minneapolis: MN Mortgage Rates Remain Basically Unchanged
- 10/25/12 12:46 AM
Mortgage Rates Relatively Unchanged Minneapolis, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving slightly higher while continuing to remain near their all-time lows helping to support the housing market.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.41 percent with an average 0.7 point for the week ending October 25, 2012, up from last week when it averaged 3.37 percent. Last year at this time, the 30-year FRM averaged 4.10 percent. 15-year fixed rate mortgages this week averaged 2.72 percent with an average 0.6 point, up from last week when it … (1 comments)
|
minneapolis: Why you should lock your refinance today
- 10/18/12 10:54 PM
St Paul, MN: We get it. You want the lowest mortgage interest rates. What you may not realize is that waiting for that low rate could make you your own worst enemy.
When shopping mortgage rates, understand that the quote you got yesterday or last week is meaningless. Interest rates can change throughout the day and that may cost you dearly while you think about it. Face it, rates change daily - sometimes even multiple times in one day.
Did you know you can pick any interest rate you want? Do you know the difference between the rate and pricing for the rate? … (2 comments)
|
minneapolis: Are you wasting your Realtor and Loan Officers Time?
- 10/10/12 10:41 PM
Serious Home Buyer? Minneapolis, MN: As a professional licensed Loan Officer, I encounter people everyday that say they want to purchase a home. But when it comes down to it, they may not be ready for that responsibility of a home, or they are can not get pre-approved for a home loan. In our society, it seems everyone wants everything now. Learning that it may take a little time and some effort on the buyers part frustrates many of them them. Being told "no" simply doesn't register. It amazes me the number of people who apply with me, and when I … (1 comments)
|
minneapolis: Can a HARP Refinance help you?
- 09/09/12 10:18 PM
Can a HARP refinance help you?
Minneapolis, MN: A HARP refinance, in short, allows you to refinance with expanded eligibility requirements in regards to loan-to-value, or debt-to-income. That could mean that you are allowed to refinance, even though your home may have lost value., or the payment is a bit higher than normally allowed for your income. That flexibility allows many homeowners to refinance when they otherwise would not be able to. The idea is that even though the new loan might be a risky loan compared to other loans files with lower ratios it is still less risky than just leaving … (2 comments)
|
minneapolis: How to deal with an underwater home
- 08/13/12 10:57 PM
Nearly 11 million Homeowners are Underwater, which means they owe more on their mortgage than their property is worth. Below are some of your options for dealing with an underwater mortgage.
Wait It Out: If you are just depressed at the thought of owing more than it is worth today, but really don’t have any intentions of moving. Stop worrying about it. You have to live somewhere. Although short sales and foreclosures have brought down values, the housing market is slowly recovering, especially here in the Minneapolis, St Paul metro area. If you are able to continue to make payments – do it. … (2 comments)
|
minneapolis: Common First Time Home Buyer Mistakes
- 07/02/12 10:55 PM
Minneapolis, MN: It happens every day here throughout the Minneapolis, St Paul area. I see First-time home buyers, partly due to enthusiasm, and partly due to ignorance, make costly mistakes during the home buying process. Like buying more house than you can reasonably afford, or simply buying the wrong house because they thought they were getting a deal.
To help you keep your sanity and your cash, become an educated consumer and avoid the mistakes others have made before you. Here are a few common mistakes new home buyers should avoid:
Big Mistake #1
Not planning ahead. From the moment you … (3 comments)
|
minneapolis: How Soon Can You Get A Mortgage After a Short-Sale?
- 06/25/12 08:12 AM
How Soon Can You Get A Mortgage After a Short-Sale?
Depending on which lending institution you ask you will receive different time-frames allowed to purchase again after a short sale or foreclosure. The reason is most lenders have credit overlays, which translates into stricter underwriting guidelines than Fannie Mae and FHA have published. There are lesser time-frames allowed if there are documented Extenuating Circumstances involved beyond the control of the borrower, such as serious illness or death of a wage earner, and the borrower has re-established good credit since the foreclosure. Divorce, loss of employment, inability to sell the property and job transfer or … (3 comments)
|
minneapolis: FHA Streamline Refinance
- 06/24/12 10:53 PM
FHA Refinance
Learn About Your Mortgage Options Homeowners enjoy the benefits of investing in their property year after year. For some, there comes a time when that investment can come in handy. Refinancing with an FHA loan can prove to be an effective way to put that equity to work. Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.
