minneapolis: Why fall home buying may be better
- 09/28/17 10:42 AM
Minneapolis, MN: People buy homes all year around, but especially in colder climates, home sales numbers falls in the fall and winter months, then picks up dramatically in the spring.
Fall and Winter are great times to buy a home.
While coming out of hiding inside from the winter, and feeling the itch to buy a home in the spring is common, it might be better to actually buy a home in the fall or winter.
Fall and Winter Buyer Advantages
There are more homes on the market in the spring, but there is also a lot more competition for those homes. Also, many buyers … (0 comments)
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minneapolis: Why a credit freeze can cause havoc getting a mortgage loan
- 09/25/17 10:57 AM
With the latest hack of personal information from Equifax, one of the big three credit bureaus, the topic of freezing your credit report to prevent identity theft is back in the news.
Having a credit freeze on while getting a mortgage loan can cause huge headaches.
A credit report freeze, does exactly as the name implies. It freezes your credit report so that no one can access or view the file until you unfreeze, or temporarily lift the freeze on your credit report. A credit report freeze prevents many types of fraud, especially the opening of new accounts in your name, but DOES … (2 comments)
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minneapolis: Down Payment Assistance Program in Minnesota
- 09/12/17 11:51 AM
Face it, lack of down payment money is a huge obsticle for many potential home buyers. But we make dreams come true with our first time home buyer and down payment assistance loansWhat do these loan programs have to offer first time homebuyers in MN?
Down payment assistance helps you get into a home today.
30-year loans with affordable, low, fixed interest rates for the life of the loan
Interest-free loans to help with down payment and closing costs for eligible borrowers
Mortgage Credit Certificates - Which can be used to lower your taxes up to $2,000 a year.
You may … (2 comments)
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minneapolis: Oops, I have collections on my credit report
- 08/03/17 10:46 AM
Minneapolis, MN: No one likes having dings on their credit report, but let's face it, sometimes it is impossible to avoid. When credit dings happen, it is important to work on getting back into the credit good graces, as it effect so many things in your life, from ability to get a mortgage loan, the interest rate you pay on mortgage, credit cards, car loans, and even you paying more for your car insurance.
Next to basic late payments, small collection accounts are some of the most common negative item we see on credit reports. We see a lot for medical items, … (2 comments)
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minneapolis: Mortgages Unlimited, Top 150 Workplace 2017
- 06/29/17 11:31 AM
MINNEAPOLIS, June 26, 2017. — Mortgages Unlimited, Inc, a mortgage company based in Maple Grove, MN, has been named one of the Top 150 Workplaces in Minnesota by the Star Tribune.
A complete list of those selected is available at StarTribune.com/topworkplaces2017 and was also published in the Star Tribune Top Workplaces special section on Sunday, June 25.
Mortgages Unlimited was ranked 14th on the small company list, out of a total of seventy companies, and also made the list in 2016, ranking 5th on the small company list.
As a private, locally owned mortgage company currently serving Minnesota, Wisconsin, and South Dakota, Mortgages Unlimited is amongst … (0 comments)
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minneapolis: How credit card use can effect your credit score
- 06/01/17 08:15 AM
How credit card use can effect your credit scoreMinneapolis, MN: Why does how much credit you're using matter? Simple, lenders look for signs of responsible credit usage, and the better you are at living within your means, the better it is for your credit score. Many people think that simply never being late on your credit card is all you need to have a great credit score, but this is far from true. Everyone is viewed under what is know as the law of large numbers. If most people in similar situations do similar things, you probably will too. If you constantly carry a … (0 comments)
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minneapolis: Don't lie on your mortgage application
- 05/06/17 07:01 AM
Minneapolis, MN: Home mortgage loans are one of the toughest loans you'll ever apply for. The mortgage industry VERIFIES EVERYTHING. Credit, jobs, income, bank statements, tax returns, first born child, blood samples. OK, maybe not the last two... But we check just about everything else.
I've been taking mortgage applications for over 20-years, and it appears many people treat it like a resume... and feel it is OK to pad information, or leave information out in order to improve their chances of getting approved.
False information on a mortgage application is a federal crime.You may not think a little white lie, or omission … (4 comments)
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minneapolis: Is Trump good for home loans?
