mortgage loans: Popular mortgage programs at a glance.
- 03/30/22 11:11 AM
Minneapolis, MN: Figuring out which mortgage program is best for you can feel very overwhelming. Below we provide a list of some of the most common mortgage loan programs available in today's market.
We suggest rather that trying to figure out which program is best on your own, that you simply complete a full online mortgage application with a local mortgage broker instead.
Once the lender has all your information, they can discuss your exact overall situation, including your wants, needs, and ability. Then zero in like a laser beam on the programs you qualify for, how much house you can afford, what … (1 comments)
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mortgage loans: How do no fee mortgages work? Should I get one?
- 07/28/21 11:04 AM
Minneapolis, MN: We all know closing costs can be pretty expensive when getting a home mortgage loan. You may have also seen advertisements for no closing costs, and no lender fee loans, and wondered how it all works. Read more, as I shed the bright light on how lending really works.
Real or a Scam?
Well, low cost, no cost, and no lender fee loans are real, and they are not officially a scam, but they are a very misleading slight of hand type of creative advertising.
You see, all lenders have basically the same closing costs. Most costs are what is known as … (0 comments)
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mortgage loans: 3 Tips when Buying your First Investment Property
- 10/30/20 08:26 AM
Thinking of buying your first investment property? Looking back historically, most wealth in this country has been obtained though real estate, so there is plenty of good reason for you to buy real estate too.
There are many considerations when getting into real estate, including are you cut out to be a landlord, having the down payment, property location, calculating margins, maintenance and unexpected costs, understanding landlord-tenant laws as they relate to fair housing, security deposits, eviction rules, and more.
Sounds scary, but the reality is, with a little bit of knowledge, owning rental property can be pretty easy, and the payoff is … (1 comments)
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mortgage loans: Credit scores and how they affect mortgage loan approval
- 09/04/18 09:07 AM
Minneapolis / St Paul, MN: When buying a home, your credit matters - a lot. While credit scores alone don't get you a home loan approval, credit scores are one of the most important factors in the loan approval decision. With places like Credit Karma, and being getting your credit score with your credit card statement, most people have a pretty good idea of where they scores average.
But how does that score correlate to mortgage loan approvals, and what credit score do you need for loan approval?
What Credit Scores Mean In Mortgage Approval
Understandably, the better your credit score, the more … (0 comments)
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mortgage loans: Which is best? Lowest Interest Rate, or Lowest Closing Costs?
- 09/12/17 01:32 PM
When buying or refinancing a home, what is best, getting the lowest interest rate, or the lowest closing costs?
I know what you are saying - Getting both the lowest interest rate AND the lowest closing costs would be best, but shop till you drop, you can't get both!
First, we need to do a little background on both interest rates and closing costs. I'll start with simply explaining that for all intense and purpose, ALL LENDERS get their daily rates from the same bond market everyday, and that all lenders have basically the same closing costs. Most of your closing costs are … (0 comments)
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mortgage loans: Average credit score UP for mortgage loans
- 12/21/16 08:48 AM
Average Credit Scores Up for Mortgage Loans
Minneapolis, MN: The quality of the average home buyer continued to climb in 2016, making for the highert quality of home loans since 2001. Getting better in three categories; credit score, debt ratio, and equity position.
The average credit score in 3rd quarter 2016 came in at 739. This is up from 734 at this point last year.
Average loan-to-value, which is the difference between the properties appraised value and the actual loan amount, moved down to 85.60%, which was down from 86.80% last year.
Finally, the average debt-to-income ratio improved to just 35.40% of income, versus 35.70% … (0 comments)
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mortgage loans: Beware of automated mortgage pre-approval sites
- 10/16/15 05:30 AM
It's 2015. I understand the daily advancements on computers, technology, and convenience. Popping up all over are sites that that claim the ability to "allows home shoppers to get pre-approved quickly and easily." Instant pre-approval sounds cool.
But when it comes to home buying, potential home owners should be extremely wary of trusting any web site offering automated mortgage pre-approval tools.
The Traditional Mortgage Loan ProcessThe traditional process is you complete a loan application. A real live person reviews the information, talks to you about your situation, uses knowledge and expertise to explore all avenues and issues. Then your file is run through … (1 comments)
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mortgage loans: Real Estate Sham MSA's coming to an end?
- 09/21/15 06:21 AM
After year and years of abuse, it appears a big area of real estate transaction abuse may be finally coming to and end. What is that you say? Something you probably experienced, but didn't realize, which is known as a Marketing Service Agreement, or MSA.
MSA are agreements between various companies, more often than not, companies owned by the same people, to steer you into using the services of the other company.
For example, you buy your home using a Real Estate Agent from ABC Realty, who talks you into getting your mortgage loan from their affiliated company ABC Mortgage. Then they get … (4 comments)
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mortgage loans: Student Loans and Getting a Mortgage Loan
- 01/16/15 12:25 AM
So you want to buy a home, and have student loan debt? A frequent news item is the level of student loan debt outstanding, and the press claiming that student loan debt is preventing young adults from purchasing homes.
Clearly debt can be a hinderance to many things, including buying a home. Yet everyday, we approve and close plenty of home loans for younger people with student loan debt.
My advice? DON'T ASSUME. Let a local mortgage broker in your area look at a full application to zero in on what programs you might qualify for, how much house you can … (2 comments)
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mortgage loans: Is Your FICO Credit Score About To Go Up?
- 08/27/14 01:52 AM
Fair Issac and Company, the creator of one of the most widely used credit scoring models, FICO, said that the latest version of its score would no longer weigh medical debts. This is major, as medical debt accounts for about half of all unpaid collections on a consumers’ credit reports.
The newer FICO scores, available this fall, will also ignore any overdue payments that have already been made; previously, the scores factored paid and unpaid collections equally, though it ignored amounts under $100.
FICO credit scores, are based on the information in an individual’s credit reports, which are generated by … (4 comments)
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mortgage loans: How to pay off your mortgage in 1/2 the time
- 03/14/14 12:53 AM
Pay your home off in half the time...
It isn't magic, it is not some scam, it is actually really simple. Most homeowner don't think they can do this, but the reality is, most actually can pull it off if you simply put your mind to it.
How? Dump your 30-year mortgage for a 15-year mortgage. By switching to a 15-year mortgage, the average person will pay somewhere around 64% less over a 30-year loan.
Financially savvy homeowners are capitalizing on the savings they can reap by refinancing to a shorter loan term. Last quarter, nearly 40% of U.S. homeowners refinanced … (1 comments)
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mortgage loans: Bad credit loans down since 2007
- 05/14/13 01:17 AM
Minneapolis, MN: Not much of a shocker here, but weak, and bad credit loans are down dramatically since the lending correction of 2007.
Part of the reason for the housing collapse was an immense community desire to allow everyone to have a home. Clearly, that experiment failed miserably. Simply put, not everyone who wants a home loan deserves a loan, regardless of what liberal community activists say.
Mortgage loans written today, have some of the highest "quality" seen in underwriting history. New mortgage regulations pretend to provide important protections to borrowers, but have also lead to a permanent increase in the … (2 comments)
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mortgage loans: Shopping Around For A Mortgage Lender? Four questions to ask.
- 05/26/11 05:42 AM
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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Minneapolis, MN: Figuring out which mortgage program is best for you can feel very overwhelming. Below we provide a list of some of the most common mortgage loan programs available in today's market.
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