FHA options to homeowners who are considering an FHA refinance mortgage:
FHA CASH-OUT REFINANCE
This refinancing option is especially beneficial to homeowners whose property has increased in market value since … (0 comments)
|
minneapolis: Start saving money now on your VA Home Loan
- 06/09/12 11:51 PM
Mortgage Rates are at Historic Lows. Start saving money now on your VA Home Loan! Minneapolis, MN: If you are a veteran, you are eligible for a great benefit, the VA Home Loan. If you currently have a VA Home Loan, you may qualify for another great benefit, the VA Streamline Refinance Loan.
Officially known as The Interest Rate Reduction Refinance Loan (IRRRL), it is one of the easiest refinance loans available today. The VA Streamline Refinance is the second best programs offered to you through your housing benefits from the Veterans Affairs (the first was buying the home with a VA Home Loan!)
Potential NO … (0 comments)
|
minneapolis: What you don't know about home insurance can cost you
- 06/05/12 02:47 AM
What you MAY NOT know about insurance
There are many considerations in selecting home insurance. One you may or may not know of is "Family liability protection coverage". This protects you for medical expense in the event that someone is seriously injured on your property.
Many people choose $100,000 in protection, but an accident resulting in someone who has to be in intensive care for a week, or who has an extended hospital stay on top of intensive care may eat up that $100,000 in protection rather quickly. Once the $100,000 is exhausted, a client is personally on the hook for anything above … (1 comments)
|
minneapolis: Minneapolis St Paul Area Medium Home Prices Up 12.4%
- 05/29/12 10:08 PM
Minneapolis, MN: Metro area home prices were up 3.3% in March according to the widely watch Case-Shiller home price index.
This report confirms what what I have been saying for some time now - that home prices in the Minneapolis / St Paul area are increasing, the market is stabilizing, and that especially in the sub $200,000 price range, good houses are going fast with multiple offers above asking price just days on the market.
All real estate is local. Our increase bucks the nationwide trend. Overall, U.S. home prices fell in March, ending the first quarter with some of the … (0 comments)
|
minneapolis: VA Streamline Refinance Loan
- 05/04/12 11:21 PM
VA Streamline Refinance
Minneapolis, MN: Everyone is talking about the HARP 2.0 (Home Affordable Refinance Program) loan. But what is you have a VA loan?
A VA Streamline Refinance is similar to the FHA Streamline Refinance. It is officially known as a IRRRL loan (interest rate reduction refinance loan) because of the money you can save by lowering your monthly interest rates. It was created by the VA in an effort help our veterans secure the lowest interest rate possible. This VA loan process is done quickly, with minimal hassle so our veterans can save immediately.
Veterans who have served active … (2 comments)
|
minneapolis: Are Mortgage Rates Going Up?
- 04/01/12 11:06 PM
ARE MORTGAGE RATES GOING UP?
Minneapolis, MN: Mortgage interest rates jumped up last week, putting a scare in those sitting on the fence, thinking about refinancing, yet waiting form rates to drop a bit lower. Lucky for them, Minnesota mortgage interest rates moved back down slowly to about where they have been holding for some time.
The big question is how long can mortgage rates remain this low?
Mortgage rates have been stuck at these amazingly low levels for the past five months. According to Freddie Mac weekly survey of mortgage rates, last week was the first time that … (0 comments)
|
minneapolis: Who owns my mortgage loan?
- 03/11/12 10:56 PM
Who owns my loan? Minneapolis, MN: Until recently, no one really needed to know, and no one really cared who ultimately owns their mortgage loan. Home owners simply receive their monthly statements, and make their monthly payments to their mortgage company or loan servicer.