- 02/02/17 02:47 PM
Is President Trump good for home loans?Minneapolis, MN: Its only been two weeks, but clearly the new Trump Administration is driving a different road from the past administration. Only time will tell what this all means for real estate and home mortgage loans, but here are a few observations, most relating to a reduction in regulations.
After the housing collapse, legislators and regulators came down hard on the mortgage industry under the false belief that if you could fog a mirror, you automatically got a loan. While guidelines were looser, and third party verification of documents supplied by home buyer were lax, NO … (0 comments)
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minneapolis: Low down payment, no down payment mortgage loans in 2017
- 12/29/16 01:39 PM
Minneapolis, MN: Just 10-years ago, 30-year fixed rates were 6.125%, and the real estate market was hot. With rising interest rates, 2017 may be a bit more challenging for home buyers. But the biggest challenge for most people who wish to buy a home is down payment.
You do not need 20% down payment to buy a home! I repeat, you do not need 20%. This large down payment myth has been around forever, but it simply isn't true for the vast majority of people buying their first primary residence. There are many program that allow for no down payment, or low down payment. Some jumbo loans … (0 comments)
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minneapolis: CFPB goes after VA Refinance lenders
- 12/23/16 11:58 AM
Minneapolis, MN: The Consumer Financial Protection Bureau (CFPB) has been receiving a large number of complaints about misleading advertising for VA refinance loans.
The Bureau reviewed about 1,800 of these complaints received since record keeping started in 2012, all of them about refinance transactions.
VA loan refinancing has two great option, the most popular one known as a VA Streamline Refinance, or IRRRL Refinance (Interest Rate Reduction Refinance Loan). The streamline refinance, just as the name implies, is easier, requires less documentation, and generally also does not require an appraisal.
Due to the ease of the loan, and the ability for mortgage companies to … (1 comments)
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minneapolis: Average credit score UP for mortgage loans
- 12/21/16 08:48 AM
Average Credit Scores Up for Mortgage Loans
Minneapolis, MN: The quality of the average home buyer continued to climb in 2016, making for the highert quality of home loans since 2001. Getting better in three categories; credit score, debt ratio, and equity position.
The average credit score in 3rd quarter 2016 came in at 739. This is up from 734 at this point last year.
Average loan-to-value, which is the difference between the properties appraised value and the actual loan amount, moved down to 85.60%, which was down from 86.80% last year.
Finally, the average debt-to-income ratio improved to just 35.40% of income, versus 35.70% … (0 comments)
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minneapolis: Spike in mortgage rates hurting real estate sales?
- 11/22/16 12:53 PM
Minneapolis, MN: A sharp spike in mortgage rates since the Presidential election is showing minor signs of hurting home sales.
Mortgage interest rates have jumped from around 3.625% for the weeks leading up to the election, and now are averaging about 4.125% for the best clients on a standard 30-yr fixed rate loan.
This quick jump does phycological damage for anyone currently in the market who were initially quoted the lower rates. But most buyers are not going to stop looking over this rate increase, as they generally are able to financially handle this increase.
The loan payment on a $200,000 home at 3.625% for 30-years is … (3 comments)
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minneapolis: Low 3% down home loans
- 11/10/16 01:32 AM
Just 3% DOWN PAYMENT MORTGAGES for First Time Home Buyers.
Minneapolis, MN: Lack of down payment money is the biggest hurdle for most first time home buyers. We eliminate that hurdle here at Mortgages Unlimited for low and moderate income buyers in MN, WI, and SD with the HomeReady Mortgage from Fannie Mae (R).
Conventional Loan - Low Down Payment Benefits: More people qualify. Just 3% down payment Ideal for first-time homebuyers, millennials, and low- to moderate income borrowers. Flexible sources of funds for a down payment, including gifts and grants. Income limits as high as 170% of area medium income – no limits in underserved areas. Mortgage Insurance drops … (1 comments)
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minneapolis: How long does credit repair take?
- 10/18/16 03:30 AM
How long does credit repair take?
Minneapolis, MN: As a mortgage loan officer, how long does credit repair take is a question I receive multiple times a week. The fast answer is that it depends.
No two credit profiles are the same, therefore for one person, it can be pretty quick, while the next person, it can take a significant amount of time. So a generic how long does credit repair take answer is impossible.
