st paul: The Importance of a Local Mortgage Expert
- 01/26/22 09:29 AM
Minneapolis, MN: Real Estate Agents are more likely to be credited as local neighborhood experts, while a mortgage Loan Officer is not, and the lender at the 1-800 phone number is OK to use.
In fact, it is almost always never in your best interest to use a lender who isn't relatively local.
Just like the Real Estate Agent, a Loan Officers knowledge and experience in the local community is extremely helpful in many ways.
Understanding challenges clients face in the local market, like if seller paid closing costs are commonly allowed or not allowed by sellers, and how to structure your loan program … (2 comments)
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st paul: Thinking of refinancing? Here is what you need to consider
- 02/13/20 09:55 AM
Minneapolis / St Paul, MN: The economy is doing great, and mortgage interest rates are at, or hovering just slightly above all time lows, which has many people thinking of refinancing.
Most, but not everyone has a great interest rate, but do you know how your current loan compares to today's market rates? We have a great market check up tool on our web site where you can plug in your current loan information, and instantly see how you compare. It's free, and no personal information is needed.
You can also check current national average mortgage interest rates on our web site, again … (0 comments)
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st paul: Veterans Day 2019
- 11/07/19 02:38 PM
If you are active or retired U.S. Military, Thank You for your service!
Veterans Day 2019 will be observed Monday November 11th. This official holiday is observed to give honor to those persons who served in the United States Armed Forces. Memorial Day on the other hand is celebrated in the spring to honor those who died serving this great country.
Many companies provide discounts and other benefits, including free food or admissions with proof of military service as a small way to show our appreciation.
Also remember that you have some very special VA home loan benefits available to you that make VA loans … (0 comments)
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st paul: Market harder for low end first time home buyers
- 04/27/16 12:57 AM
First-time home buyers finding it more difficult to buy
Minneapolis, MN: It's going to be a tough home-buying market this spring, especially for first-time buyers or even people looking to move up into a just slightly more expensive home. As the housing market continues to improve, we again are starting to see it become harder for first-time buyers to enter the housing market due to low inventory, and home prices starting to climb.
Starter homes are increasing in value faster than move up homes. The availablility of what most markets would consider starter homes is down 10 per cent so far this year … (1 comments)
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st paul: Less foreclosures - Lowest level since 2006
- 07/18/14 01:12 AM
Foreclosure activity down in June 2014 Foreclosure activity in June dropped to its lowest level nationwide since before the housing bubble started to burst nearly eight years ago, a new report said Thursday.
The number of homes facing bank auctions, default notices and scheduled auctions totaled 107,194 last month, down 16 percent from June 2013, according to RealtyTrac, a housing industry research firm based in Irvine, Calif.
June’s total was the lowest since July 2006.
Through the first half of 2014, there were 613,874 properties nationwide with foreclosure filings, down 23 percent from the first six months of 2013.
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Check … (1 comments)
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st paul: Down Payment Assistance Program in MN
- 06/03/14 10:34 PM
Are YOU tired of renting?
Looking to finally buy a home of your own? Owning a home offers numerous benefits, but for many people, finding the down payment money can be hard.
From St Paul and Minneapolis, to Rochester, Duluth, and beyond, we help MN folks buy their first time home with down payment assistance.
What does our down payment assistance program offer first-time homebuyers?
Mortgage loans to purchase a home for qualified low and moderate income first-time and move up homebuyers in Minnesota 30-year loans with affordable, low, fixed interest rates for the life of the loan … (0 comments)
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st paul: New lower FHA Loan Amounts for 2014
- 12/09/13 03:10 AM
New FHA Loan Limits Looking to get an FHA Loan in 2014 and beyond? HUD ( Department of Housing and Urban Affairs) announced last week it will be lowering the maximum loan amount for FHA loans (Federal Housing Administration). The new limits will take effect Jan. 1.
