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Fed cuts interest rate! Increased market energy! First-time home buyer incentives!

By Jesse Hopkins-Hoel

Real Estate Agent with Tami & Steve - Coldwell Banker Burnet

September 18, 2007 03:23 PM

Great news came today from many fronts in the St. Cloud area Real Estate market.

First, and most obvious, Federal Reserve Chairman, Ben Bernanke announced a 1/2% key short-term interest rate cut! There is wide acceptance that this cut was meant to re-energize the housing and mortgage markets to help curb the fall in recent months and to help maintain health in the overall economy. "The half-point reduction was double the quarter-point move that many economists had been expecting," says © 2007 CNBC.com today. LOOK FOR LOCAL MORTGAGE RATE IMPROVEMENT IN THE COMING DAYS!

For loan preapproval or current loan rates in your respective programs from Burnet Home Loans, email me today at jshoel@cbburnet.com ! You will then be contacted by local award winning Loan Officers, Julie Brix and Marty Brix.

Second, per the St. Cloud Area Multiple Listing Service, the St. Cloud Metro area has approximately 9.27 months of inventory at the end of August, representing about a 25 day improvement from last month-meaning that homes are selling a touch faster. BROKEN DOWN, THERE ARE APROXIMATELY 9 PROPERTIES TO EVERY BUYER AS OPPOSED TO THE PREVIOUS MONTH'S 10 PROPERTIES PER BUYER (The height being ~25 properties per buyer in January, 2007).

Make your move today while the trends of value prices and rate cuts converge! Call (320) 761-4621

Third, HRA-St. Cloud and HRA-Stearns County are the last municipalities to have FIRST-TIME HOMEBUYER ASSISTANCE monies available from the original $50M Dakota County Grant. The deadlines have been extended...BUT HURRY! There are only a few loans left! THESE ARE VARIATIONS OF MAINSTREAM PROGRAMS, including: Conventional, FHA, DVA and USDA-Rural Development loans. Each program has their own qualification requirements. Call or email today to see if you qualify! (320) 761-4621 and jshoel@cbburnet.com

*Also see Tami & Steve's Central MN Real Estate Blog regarding, National Association of REALTORs', Lawrence Yun's "The Signs Align" article from the September, 2007 issue of REALTOR Magazine.

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Anonymous

Bill from Sartell

I am renting right now and my rent has just gone up about 2.5%. So, thinking about talking with a bank about a home loan. How do I know if it is a good loan?

Sep 18, 2007 05:15 PM

Jesse Hopkins-Hoel

Tami & Steve - Coldwell Banker Burnet - Saint Cloud, MN

Bill, the best advice I can give you is to ALWAYS get a "Good Faith Estimate!" in that document (Required) you can see what your monthly payment is AND your total cash to close. Now make sure if you want your taxes and insurance in your payment that it is reflected in your GFE.

Secondly, get in writing the type of loan you are applying for, stating the rate, locked rate term and whether it is "fixed" for 15/20/30/40 years or Adjustable Rate Mortgage (ARM) for a number of fixed years and adjustable after that.

BE SURE that if you choose an ARM or Baloon, that you understand that your payment will likely change dramatically in the very first year after your fixed period is up (ie, 7/1 ARM-the beginning of your eighth year) AND your loan is DUE when your Baloon matures (meaning either you sell your home, refinance into another new loan-if your credit allows, or you pay the entire mortgage off in cash).

Secondly, ask a top producing REALTOR about the loan officer. They will be familiar with that lender and can give you insider knowledge of reputation.

Hope that helps, Bill. Call or email if you would like any further help with the process of buying or just consultation whether it is a good time for you to buy or not or not.

Sep 18, 2007 05:29 PM

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Jesse Hopkins-Hoel

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