minnesota: 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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minnesota: 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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minnesota: Reasons why you can buy a home with a very small down payment
- 07/11/17 10:01 AM
Reasons why you can buy a home with a very small down payment The lack of down payment money is by far the biggest reason people do not believe they can buy a home.
A recent survey even indicated a whopping 44% of non-homeowners thought you needed at least 20% down payment, and that simply isn't true for most home buyers. Clearly mortgage companies and real estate agents need to do a better job of educating non-home owners. The reality is very few people need anywhere close to 20% down payment, and most people can buy a home in the areas … (0 comments)
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minnesota: 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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minnesota: How higher mortgage rates effect you
- 03/22/17 10:19 AM
Minneapolis, MN: Face it, The super low mortgage interest rates are gone. Higher mortgage rates are here already, and it is very unlikely we will see them go back down anytime soon. Rather, it is anticipated that we should see 30-yr fixed rates into the mid 5% range by the middle of 2018.
HIGHER RATES = LESS BUYING POWERAs interest rates creep up, your buying power, or the maximum house price you can afford, goes down. As a ballpark quick way to think about it, every rate increase of 1% will lower the maximum house price by 10%.
A $225,000 loan at 3.75% is $1042 … (0 comments)
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minnesota: Down Payment Assistance Programs in MN
- 03/08/17 07:16 AM
DOWN PAYMENT ASSISTANCE PROGRAMS IN MN- Tired of Renting? Ready to become a homeowner?
- Have OK Credit and stable employment?- Have a few thousand in the bank?
- Have at least $1,000 of your own money for down payment?
We Can Probably Help You Buy a Home!
Mortgages Unlimited has been helping Minnesota first time homebuyers since 1991. We partner with the Minnesota Housing Finance Agency (MHFA) to offer safe and affordable home loans, including loans combined with down payment assistance.
Why Choose An MN First Time Home Buyer Loan? Below market affordable interest rates Special programs available anywhere in Minnesota Down Payment Assistance loans for eligible … (1 comments)
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minnesota: 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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minnesota: 5 Low Down Payment Home Loans
- 05/04/16 02:12 AM
5 Low Down Payment Home LoansMinneapolis, Minnesota: Face it, for most people, the biggest obstacle to buying a home is a lack of down payment. Here are 5 low down payment home loan options to help you get into your own home.
Zero Down Payment VA Loans: Available for U.S. Military personal, both current and former is a no down payment loan with no mortgage insurance. By far the most amazing home loan available. Get VA Loan information USDA Rural Development Loans: Available for those wishing to buy in rural areas. This program is no down payment required. Income limits apply. Get … (0 comments)
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minnesota: Minnesotans have nations highest credit scores.
- 03/23/16 02:03 AM
Minnesotans have nations highest credit scores. According to a survey by credit agency Experian, the highest average credit scores for both sexes are found in Minnesota, where men score 703 and women score 710, out of a range of 300 to 850. The numbers reveals Minneapolis is home to the men with the highest average scores, at 705 in the nation. Women in Green Bay, Wis., do even better, with an average score of 709.
Average scores nationwide for men is 670, and for women 675. A full 1/4th of people fall in the 600 to 699 range, with the higher 600 scores being … (0 comments)
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minnesota: What's the difference - Pre-Approved vs Pre-Qualified
- 03/11/16 04:53 AM
Everyone knows it is smart to get lender Pre-Approved before starting to look for a home, yet many people are actively looking at homes thinking they are Pre-Approved, when in reality, they are only Pre-Qualified.
Pre-Approved or Pre-Qualified? So what is the difference?
As a Loan Officer for over 20-years, I can tell you story after story of people who thought they were Pre-Approved, signed a purchase agreement, gave notice on their apartment, only to be told a week before closing that they were denied. The vast majority of these people, calling me to see if I can magically help them had … (4 comments)
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minnesota: 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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minnesota: 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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minnesota: Free Job Loss Mortgage Payment Protection - get buyers off the fence
- 07/24/15 06:26 AM
Lets face it, buying a home is scary. Especially for first time home buyers.
