minnesota mortgage: Minneapolis Real Estate Report - Is Rock Bottom In Sight? - 10/02/07 03:44 PM
Selling a home in Minneapolis, St. Paul or surrounding suburbs is starting to look like an almost impossible mission.  With homeowners in over their heads, there is little help for them when their rate adjusts and mortgage payments become un-affordable.
Tuesday October 2nd, 2007, WCCO News reported that 6.5% of the homes on the market were pending sale, compared to 21.5% just a year ago.  Quite a significant drop but no surprise considering that mortgage lenders have tightened their guide lines and are turning anything less then excellent credit down.
One home owner reported that her property has been on the market for … (0 comments)

minnesota mortgage: Mortgage Lenders Cutting Jobs - 08/21/07 03:47 AM
With the battered mortgage industry, mortgage lenders are scrambling to do whatever they can to save every penny they have and to avoid bankruptcy. 
The latest news comes from Capital One Financial Corp. who announced that it is ceasing operations at its wholesale mortgage banking unit.  This move will result in the elimination of 1,900 positions throughout the country.  Capital One claims that the vast majority of these job cuts will take place by years end.
The unit shutting down for Capital One is Green Point Mortgage Funding Inc., which is based in Novato, California.  In addition to Green Point Mortgages headquarters … (0 comments)

minnesota mortgage: Fed Cuts Discount Rate to 5.75% - 08/17/07 04:09 AM
The Federal Reserve Board said it was acting to "promote the restoration of orderly conditions in financial markets" by allowing banks to borrow unlimited funds at 5.75% for 30 days.  The discount rate which is the rate that the Federal Reserve charges qualified lenders, mainly banks, does not affect credit cards, home equity lines of credit, car loans and other consumer loan rates.
By cutting the discount rate instead of the federal funds rate, the Fed signaled that it believes problems lay mainly to the financial system.  The cut in the discount rate does little to change consumer and commercial interest rates, … (0 comments)

minnesota mortgage: Minnesota Mortgage – House Committee meeting - 08/14/07 06:42 AM
Minneapolis, MN - Although Minnesota's foreclosure problem may be small in comparison to other states, the growing crisis has and will continue to affect the metro area.  On August 10th, 2007 politicians, housing advocates and mortgage lenders met in Minneapolis to give their views on the foreclosure crisis.
The Twin Cities has some dense patches of foreclosures, mainly in north Minneapolis.  U.S. Rep. Keith Ellison, DFL-Minnesota and a member of the financial services committee, began the hearing pointing out that thick cluster of red dots marking foreclosed homes on the north side.
Minneapolis City Council President Barb Johnson pointed out that foreclosures in … (0 comments)

minnesota mortgage: Mortgage Minneapolis - 08/13/07 11:28 AM
Obtaining a mortgage in Minneapolis has become more difficult over the past few months with the news of lenders closing their doors and filing for bankruptcy.   With mortgage alternatives diminishing by the day, many local mortgage companies in Minneapolis are also closing their doors.  As a consumer, where does this leave you when it comes time to obtain financing for a home purchase or refinance?
The new changes in the mortgage laws in Minnesota have left many consumers in a bitter-sweet position.  For the most part, the mortgage brokers that are left in Minneapolis are the professionals who call this industry their … (0 comments)

minnesota mortgage: Mortgage Rate Forecast for the Week of August 13th, 2007 - 08/12/07 03:08 PM
Just in case you were worried the week ahead wouldn't hold enough action and excitement, this week sizzles with economic news events. The calendar holds Retail Sales on Monday; the Producer Price Index, measuring wholesale inflation on Tuesday; the Consumer Price Index, measuring consumer inflation on Wednesday; Housing Starts and Building Permits on Thursday; and Consumer Confidence on Friday.
If the economic news shows low inflation and a slowing economy, Bond prices and home loan rates should improve - on conforming loans.
But remember that in the current climate, non-conforming loans are a different animal altogether. If you are in the market … (0 comments)