Each county across the county has a maximum loan amount, which is tied to the areas average income. The standard FHA loan amounts limits for areas with relatively low housing costs will stay at its current level, $271,050. However, the limit for areas with the highest housing costs will be reduced by more than … (0 comments)
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st paul: Minneapolis and St Paul area homes prices continue to rise
- 07/25/13 01:46 AM
Minneapolis and St Paul area home sellers continue to see an upward climb in the value of their homes. The median sales price soared up 17.5 percent over last year. According to the Minneapolis Area Association of REALTORS®, the June 2013 average value was $210,000, the highest it’s been since December 2007, just as the market was starting to crash. By the way, mortgage interest rates at the time were about 6.10%. Less homes for sale than what we’d like to see, combined with fewer foreclosures, and low mortgage rates continue to fuel these price increases. New listings were … (0 comments)
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st paul: Minneapolis, St Paul home prices rise again!
- 05/09/13 10:31 PM
St Paul, MN: The most recent reports and data for the Minneapolis St Paul real estate market shows continuing signs of rebound with both increased home prices and increased building permits for new construction.
The University of St Thomas' monthly residential real estate price report index shows that the mediam sales price was up 6% over March of 2012, with the current average now 209,900.
Improvements to the housing market are attributed to an
improved employment market historic low mortgage interest rates tight inventory of quality homes for sale less foreclosured home entering the market New construction builders are also complaining … (1 comments)
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st paul: A Sellers Market in Minnesota
- 04/23/13 12:07 AM
St Paul, MN: The latest report from the Minnesota Association of Realtors shows what we mortgage lenders already knew... That lower quality inventory is sparking higher prices across the state, but primarily in the Minneapolis / St Paul area.
The report for March showed the lowest number of homes currently on the market, at 11,784, since 2005. The report also shows the highest March average price for homes in four years, at $155,000 statewide.
The low inventory, combined with increased consumer confidence, and historically low mortgage rates, has created bidding wars on many properties, with the homes selling quickly, and … (0 comments)
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st paul: Lack of good quality homes for sale causing problems
- 03/30/13 12:03 AM
Minneapolis, MN: Who would have thought we would be saying this, but strong demand for housing is now running into supply problems, according to the National Association of Realtors® (NAR), and what I see and hear from my mortgage clients everyday. Homes For Sale: The lack of quality supply in homes for sale, especially in the under $150,000 price range in the Minneapolis / St Paul area if very evident with the number of clients unable to find a home that doesn't need a lot of repair. Any home in good condition, and priced right for today's market is selling … (1 comments)
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st paul: 3 FHA Rule changes you need to know
- 02/26/13 09:30 PM
Minneapolis, MN: If you are a first-time home buyer, you may already be leaning towards an FHA-backed mortgage to finance your Minnesota or Wisconsin home. Recently, the Federal Housing Administration announced changes to their mortgage guidelines, which are being made to stem the losses from all the foreclosued homes the past few years.
FHA does not provide loans, rather FHA is a government entity that insures mortgage loans made by banks and non bank lenders. Needless to say, if a lender can get an FHA guarantee on a portion of a loan, they are much more willing to provide a … (2 comments)
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st paul: Think you can't refinance - Maybe you can! Find out here
- 01/23/13 01:20 AM
HARP 3.0 ??? Help for underwater home owners St Paul, MN: Virtually, all homeowners have lost value on their homes in recent years. For many, this has created some challenges to refinancing and taking advantage of today's super low mortgage interest rates.
There are a few CURRENT PROGRAMS that can help, depending on what type of mortgage loan you have today. May people have successfully used program like HARP (Home Affordable Refinance Program), the FHA Streamline Refinance, or even the VA Streamline refinance known as an IRRRL loan.
