interest rate: 3 reasons people don't refinance when they should
- 11/06/20 11:45 AM
Minneapolis, MN: Mortgage interest rates have been amazingly low the past 6 months, and according to a major data firm, over 18 million people could benefit from a mortgage refinance, and cut an average of $304 a month off their current mortgage payment.
Seems like a no brainer, yet many people simply don't take advantage, despite knowing mortgage interest rates are low, and their mailbox being stuffed full with offers to refinance from lenders.
Here is a small list of major reasons people don't refinance, and why you should:
I Don't QualifySure, maybe your situation has changed since your last mortgage loan, and you … (2 comments)
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interest rate: Can I get a new mortgage loan after a COVID forbearance?
- 10/15/20 11:16 AM
Can I get a new mortgage loan after a COVID related mortgage forbearance?
Yes, homeowners who have been granted forbearance from making full payments because of the COVID-19 crisis may still be able to refinance or buy a new home when the crisis ends.
When a borrower experiences significant reduction in income due to either a Presidentially Declared major disaster, or some other hardship including the COVID-19 National Emergency that may prevent them from making the required mortgage payment, servicers may offer the borrower a Mortgage Payment Forbearance Plan as one of the Home Retention Options to avoid foreclosure.
Forbearance Plans are arrangements between a Lender … (0 comments)
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interest rate: What is an origination fee, and it smart to pay it?
- 11/18/19 03:28 PM
Minneapolis, MN: Lenders don't work for free. Lenders get paid for doing loan, with the standard historic number having always been 1% of the loan amount, known as a loan origination fee. Until recently, that was just how it went. You paid loan origination fee as part of your closing costs, right along with appraisal, credit report, and everything else.
In the last 10-years or so, a second option has become popular, that being you DON'T pay 1% origination fee. Cool, save 1%... Yippie... Well, no so fast.
Again, lenders don't work for free, so they simply make up this lost up front … (1 comments)
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interest rate: Refinancing makes sense for over 7 million homeowners
- 10/10/19 12:03 PM
Minneapolis, MN: With average home prices continuing to rise ABOVE the 2007 pre-crash average home value, and with 30-year fixed interest rates ending the week of October 10, 2019 at just 3.57% with 0.6% in points according to the weekly Freddie Mac mortgage rate survey, the combination has says refinancing makes sense for over 7 million homeowners. So simply put, with home prices up and mortgage rates down, millions of people can benefit from a refinance of their current mortgage.
Check Current Nationwide Mortgage Rate Averages
Refinancing is especially smart if a homeowner bought their home roughly one year ago, in the fall … (0 comments)
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interest rate: How to shop smarter for your mortgage loan
- 12/06/18 10:20 AM
Minneapolis, MN: I get it. You are buying a new home, or refinancing your existing home mortgage, and are looking for the best mortgage interest rate. But buyer beware, the Internet is full of places to avoid. So here I'll give a little primer on the process, along with some common lender games, and tips on how to shop smarter for your mortgage loan..
The two most important shopping tool to understand are how mortgages work, from mortgage interest rates to closing costs, and that it isn't about the lowest mortgage interest rates, it is about the best overall deal for you.
The best … (1 comments)
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interest rate: Checklist - Shopping for a mortgage loan
- 12/29/17 12:20 PM
Best CHECKLIST - Shopping for a mortgage loans
Minneapolis, MN: Face it, few of us can pay cash for a home, so you are going to need a home mortgage loan. A little bit of information can go a long way into determining who to use for your financing and why.
Mortgage Loan Types
Most people will end up with one of the standard tranditional loans; a Conforming conventional loan (Fannie Mae or Freddie Mac backed), and FHA loan, a VA loan for our military personal, or a USDA Rural Development loan.
These loans all have the exact same underlaying guidelines, no matter what bank, … (1 comments)
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interest rate: Which is best? Lowest Interest Rate, or Lowest Closing Costs?
- 09/12/17 01:32 PM
When buying or refinancing a home, what is best, getting the lowest interest rate, or the lowest closing costs?
I know what you are saying - Getting both the lowest interest rate AND the lowest closing costs would be best, but shop till you drop, you can't get both!
First, we need to do a little background on both interest rates and closing costs. I'll start with simply explaining that for all intense and purpose, ALL LENDERS get their daily rates from the same bond market everyday, and that all lenders have basically the same closing costs. Most of your closing costs are … (0 comments)
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interest rate: Get a Second Opinion on Your Mortgage Loan
- 06/24/14 01:49 AM
You Are Entitled To A Second Opinion
Even If You Have Already Been Pre-Approved For Your MN, WI, or SD Mortgage! Imagine you have just went to the Doctor in Minneapolis, or the Mayo Clinic in Rochester 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 … (0 comments)
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interest rate: Using APR to Shop for a Mortgage Loan
- 02/18/14 05:55 AM
Choosing your mortgage loan with "APR" CAN COST YOU MONEY
Minneapolis, MN: A borrower shopping for the best mortgage rate can easily be seduced by low rate offers that are accompanied by low annual percentage rates (APR). Federal law requires that APR be disclosed along side the actual interest rate as a means to help borrowers make a more informed decision on their mortgage.
The truth is that APR is a very poor way to comparison shop for a mortgage and can cause borrowers to make costly decisions.
APR was created to provide a way for borrowers to account for … (0 comments)
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interest rate: 2012 Mortgage Interest Rate Prediction
- 01/07/12 02:04 AM
ST PAUL, MN: As the new year begins, there are no shortage of so called “experts” telling us what to expect for mortgage interest rates in 2012. Mortgage interest rates closed out 2011 at some of the the lowest rates of all time. Some expect those interest rate trends to continue through the first quarter and beyond. Others expect a rapid increase in mortgage rates.
Who’s right and who’s wrong? A quick look through the newspapers, websites and business television programs reveals “experts” with opposing, well-delivered views. It’s tough to know who to believe.
For example, here are some predictions for … (3 comments)
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Minneapolis, MN: Mortgage interest rates have been amazingly low the past 6 months, and according to a major data firm, over 18 million people could benefit from a mortgage refinance, and cut an average of $304 a month off their current mortgage payment.
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