One of the big fears is job loss, and inability to make their mortgage payment if they lose their job. When looking at foreclosure statistics, many of the people who had a short-term job loss or gap in employment simply got too far behind on their loan to ever catch back up.
But what if these buyers had a Mortgage Payment Protection plan to make payments in the even of job loss?
Mortgage Unlimited, which lends in Minnesota, Wisconsin, and South Dakota provides home loans with this protection FOR FREE … (0 comments)
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minnesota: The Importance Of Full Lender Pre-Approval
- 07/13/15 01:00 AM
The Importance Of Full Lender Pre-Approval
Minneapolis, MN: Initial mortgage loan pre-qualification and full lender pre-approval are two of the most important steps you can take towards owning a new home. In most areas, Real Estate Agents either won't even show you homes, or for sure, will not let you make an offer on a home without a full lender pre-approval.
Basic Pre-QualificationPre-qualification is the first step to securing a home loan. Essentially, it is an initial "how do you look", and "feels good" start. Pre-qualification is quick and involves completing a mortgage application, answering only a few questions about your income, … (0 comments)
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minnesota: Fannie Mae New HomePath Ready Buyer program
- 04/17/15 01:03 AM
Fannie Mae announced a new HomePath Ready Buyer program.
For qualifying first-time homebuyers to receive up to three percent of the purchase price in closing cost assistance toward the purchase of a HomePath property upon completion of an online homebuyer education course.
Fannie Mae HomePath homes are a small number of Fannie Mae foreclosed properties, which can be found a www.HomePath.com
On a $150,000 home for example, this could result in up to $4,500 in savings for the buyer.
In addition, Fannie Mae will reimburse the $75 cost of the homebuyer education course at the time of closing.
All Home Loans Have Closing Costs
There are a … (0 comments)
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minnesota: 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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minnesota: Why get a VA Loan?
- 12/26/14 11:28 PM
Why get a VA Loan? It's simple ... Lower Interest Rates - Lower Payments - ZERO Down Payment. The country appreciates your service. This is one way we pay you back. Take advantage of your VA benefits - we can help.
BUYING A HOME WITH A VA HOME LOAN VA Home Loans are Zero Down Payment Loans A VA Loan allows our military personal to buy a home with NO DOWN payment and finance 100% of the home's purchase price up to $417,000 in most parts of the country. Now more than ever, banks are requiring larger down payments for … (0 comments)
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minnesota: Should I refinance? Mortgage Rates Have Dropped Again
- 10/17/14 01:05 AM
Mortgage rates in MN, WI, and SD have dropped recently to their lowest level in sometime. Mortgage company telephones, which had been fairly quiet the past few months are ringing like crazy as homeowner call to check mortgage rates, and decide should I refi or not?
Refinancing is most often used to lower your current interest rate. If rates have dropped since you last financed your home, you may want to consider refinancing. Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan, or to take cash out. A few … (2 comments)
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minnesota: Homes regaining equity - just 10% still underwater
- 09/29/14 01:53 AM
Less homes are still underwater. U.S. homeowners gained or regained more than $1 trillion in equity over the year that ended on June 30, 2014. According to Core-Logic's 2nd quarter 2014 analysis, 44 million homes in the country now have positive equity, a gain of 950,000 homes during the quarter.
The number homes which are still "upside-down" or "underwater," that is the owner owes more on the mortgage than the market value of the home, is now 5.3 million or 10 percent of all homes with a mortgage. In Minnesota, just 7.8% of homes, and Wisconsin 10.9%.
This equity gain is … (2 comments)
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minnesota: Know the difference of mortgage pre-qualify versus pre-approval
- 07/03/14 12:23 AM
Mortgage Pre-Qualification versus Mortgage Pre-Approval Getting an initial Mortgage Pre-Approval BEFORE you speak with a Real Estate Agent just makes sense.
A good first step is to complete the online application, or speak with a Mortgages Unlimited loan officer who will help you determine what loan programs are available to you, how much home you can afford, what the payments might look like, and how much money you'll need to make it all work. This will ensure that you begin your search as an educated buyer, and can talk confidently with your Real Estate Agent about an appropriate home search.
… (0 comments)
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When buying or refinancing a home, what is best, getting the lowest interest rate, or the lowest closing costs?
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