Sadly, not everyone fits the criteria. Therefore Washington has been floating the idea … (0 comments)
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st paul: 30-Year Mortgage Rates Average 3.37% for week ending 12/14/2012
- 12/20/12 01:03 AM
Mortgage Rates Mixed, 30-Year Fixed Averages 3.37 Percent ST Paul, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates mixed following data reports on inflation and the housing construction market. The 30-year fixed moved up averaging 3.37 percent, while the 15-year fixed eased to 2.65 percent, both remaining near their record lows.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.37 percent with an average 0.7 point for the week ending December 20, 2012, up from last week when it averaged 3.32 percent. Last year at this time, the 30-year FRM averaged 3.91 … (0 comments)
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st paul: Refinance Rates hover near records lows for week ending Nov 2, 2012
- 11/07/12 11:43 PM
Mortgage Rates Settle in Near Record Lows Minneapolis, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates mixed following the monthly employment report but continuing to hover near their record lows over the past six weeks. Last year at this time, the 30-year fixed-rate mortgage averaged 3.99 percent, dropping below 4.00 percent for the first time since Freddie Mac started reporting its weekly mortgage rates survey in 1971.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.40 percent with an average 0.7 point for the week ending November 8, 2012, up from last … (0 comments)
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st paul: First Time Home Buyers in MN
- 11/04/12 11:56 PM
First Time Home Buyers in MN - DON’T pay another penny in rent! It is an exciting and scary venture buying your first home. You need a licensed, experienced advocate on your side that will show you the ropes and explain everything. You won't get that from an unlicensed bank clerk who treats you like a number.
It is the dream of everyone to own their own home. Many potential first time home buyers in the Minneapolis, St Paul, Duluth, Rochester, Madison, Milwaukee areas, and throughout all of Minnesota and Wisconsin who think they can't, actually CAN qualify for a great … (0 comments)
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st paul: Has your Minneapolis area home LOST VALUE? HARP 2.0 can help you refinance!
- 10/26/12 01:32 AM
Has your Minneapolis area home LOST VALUE? HARP 2.0 can help you refinance!
Minneapolis, MN: What is HARP? HARP stands for Home Affordable Refinance Program, an initiative from the Federal Housing Finance Agency (FHFA) to assist homeowners whose homes are now worth less than what they owe. And just recently, new enhancements to the program were announced, making refinancing options available again to an estimated one million more homeowners.
If you are a responsible homeowner but the current marketplace loan-to-value (LTV) requirements and need for a new appraisal have made it difficult or impossible for you to refinance at today's record low … (0 comments)
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st paul: Why you should lock your refinance today
- 10/18/12 10:54 PM
St Paul, MN: We get it. You want the lowest mortgage interest rates. What you may not realize is that waiting for that low rate could make you your own worst enemy.
When shopping mortgage rates, understand that the quote you got yesterday or last week is meaningless. Interest rates can change throughout the day and that may cost you dearly while you think about it. Face it, rates change daily - sometimes even multiple times in one day.
Did you know you can pick any interest rate you want? Do you know the difference between the rate and pricing for the rate? … (2 comments)
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st paul: Can a HARP Refinance help you?
- 09/09/12 10:18 PM
Can a HARP refinance help you?
Minneapolis, MN: A HARP refinance, in short, allows you to refinance with expanded eligibility requirements in regards to loan-to-value, or debt-to-income. That could mean that you are allowed to refinance, even though your home may have lost value., or the payment is a bit higher than normally allowed for your income. That flexibility allows many homeowners to refinance when they otherwise would not be able to. The idea is that even though the new loan might be a risky loan compared to other loans files with lower ratios it is still less risky than just leaving … (2 comments)
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st paul: How to deal with an underwater home
- 08/13/12 10:57 PM
Nearly 11 million Homeowners are Underwater, which means they owe more on their mortgage than their property is worth. Below are some of your options for dealing with an underwater mortgage.
Wait It Out: If you are just depressed at the thought of owing more than it is worth today, but really don’t have any intentions of moving. Stop worrying about it. You have to live somewhere. Although short sales and foreclosures have brought down values, the housing market is slowly recovering, especially here in the Minneapolis, St Paul metro area. If you are able to continue to make payments – do it. … (2 comments)
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Minneapolis, MN: Real Estate Agents are more likely to be credited as local neighborhood experts, while a mortgage Loan Officer is not, and the lender at the 1-800 phone number is OK to use.
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