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wisconsin: HARP 2 Refinance not ready just yet - Why? - 01/17/12 09:22 AM
HARP 2 - Not ready until March 15th, 2012
Minneapolis, MN: There is a lot of consumers interested in a HARP refinance in MN and WI. The Home Affordable Refinance program allows home owners who have lost value to still refinance their homes are today's low HARP refinance rates. HARP has been available since mid 2009. HARP 2, which was announced in November 2011 removes some restrictions, and should help many more home owners refinance their home loans.
Officially, the enhanced HARP 2 program started December 1. Unofficially, most lenders won't be offering it until after March 15th, 2012. Let's explore … (1 comments)
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wisconsin: 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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wisconsin: 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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wisconsin: Adjustable Mortgages Hit New Low - 12/07/11 12:27 PM
Adjustable Mortgages Hit New Low
Historically in the United States, adjustable rate mortgages have always accounted for a small portion of overall mortgage loan choices. During the boom a few years ago, they jumped up dramatically, but still held just a small portion of the market.
Today, they hold an even smaller portion of the market share due to many factors, but most of them resulting from a misunderstanding, or lack of education on the borrowers part before taking one. For most people, they are considered too risky. Funny thing is, the rest of the world is just opposite. Almost everywhere … (1 comments)
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wisconsin: HARP 2.0 Underwater Refinance Guidelines - 11/19/11 09:51 AM
The Federal Housing Finance Agency (FHFA), who oversees Fannie Mae and Freddie Mac, released the improved HARP program guidelines to lenders this week. The new HARP (Home Affordable Refinance Program) program is a concerted effort by the government to refinance more homes and reduce monthly payments for home owners that are underwater and can’t obtain a traditional refinance. This is being accomplished by expanding the guidelines to more accurately reflects the current state of the real estate market.
Now that lenders have HARP guideline guidance from FHFA they will develop their own guidelines, or “overlays”. An example of an overlay is … (4 comments)
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wisconsin: HARP 2 guidelines released - Refinace program for underwater home owners - 11/16/11 04:23 PM
HARP II – The Home Affordable Refinance Program has released the updated program guidelines.
St Paul, MN: The HARP program, while not perfect, has been one of the few success stories in the governments attempt to help home owners. HARP has helped close to 1,000,000 homeowners refinance, and a few tweaks to the program have just been announced. No one who closely follows the mortgage industry is expecting HARP 2.0 to generate much in the way of additional refinance opportunities in the real world over the existing HARP program – but HARP IS STILL AN AWESOME PROGRAM for those who qualify.
… (1 comments)
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wisconsin: 20% down payment is NOT Required! - 11/09/11 11:07 AM
I hear the question all the time, "Do I need 20% down payment"
NO, you DON'T need 20% down!
I saw it again on the news this morning. Some talking head "Real Estate Expert" was telling the national audience that lenders require 20% down payment.
Generally speaking, this couldn't be further from the truth, and needing 20% down is a huge misconception in the marketplace today. For the average home buyer, there are numerous options for obtaining financing with less than 20% down.
DON"T ASSUME! Contact a local licensed mortgage loan officer and let them professionally review your individual situation. Click … (2 comments)
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wisconsin: What are you actually buying, a condo or a town house? - 11/04/11 09:07 AM
What are you buying, a condo or a town house?
Looks like a townhome, acts like a townhome - but its a condo, and that makes a big difference in mortgage financing!
People, including many Real Estate Agents, mistakenly assume a property legally platted and developed as a condominium is a town house. In the mortgage financing industry, there is a difference in both interest rates, and the time and ability to get a loan for a condo versus a town house.
When you buy a home, there are two major aspects:
The lender "credit qualifies" the buyer The lender "qualifies" … (1 comments)
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wisconsin: HARP II announced - Home Affordable Refinance program for underwater mortgages - 10/24/11 05:46 PM
FHFA, Fannie Mae and Freddie Mac Announce HARP Changes to Reach More Borrowers
Washington, DC – The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac (the Enterprises), today announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgage. The program enhancements were developed at FHFA’s direction with input from lenders, mortgage insurers and other industry participants.
"We know that there are many homeowners who are eligible to refinance under HARP and those are the borrowers we want to reach," … (0 comments)
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wisconsin: Oops - you just missed the mortgage interest rate boat! ---- NOT !! - 10/10/11 03:39 PM
Oops - you just missed the mortgage interest rate boat... or did you?
St Paul, MN: The headlines are screaming... Mortgage interest rates just hit historic lows again for the forth straight weak. The morning talk shows are asking if it is a good time to refinance your home? So is it a good time to refinance? The answer is probably yes, but let's find out the truth about interest rates and how they work.
The main item to understand is simple. Mortgage rates go up and down everyday. Sometimes a lot. Sometimes a little. There are many factors that contribute … (1 comments)
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wisconsin: 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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wisconsin: Rates are low. Should I be Refinancing? - 06/29/11 10:32 AM
Mortgage Interest Rates are hovering near historic lows. Should YOU refinance?
Minnesota and Wisconsin homeowners - The first rule is that there are no rules. You should refinance if it makes sense for you. Many people still think the "Rule Of Thumb" is that that if you could lower your interest rate by 2% or more then you should refinance; Depending on your situation, it may make sense for you to refinance even if you can lower your rate by only 1/2%.
It's time to seriously think about refinancing your current mortgage, especially if your interest rate is 1.0% or higher … (3 comments)
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wisconsin: You Are Entitled To A Second Opinion, Even If You Have Already Been Pre-Approved For Your Mortgage! - 06/06/11 08:06 AM
You Are Entitled To A Second Opinion, Even If You Have Already Been Pre-Approved For Your Mortgage! Imagine you have just went to the Doctor in Minneapolis, or the Mayo Clinic in Rochester, MN and found out that you have to have surgery on your knee and the procedure will be pretty extensive! Most people just won't take the doctors word any more. They seek out another doctor for a second opinion.
That's the way it should be with your home loans and mortgage too! If you have already been pre-approved or pre-qualified for a mortgage on your next home, are … (0 comments)
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wisconsin: Zero Down Home Mortgage Loans Are Here! - 04/30/11 08:34 AM
Zero down payment home loans are back. Actually, some of them never went away. VA and USDA Rural Development are two very popular home loan options.
Learn more by watching today's "Royal" performance. CG Live from London.
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 of the best rates on home loans! … (3 comments)
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wisconsin: Fannie Mae HomePath offers 3.5% in closing costs (temporarily) - 04/12/11 03:39 PM
Fannie Mae HomePath closing costs increased to 3.5%
St Paul, MN: Fannie Mae has announced they are increasing allowed seller paid closing costs to 3.50%.
This is an increase over the current 3% in allowed seller paid closing costs to home buyers purchasing a Fannie Mae HomePath foreclosed home, and is FOR A LIMITED TIME ONLY. The special offer goes back to 3.00% soon, so be aware and careful if including 3.5% Fannie Mae paid closing costs in any transaction.
Watch this video for details on Fannie Mae HomePath Closing Costs
Purchase agreements must be written on or after April 11, … (3 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
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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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