mortgage tips: What to Do if You are Declined? - How to Get an Second Opinion. - 10/16/14 07:31 AM
If you have been declined for a mortgage, you may think that buying that new home is out of reach. However, there are ways to turn a rejection into an approval and to find a more accessible loan. Here are just a few steps you can take to learn about your loan options and get the mortgage that works for you.
Find Out Why The Mortgage Application Was Denied:
The first step to getting a second opinion is to find out why your mortgage application was denied. Banks commonly deny mortgages for reasons like a low credit score, a high debt-to-income … (0 comments)

mortgage tips: Pay Back Your Mortgage Faster? Maybe Consider Bi-weekly Payments. - 10/16/14 06:59 AM
While there are differing schools of thought when it comes to whether or not a person should pay off a mortgage before the loan term ends, there may be some benefits to making payments on a bi-weekly basis as opposed to monthly basis. What are some of the reasons why it may be beneficial to make two payments a month instead of one? Here are three reasons why you should ditch the monthly fees and make payments once every two weeks.
1) You'll Make An Extra Payment Per Year:
If you're looking to pay off your mortgage ahead of schedule, making … (0 comments)

mortgage tips: 3 Pieces of Advice You Can Share About How to Manage a Mortgage: - 10/09/14 04:59 AM
When your children are about to step out into the world on their own, you want to help them on their way. This especially holds true when it comes to buying a house. As your sons or daughters prepare to take the plunge into home ownership, make sure they follow three crucial tips that will help them during the mortgage process.
Don't Bite Off More Than You Can Chew:
One of the biggest mistakes that homeowners make is choosing a home that is beyond their price range. Your children need to remember that they are going to be paying for their … (1 comments)

mortgage tips: Applying for a Mortgage? 3 Questions Your Lender Will Ask You. - 10/09/14 03:10 AM
Before approving a mortgage, your lender is going to have to do his due diligence to ensure that you can afford a loan large enough to pay for a house. That means your lender will be asking you several questions about whether or not you can afford a mortgage.
Here's how you can prepare to answer these questions in a way that will increase your likelihood of approval.
How Stable Is Your Income?
Your lender is going to want to know that your income is going to be stable over the life of the loan. This means that you should be … (2 comments)

mortgage tips: How to Deal with a Joint Mortgage Loan in the Event of a Divorce? - 10/06/14 07:33 AM
During the course of a marriage, it is common for the couple to acquire property together. This is what is referred to as joint or community property.
When a couple divorces, it is up to the parties involved to determine what happens to this joint property or let a judge use applicable law to determine how property is to be split.
What Happens To The House?
A couple of options are available when deciding what to do with a house where both partners are listed on the mortgage. First, the couple may decide to simply sell the home and split the … (0 comments)

mortgage tips: Understanding 'Cash-Out Refinancing' and How to Determine if It's Worth It? - 09/18/14 05:55 AM
With interest rates remaining near historic lows for the past several years, many of your friends and neighbors may have already told you that they have refinanced their home mortgages once or even a couple of times.
A cash-out refinance can provide you with several important benefits, but it is not the best option for all homeowners. By learning more about what a cash-out refinance is and what the pros and cons of this type of refinance loan are, you can make a decision that is best for your current and future plans.
What Is a Cash-Out Refinance?:
When you … (0 comments)

mortgage tips: 5 Tips for Managing Your Monthly Budget to Ensure Your Mortgage is Paid On-Time. - 09/18/14 05:34 AM
Homeowners who are struggling to make their monthly mortgage payments can make it easier on themselves by cutting costs in other areas. Learning how to budget effectively will likely enable homeowners to pay their mortgage payments on-time, every time. Here are five of the best budget tips:
Conserve Energy:
It is advisable to be mindful of energy use in order to keep utility bills down to a minimum. Lights, televisions and other devices requiring electrical power are best to leave off in unoccupied rooms. It is also a good idea to make sure that windows and doors are properly sealed so … (1 comments)