minnesota mortgage: Minnesota Mortgage Law - 07/31/07 10:15 AM
Minneapolis, MN  - On Monday July 30th the Minnesota Mortgage Association held it's monthly meeting to discuss how the new mortgage laws passed in Minnesota will affect how mortgage companies within the state operate.  The panel of speakers included, but not limited to, Wade Abed of Northwest Mortgage also the President of the Minnesota Mortgage Association, Robyn Brown of the Department of Commerce, Eldon Spencer representing legal counsel and Pat Martin. 
Minnesota mortgage brokers have been under scrutiny for the latest increase in foreclosures.  This has lead up to the state of Minnesota passing new laws designed to eliminate some of … (2 comments)

minnesota mortgage: Finding Minnesota Mortgage Brokers That Care - 07/03/07 09:07 AM
With so many mortgage companies in Minnesota, how do you know that you are choosing the right company?  Thankfully, the new Minnesota mortgage laws have weeded out some of the bad Minnesota mortgage companies and Minnesota mortgage brokers who were only in the business for a quick buck. 
Time and time again I hear horror stories about how homeowners have been put into a mortgage that they did not deserve.  This usually happens when you deal with a mortgage broker or mortgage company that has little to no standards.  Now that the refinance boom has come to a halt most mortgage … (0 comments)

minnesota mortgage: Credit Tips That Will Score Lower Interest Rates - 05/21/07 05:25 AM
Should I close existing credit card accounts that I don't use?No. Part of your credit score is based upon credit history. If you have old credit cards that you don't use very much, you still have the benefit of the credit history they represent.Rather than trying to pay off all your credit cards, you can move part of the debt from one card to another to even out the distribution of debt. Try to keep balances as close to zero as possible, and definitely below 30% of the available credit limit when trying to purchase a home. Also, if your credit … (0 comments)

minnesota mortgage: Mortgage Rate Shopping - 05/06/07 05:29 PM
So you want to know what the best rates out there are? Well there are many different variables that can affect the actual mortgage rate that you qualify for. You can shop around for mortgage rates and call hundreds of different lenders to find the best rates available but in the end it may not mean anything to you. Your credit score can affect your final interest rate, your loan purpose, property type, occupancy type, Loan to Value, type of loan, and many other factors may affect what the final rate you qualify for may be. Therefore, just because one lender … (0 comments)

minnesota mortgage: Should You Leverage Your Home or Pay It Down Rapidly? - 05/01/07 04:48 PM
There is a great debate within the inner-mortgage circles these days. Should we, as loan professionals, encourage clients to borrow as much money as possible? Or would consumers benefit more if we helped them to understand the advantages of 15-year amortization schedules and pre-paying principal? Let's examine the pros and cons of both strategies.
Leveraging Your Property. In order to understand why you'd want to borrow as much as possible for your home purchase, you must first grasp the concept that equity has a zero rate of return. Here's an example:If Consumer "A" buys a home for $300,000, and puts 20% down, … (0 comments)

minnesota mortgage: Short-Term Interest Rates on the Rise - 04/19/07 05:20 PM
Adjustable Rate Mortgage Holders Prepare for Increase in Interest Rates
 
 
In 2004, the Federal Reserve made it clear that short-term interest rates would be increased at a "measured pace" because of a fluctuating US Dollar, unstable oil prices and an evaluation of other economic indicators. In an effort to curb inflation, the Federal Reserve has kept its word and continued to raise rates, including one incredible streak of 17 consecutive hike announcements following meetings of the FOMC. 
As a result of these interest rate increases, millions of homeowners with adjustable rate mortgages will feel the sting of corresponding increases in their annual … (0 comments)

