- Glenn Olson
- Advisors Mortgage
- Contact Glenn Olson (Advisors Mortgage)
- Office Phone
- (651) 683-4166
- Cell Phone
- (952) 484-8875
- (651) 452-9064
- 2121 Cliff Drive, Suite 110, Eagan, MN, 55122
- I have been a Mortgage Professional for over 15 years as an Underwriter, Loan Officer and Branch Manager.
I am dedicated and I will keep you up-to date and informed through-out the loan Process!
I don't believe the mortgage process should be a mystery. That's why I educate my clients about the mortgage process and how the financial industry works. I will provide you with mortgage option's that are best suited to your financial needs and goals. Then you and I will review the option's together, with pros and cons of each, so you can make an educated decision that best suits you and your family.
Because we regard the customer as more than a set of financial data, the mortgage they take home with them is truly an Advisor's Mortgage in every sense.
Without an experienced staff of lending professionals, our "big-picture" approach to mortgage solutions would mean little. The principles that guide us become ingrained in each member of our team. We are committed to putting those principles into practice one customer at a time.
Since the company's 1999 inception, we've established a position as one of the largest mortgage companies in Minnesota. We're proud to tout thousands of satisfied customers, plus we now serve families in Minnesota and Western Wisconsin.
1st Time Home Buyer
Before You Buy a Home - Look at Seven Reasons to Buy a Home
If you're like most first-time home buyers, you've probably listened to friends', family's and coworkers' advice, many of whom are encouraging you to buy a home. However, you may still wonder if buying a home is the right thing to do. Relax . Having reservations is normal. The more you know about why you should buy a home, the less scary the entire process will appear to you. Here are eight good reasons why you should buy a home.
Pride of Ownership
Pride of ownership is the number one reason why people yearn to own their home. It means you can paint the walls any color you desire, turn up the volume on your CD player, attach permanent fixtures and decorate your home according to your own taste. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future.
Although real estate moves in cycles, sometimes up, sometimes down, over the years, real estate has consistently appreciated. The Office of Federal Housing Enterprise Oversight tracks the movements of single family home values across the country. Many people view their home investment as a hedge against inflation.
Mortgage Interest Deductions
Home ownership is a superb tax shelter and our tax rates favor homeowners. As long as your mortgage balance is smaller than the price of your home, mortgage interest is fully deductible on your tax return. Interest is the largest component of your mortgage payment.
Property Tax Deductions
Real estate property taxes paid for a first home and a vacation home are fully deductible for income tax purposes.
Capital Gain Exclusion
As long as you have lived in your home for two of the past five years, you can exclude up to $250,000 for an individual or $500,000 for a married couple of profit from capital gains. You do not have to buy a replacement home or move up. There is no age restriction, and the "over-55" rule does not apply. You can exclude the above thresholds from taxes every 24 months, which means you could sell every two years and pocket your profit--subject to limitation--free from taxation.
Mortgage Reduction Builds Equity
Each month, part of your monthly payment is applied to the principal balance of your loan, which reduces your obligation. The way amortization works, the principal portion of your principal and interest payment increases slightly every month. It is lowest on your first payment and highest on your last payment. On average, each $100,000 of a mortgage will reduce in balance the first year by about $1,000 in principal, bringing that balance at the end of your first 12 months to $99,000. On a $200,000 30 year fixed rate Mortgage at 7% your balance would be $11,737 lower, after 10 years $28,376 lower, 20 years $85,400 lower and after 30 years your balance would be -0-.
Consumers who carry credit card balances cannot deduct the interest paid, which can cost as much as 18% to 22%. Equity loan interest is often much less and it is deductible. For many home owners, it makes sense to pay off this kind of debt with a home equity loan. Consumers can borrow against a home's equity for a variety of reasons such as home improvement, college, medical or starting a new business. Some state laws restrict home equity loans.
First-Time Homebuyer's Guide
(Click Here for Your Free First-Time Homebuyer's Guide)
Simply request the First Time Homebuyer's Guide and I will email it to you.
Or e-mail me directly at GOlson@Advisorsmtg.com, and ask me for the The First-Time Homebuyer's Kit.
What does it cost to refinance? What are the benefits?
Ever heard the old rule of thumb, you should only refinance if your new interest rate is at least two points lower? That may have been true years ago, but with refinancing dropping in cost over the last few years, it's never the wrong time to think about a new loan! Refinancing has a number of benefits that often make it worth the up-front expenditure many times over.
When you refinance, you might be able to lower your interest rate and monthly payment -- sometimes significantly. You might also be able to "cash out" some of the built-up equity in your home, which you can use to consolidate debt, improve your home, take a vacation -- whatever! With lower rates and balances, you might also be able to build up home equity faster with a shorter-term new mortgage.
All these benefits do cost something, though. When you refinance, you're paying for most of the same things you paid for when you obtained your original mortgage. These might include settlement costs and other fees, an appraisal, lender's title insurance, underwriting fees, and so on.
There are many things to consider beyond the lowering of your interest rate and monthly payments and how to structure your refinance to maximize your benefits. Sometimes, you may be able to lower your rate and payment, but for your particular situation it could be best to keep your current mortgage and not refinance. Other things to take into consideration is how long you plan to stay in your current home, and if your current payment is comfortable or a higher payment is an option for larger savings by shortening your term left to pay at a better interest rate. No closing costs options are available as well, and if this lowers your interest rate, you will begin to save money on your 1st payment, and there is not a break even point to think about. Income Taxes are another thing to consider, if you lower your interest rate, naturally you will be lowering the amount of mortgage interest payments you can deduct from your federal income taxes. This is another cost that some borrowers consider. I can help you do the math!
Ultimately, for most people the amount of up-front costs to refinance are made up very quickly in monthly savings. I will work with you to determine what program is best for you, considering your cash on hand, how likely you are to sell your home in the near future, and what effect refinancing might have on your taxes.