mortgage tips: 3 Tips to Help You Secure a Favorable Mortgage Rate - 09/10/14 06:43 AM
The best way to ensure you get a good rate on your mortgage is to become an informed buyer. The more you know about mortgages, the more you'll be able to save, and that doesn't just mean knowing where to find the best interest rate.
While interest rates play an important role in determining the price of your mortgage, there's always more to a mortgage than just the interest rate. Here are 3 things you need to know about mortgages to make sure you secure a favorable rate.
Understand The Fees Involved - And How To Avoid Them:
Aside from the … (0 comments)

mortgage tips: What To Do When Your Real Estate Loan Is Declined? - 07/28/14 06:40 AM
There are many reasons why a mortgage loan could be declined. It doesn't have to be the end of your real estate dreams. Here are a few things to consider if you've been turned down for a mortgage.
Loan-To-Value Ratio:
The loan-to-value ratio (LTV) is the percentage of the appraised value of the property that you are trying to finance. For example, if you are trying to finance a home that costs $100,000, and want to borrow $75,000, your LTV is seventy-five percent.
Lenders don't like a high LTV. The higher the ratio, the harder it is to qualify for a … (0 comments)

mortgage tips: What Are The Closing Costs Of Real Estate? - 07/11/14 04:03 AM
You've found the perfect property and a great mortgage loan with the best interest rate you can find. What's next in the home buying experience? Signing the contracts and paying the closing costs. But what exactly are closing costs?
Here Is A List Of The Most Common Closing Costs:
Titling Fees - These include the title search and title insurance, and the associated attorney fees. These costs are usually paid by the seller but can be assigned to the buyer.
Recording Fees - The government charges a fee to record the change in ownership of the [city] real estate. This can be paid … (0 comments)

mortgage tips: Buying An Investment Property? 6 Tips To Ensure You Don't Get Fleeced - 06/18/14 05:44 AM
Purchasing an investment property is one of the most important decisions that you'll ever be a part of. As such, it's a necessity to make your decisions with only the most careful of consideration.
Here are the six tips that you need to heed in order to ensure that you don't get fleeced.
Find The Right Property At The Right Price:
Yes, this is a whole lot easier said than done. However, it's not impossible. All it takes is some patience and research.
You have to determine what everything in your area is selling for in order to be able to … (1 comments)

mortgage tips: What Is A Mortgage Pre-Approval? - 02/24/14 06:48 AM
When you are purchasing a home, your broker may recommend you obtain a mortgage pre-approval before you find the home of your dreams.
There are some benefits to being pre-approved before you find a home, but oftentimes, people confuse pre-qualifications with pre-approvals.
So the question many buyers have is what exactly is a mortgage pre-approval?
In a nutshell, it's when the lender provides you (the buyer) with a letter stating that your mortgage will be granted up to a specific dollar amount.
What Do I Need For Pre-Approval?
In order to obtain a pre-approval for your home purchase, you will have … (1 comments)

mortgage tips: Overpay On Your Mortgage Or Add To Your Savings, This Is The Question? - 02/05/14 08:13 AM
So you find yourself with a little bit of extra money – perhaps due to a raise, an inheritance or an unexpected windfall?
Should you put all of your money toward paying down the mortgage on your home? Or would you be better off placing your extra cash into a savings account?
Deciding whether to pay down your mortgage or add to your savings is a complex choice and it depends on a number of factors in your personal financial situation.
Here are some of the things that you will need to consider when making the decision:
How Much Are Your … (0 comments)