There are many program to assist homeowners, including the improved HARP 2, the Home Affordable Refinance Program, which require the loan be owned by Fannie Mae or Freddie Mac, so it is very important to know who, and if they own your mortgage loan.
There are usually a few people involved in your loan process:
The Originator: … (0 comments)
|
minneapolis: The awesome FHA Streamline Refinance Program
- 02/18/12 11:16 PM
The FHA Streamline Refinance Program
Minneapolis, MN: If you currently have an FHA mortgage you are eligible for one of the simplest money saving refinances available today.
The FHA Streamline Refinance allows existing FHA borrowers to reduce their interest rate without having to jump through a lot of hoops. Basically, if you have made on time payments on your current FHA loan for the past 12 months. You get (almost) an automatic approval for the streamline refinance! How COOL IS THAT?
Most current FHA loans qualify for a no out-of-pocket cost streamline refinance loan that lowers your FHA interest rate and reduces your … (2 comments)
|
minneapolis: New CONDO and Townhouse Insurance rules to cause more pain in the housing industry.
- 12/30/11 03:02 AM
Minneapolis, MN: Currently on Condominiums and attached Townhome units (PUD), Fannie Mae requires insurance coverage of the lesser of 20% of the unit’s appraised value or replacement cost.
For applications dated on or after January 1, 2012, 100% replacement insurance coverage of the exterior and interior of condominiums, or attached PUD (Townhome) units will be required.
If the “master” or “blanket” policy for the condominiums or attached town home development does not provide full coverage of the interior or is a “bare walls” policy, then an individual HO-6 "walls in” insurance policy must be obtained to reach the full 100% … (0 comments)
|
minneapolis: Stop Renting - Busting a few myths about buying a home
- 12/18/11 11:53 PM
No more excuses. Go buy a home!
The housing market has changed dramatically, and everyone should be taking advantage of some of the most affordable home prices, and lowest mortgage rates in history. You may be hearing a lot in the news today that in some markets it is cheaper to own than it is do rent. It's true!
Stop listening to the doom and gloom drum beat the media plays. Bad news sell newspapers, so that is the spin they like to portray.
Common myths and misconceptions may be holding you back but shouldn't.
My credit is not the best … (5 comments)
|
minneapolis: New Government refinance options coming soon?
- 09/28/11 02:19 AM
Minneapolis, MN: Many reports have surfaced recently that the government is seriously considering a wide range of ideas to assist consumers in refinancing their homes loans owned by Fannie Mae and Freddie Mac to take advantage of today's amazing low interest rates. For a variety of reason, mostly to due to negative equity or current tighter credit underwriting guidelines, large numbers of these homeowners have been left to the sidelines.
As a Mortgage Loan Officer, I have never fully understood some of the silliness in some underwriting guidelines, and have a few suggestions.
If Fannie Mae or Freddie Mac (you … (0 comments)
|
minneapolis: Interest rates — you can win big or lose big if you don’t know what you are doing.
- 08/04/11 02:35 AM
Mortgage interest rates — just like stock prices — change price daily and you can win big or lose big if you don’t know what you are doing.
Everyday Loan Officers are ask “what do you think interest rates are going to do?” Of course none of us know that answer, so except for the most extreme cases on a purchase transaction, I suggest you always lock, and to do it as soon as you can. The sooner you lock your rate, the less chance you have of losing in the mortgage interest rate game
If you have a signed … (0 comments)
|
minneapolis: Is refinancing easier than buying a home?
- 07/20/11 05:13 AM
A refinance is just as easy to get as your first mortgage… right?
St Paul, MN: Many people think that refinancing is easier than buying a home for two main reasons:
1) you already have a loan on the home, you make your payments, so it should be easy to refinance. 2) your current mortgage lender already has all their information, so they with easily refinance you, and they are the best place to call **
Sorry… Not true on either count.
There are many factors that might make it hard to refinance in MN:
First, understand that no matter who … (2 comments)
|
|
|
|
Mortgage Rates Relatively Unchanged Minneapolis, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving slightly higher while continuing to remain near their all-time lows helping to support the housing market.
;)
;)
;)