minnesota mortgage: A Minnesota Homeowner Must - 04/16/07 08:10 AM
REFINANCE NOW! Turn Your Adjustable into a Fixed Payment! HOME LOANS UP TO 4 MILLION! CALL AND ASK HOW - RIGHT NOW! 763-391-5797 -Approval in Minutes, No Income Verificiation-OK -Low Credit Scores = NO PROBLEM -Liens, Bankruptcy = OK -Get Cash Now & Consolidate Debt -100% Financing Available Call 763-391-5797 to get a quote now or fill out a quick quote form online at Minnesota's Rate Quote Form and see how low of a fixed rate you qualify for. … (0 comments)

minnesota mortgage: Finding a Mortgage in Minnesota. - 04/05/07 06:35 AM
With so many loan officers to choose from, what makes one different from another?  For the most part, every mortgage broker out there has access to the same lenders as everybody else.  Rates and fees around the board are pretty similar from company to company, so why choose abc mortgage company over xyz?
 If you happen to be shopping for a mortgage and you are looking for an individual who will deliver you an honest rate on an honest mortgage product that you can afford then Minnesota's Mortgage Broker is who you are looking for.  Understanding that a homeowner simply wants what … (0 comments)

minnesota mortgage: Mortgage Market - 04/03/07 09:05 AM
Law makers are making it harder and harder every day for homeowner's to refinance their property or purchase a new home.  A new law passed makes it illegal in the state of Minnesota for negative amortized loans, except for reverse mortgage which benefit senior citizens. 
Also in the news, legislation is trying to pass a law which prohibits stated income loans.  If this passes and you are self employed this puts you at a disadvantage for home financing. 
If you have an adjustable rate mortgage I suggest taking advantage of today's mortgage programs while they are still here.  You can get … (0 comments)

minnesota mortgage: Mortgage Specials in Minnesota - 04/03/07 07:44 AM
If you are looking for a special deal on a refinance or home purchase mortgage, today is your lucky day. Today you have the opprotunity to work with Minnesota's Mortgage Broker and recieve a no cost or obligation consultation on ways not only to improve your credit but also how to achieve a mortgage that is financially suitable for you and your family for years to come. On top of that, if you apply before June 15th, 2007 we are going to waive the processing and underwriting fees, saving you $1,000 out of the gate.Apply Today and start saving hundreds, if not … (0 comments)

minnesota mortgage: Minnesota's Mortgage Broker - 04/01/07 03:26 PM
Finding a mortgage broker in Minnesota is not that tough, you see ads everywhere soliciting mortgages. Finding the right mortgage broker that looks out for you is the challange.Being a mortgage broker is more then just quoting interest rates. As a professoinal in the industry for the past 5 years I make sure you understand the mortgage options that are available to you. I have plenty of happy customers who continue to refer their friends and family to me, simply because I looked out for their best interest.Yes I could have sold them one of those exotic 1% interest rates and … (0 comments)

minnesota mortgage: Buying A Home In Minnesota? - 04/01/07 03:21 PM
If you are buying a home in Minnesota, your first step is getting pre-approved for a mortgage. Most Real Estate agents will not even work with you if you have not been pre-approved by a mortgage company.Also by being pre-approved helps you understand what you can and can't afford when it comes to a new home. Im sure you do not want to waste your time looking at homes that you can't afford, do you? Rates are still low but lenders are tightening their guidelines when it comes to 100% financing.I still have lenders that will finance the entire home and … (0 comments)

minnesota mortgage: Low Rate or Best Mortgage, what do you want? - 03/18/07 03:11 PM
There is a lot more to saving money on a mortgage than simply finding the best mortgage rate. A careful analysis combined with the advice of your mortgage broker will ensure that you make the right decision.
There are many reasons to refinancing your home like getting a lower rate, lower payments, cash out, or consolidating your debt. Comparison shopping and finding the right resources and services you need will help you avoid many of the costly mistakes homeowners make when applying for a home mortgage. The right mortgage program can save you tens of thousands of dollars over the life of … (1 comments)