mortgage tips: Fannie Mae And Freddie Mac, How They Impact Real Estate - 01/24/14 04:38 AM
Fannie Mae and Freddie Mac have been in the news quite a bit over the past few years, so it's a good time to do a refresher on who they are and what role they play in the real estate market.
Who Are Fannie Mae And Freddie Mac?
Fannie Mae is the Federal National Mortgage Association. Freddie Mac is the Federal Home Loan Mortgage Corporation. They were originally created to raise homeownership levels and increase the availability of affordable housing.
Fannie and Freddie don't sell mortgages directly to homeowners. They buy mortgages from lenders, so the lenders can use the money … (0 comments)

mortgage tips: The Pros And Cons Of Making Biweekly Mortgage Payments - 12/11/13 08:18 AM
Have you ever considered paying off the mortgage on your home in two biweekly payments rather than one monthly payment? It might seem like this wouldn't make a difference, but the truth is that biweekly payments really do add up more quickly.
Since there are 52 weeks in a year you will end up making 26 payments in total – which is equal to 13 months rather than 12. This means that your mortgage will be paid off more quickly and you will save money on interest payments in the long run.
This arrangement might be the best for you when … (0 comments)

mortgage tips: The Low Down On The HUD-1 Settlement Statement - 12/11/13 08:12 AM
When preparing for a closing on your refinance or home purchase, one of the documents you will be provided with a few days before closing is a HUD-1 Form. This form provides you with valuable information about your loan.
While at first, this three page document may seem intimidating, if you understand what you see in each section, it is not as confusing as you might think. Let's break down the various parts of the HUD-1 and talk about what they mean.
Loan Information:
On the first page of your HUD1, you will see your loan information at the top. This … (0 comments)

mortgage tips: 10 Questions You Should Ask Yourself Before Applying For A Mortgage: Part 2 - 12/05/13 08:55 AM
Yesterday you may have read the blog post on questions to ask yourself before applying for a mortgage. Here are 5 additional that you may want to think about before you go into your meeting with your loan officer.
Here are questions 6-10 that you may need to get answers to before completing your application:
6. How Long Until We Can Close Our Loan?
Loan closing times are based on a number of factors. Closing dates may be delayed if there are missing documents or other underwriting delays. Speak with the loan officer to get an estimate on the time from … (0 comments)

mortgage tips: 10 Questions You Should Ask Yourself Before Applying For A Mortgage: Part 1 - 12/05/13 08:49 AM
If you are considering applying for a refinance, it is important to understand the mechanics of your mortgage loan. Before you sit down to speak with your loan officer, you should consider preparing a list of questions you feel may need to be answered.
Typically, your loan officer will be available to assist through the entire mortgage process. Here are some questions that you may need to get answers to before completing your application:
1. What Type Of Loan Is Best For Me?
Your loan officer can discuss the various loan programs available to help you refinance. Some borrowers will benefit greatly … (0 comments)

mortgage tips: Reasons Why You Should Consider Refinancing Your Mortgage - 11/14/13 06:57 AM
Refinancing a mortgage is a golden opportunity to lock in today's low interest rate for the next 15 or 30 years. While interest rates now are still low, there's a good chance they will be heading up in the coming months.
The Fed won't maintain the current bond purchasing level forever, and just as rates spiked in September when the Fed hinted the bond purchasing would change, rates will spike even more when purchasing levels actually do change.
As interest rates remain very low for 30-year and 15-year mortgages, homeowners can benefit greatly from a refinance. Several types of people in … (0 comments)

mortgage tips: 3 Tips To Sidestep These Common FHA Loan Hang-ups - 11/14/13 06:49 AM
FHA loans are becoming increasingly popular these days as potential homeowners are not able to qualify for mortgages from traditional lenders. The FHA insures these high-risk loans, in turn allowing borrowers with low down payments and less than perfect credit to purchase homes and bolster the housing market.
However, getting through the loan process with the FHA is more difficult than with a traditional lender, and you may need to cope with some of these common loan hang-ups.
Property Condition:
You can't buy just any property with a FHA loan. The appraiser must deem it to be livable, without any conditions … (1 comments)

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David Kosmecki

Osseo, MN

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