is the data coming from and how accurate is it?
… (0 comments)
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mn: Interest rates — you can win big or lose big if you don’t know what you are doing. - 08/04/11 09:35 AM
Mortgage interest rates — just like stock prices — change price daily and you can win big or lose big if you don’t know what you are doing.
Everyday Loan Officers are ask “what do you think interest rates are going to do?” Of course none of us know that answer, so except for the most extreme cases on a purchase transaction, I suggest you always lock, and to do it as soon as you can. The sooner you lock your rate, the less chance you have of losing in the mortgage interest rate game
If you have a signed … (0 comments)
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mn: Is refinancing easier than buying a home? - 07/20/11 12:13 PM
A refinance is just as easy to get as your first mortgage… right?
St Paul, MN: Many people think that refinancing is easier than buying a home for two main reasons:
1) you already have a loan on the home, you make your payments, so it should be easy to refinance. 2) your current mortgage lender already has all their information, so they with easily refinance you, and they are the best place to call **
Sorry… Not true on either count.
There are many factors that might make it hard to refinance in MN:
First, understand that no matter who … (2 comments)
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mn: Shopping Around For A Mortgage Lender? Four questions to ask. - 05/26/11 12:42 PM
Shopping Around For A Mortgage Lender? Here is THE INSIDE SCOOP on how to IDENTIFY A PROFESSIONAL MORTGAGE LENDER, BROKER, and LOAN OFFICER HERE ARE FOUR SIMPLE QUESTIONS your Loan Officer absolutely MUST be able to answer CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS - RUN, DON’T WALK RUN TO A LENDER THAT DOES! 1) What are mortgage interest rates based on? (The only correct answer is Mortgage Backed Securities or Mortgage Bonds, NOT the 10-year Treasury Note. While the 10-year Treasury Note sometimes trends in the same direction as Mortgage Bonds, it is not unusual to see them move … (0 comments)
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mn: Are you growing, or killing your Real Estate Business? - 04/07/11 09:30 PM
Real Estate Agents, Are you closing deals, making money, and growing your business, or are you killing your future business. Growing your business is easy if you know the secret, have the right attitude, and partner with the the right mortgage lend or Loan Officer.
Watch more Real Estate Agent News and Information from Joe Metzler, MLO
(C) 2011 - Joe Metzler - Mortgages Unlimited, St Paul, MN #274132. Re-blog but do not steal!
We lend in MN and WI ONLY. Searching rates on home loans, rates for refinancing your mortgage in MN or WI. We have some … (1 comments)
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Joseph Metzler MLO MMS NMLS # 274132
,
MN
More about me…
Mortgages Unlimited, Inc
Address: 33 Wentworth Ave E #290, Saint Paul, MN, 55118
Office Phone: (651) 552-3681
Email Me
Mortgage industry news and insights from a 15+ year industry expert. Mortgage are Real Estate News You Can Use.
Joe is a Certified Minnesota Mortgage Specialist, who provides home mortgage loans not only in the Minneapolis, St Paul area, but all of Minnesota and Wisconsin.
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