What is pulling down credit? Bankruptcies and foreclosures, collection items, judgements, incorrect items, max'd out credit cards, or just a slow payment history? All of these effect credit differently.
Paying … (3 comments)
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minneapolis: Owning is cheaper than renting
- 03/23/16 02:42 AM
Owning is cheaper than renting, so why do so many people choose to rent?Minneapolis, MN: Historically, and even today, buying a home is still cheaper than renting, but it appears that isn't what many people believe, according to new data from mortgage giant Freddie Mac.
According to recent survey, a full 70% of renters currently feel that renting is more affordable than home ownership, and 55% have no plans to buy in the next three years. Those percentages are pretty close across all demographic groups, from young to old.Many people choose to rent for lifestyle reasons, citing age, and freedom from home maintenance as large … (2 comments)
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minneapolis: Mortgage Insurance IS Tax Deductible
- 12/21/15 11:52 PM
On December 18, 2015, the President signed legislation that renews the tax deductibility of mortgage insurance (MI) premiums for qualified borrowers through 2016.
Minneapolis, MN: The deductibility is effective for purchase and refinance transactions closed after December 31, 2014. MI premiums paid or accrued after December 31, 2014 and through December 31, 2016 may qualify for tax deductibility on borrwers' subsequent federal tax returns as follows:
Borrowers with adjusted gross incomes below $100,000 may deduct 100% of their MI premiums. For borrowers with adjusted gross incomes from $100,000.01 to $110,000, deductions are phased out at 10% increments for each additional $1,000 of adjusted … (3 comments)
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minneapolis: Owning more affordable than renting
- 11/24/15 11:58 PM
Minneapolis, MN: The debate continues. Is owning a home more affordable than renting. New data is in showing that for most people, yes, owning appears to be cheaper than renting.
A survey by the big online company that starts with a Z and rhymes with Willow (I'm not a fan, so I don't like to use their name) found on average, Americans spend about 15% of their income on a home mortgage loan, while renters that live in the nation’s largest cities spend around 30% of their income on just their rent.
Conventional wisdom says housing debt of 30% of your income or … (2 comments)
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minneapolis: Down Payment assistance in Minneapolis, MN
- 09/28/15 05:52 AM
Minneapolis Down Payment AssistanceOwn Your own Home!The City of Minneapolis, in partnership with Minnesota Housing, the Minnesota Homeownership Center, and Mortgage lenders like us here at Mortgages Unlimited are getting together to provide access to down payment assistance, quality, affordable mortgages and free, non-biased housing experts that can help you become a successful home owner!
Maybe you’ve thought homeownership wasn’t possible, or you didn’t know where to start. Maybe you thought your credit wasn’t good enough or you haven’t saved enough for a down payment. We can help!
Down Payment Assistance – Homeownership Opportunity Minneapolis
The City of Minneapolis wants to make affordable homeownership … (0 comments)
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minneapolis: What changes mortgage rates?
- 05/19/15 01:57 AM
Minneapolis, MN: Many people believe that if you call around to enough lenders, that you will find someone offering a great deal. The reality is that it doesn't really work that way. We generally say that if you call around to enough lenders, all you are likely to do is find the biggest liar.
Are All Lender Essentially The Same?First understand that for all your traditional loans; FHA, VA, Fannie Mae, and Freddie Mac loans, which encompass the vast majority of all mortgage loans done in this county, every mortgage lender follows the same rules, have the same underlying costs, and set … (6 comments)
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minneapolis: Mortgage Refinancing Mistakes
- 01/21/15 04:28 AM
Minneapolis, MN: Mortgage interest rates are great, and a lot of people are again running back to their lender to take advantage of these near historic interest rates.
Shopping for a home loan is confusing. Rates, closing costs, no cost loans, and more... But the less we know, the more we can expect to pay for it. There are plenty of crafty lenders who depend on your lack of knowledge. If you are thinking of refinancing, here are three major mistakes we see many homeowners make:
Refinance Mistakes
Mistake #1: Refinancing with your current mortgage company. It seems logical. They already … (0 comments)
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Minneapolis, MN: People buy homes all year around, but especially in colder climates, home sales numbers falls in the fall and winter months, then picks up dramatically in the spring.
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