minnesota: 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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minnesota: Tips on getting a VA Loan
- 04/05/14 12:05 AM
Tips for getting a VA Loan If you are an active or military veteran, the VA home loan is one of the most amazing benefits provided to you for your service to our country. The two biggest benefits of a VA mortgage loan are simple...
No down payment required No monthly mortgage insurance, which can save you a HUGE amount of money when buying a home. Basic VA Loan Eligibility Requirements for a VA loan The first step is to understand if you qualify for VA Loan benefits. The vast majority of people with regular service in the Army, Navy, Air … (1 comments)
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minnesota: VA Home Loans - How much can I finance?
- 01/02/14 12:27 AM
VA Home Loans The VA Home Loan is a big thank you for your service[/caption] Minneapolis, MN: VA Loans are some of the most amazing home loans in the market. It really is a true benefit for the service you've provided to this country. The major benefits of a VA loan come in two forms:
Zero down payment No Mortgage Insurance Zero down payment is pretty easy to understand. Saving for a down payment is one of the biggest hurdles stopping many from buying a home.
No mortgage insurance is also huge.Generally speaking, mortgage loans where you do not put at … (0 comments)
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minnesota: Is a HARP 3.0 Refinance Program cooming soon?
- 12/12/13 03:37 AM
A new evolution of the HARP refinance program MAY soon be upon us. HARP 3.0 looks like it’s going to gain headway and make it’s way to the streets since Mel Watt was just confirmed as the new head of the FHFA.
HARP loans in MN (Home Affordable Refinance Program) have been one of the few programs to really assist homeowners since the real estate market collapse.
The current program allows homeowners who have a loan owned by Fannie Mae of Freddie Mac to refinance to today's lower rates, even if they've lost value on the home, or are actually underwater … (0 comments)
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minnesota: Down Payment Assistance and Grants for first time home buyers in Minnesota.
- 12/06/13 03:56 AM
Down Payment Assistance and Grants for first time home buyers in Minnesota.
We have several programs in Minnesota with varying levels of down payment assistance. Up to $10,000 is available in assistance for those who qualify. Most people get much less, usually between $3,000 to $5,000. All programs have different qualifications and quidelines. Please visit our special down payment assistance website to get more information from a licensed Minnesota Loan Officer and down payment assistance specialist.
First Time Home buyers can take advantage of down payment assistance and grants available in Minnesota. First time home buyers typically qualify if they … (0 comments)
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minnesota: Beware of what the loan officer DOESN'T tell you
- 11/07/13 11:47 PM
I just got off the phone with a client... She was very happy with me, but extremely pissed at "her" Credit Union. It's not that her Credit Union is a bad place, it is just that she isn't a mortgage professional, and the unlicensed application clerk she had been talking to for a mortgage loan was only selling what the Credit Union offers.
A good mortgage customer This client banks at a Credit Union. She wants to buy a home. She believed the Credit Union would be a great place of get a mortgage loan because "they know her", and "she … (3 comments)
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minnesota: Low down payment loans other than FHA Loans to consider
- 10/22/13 06:06 AM
Now that Fannie Mae is ending 3% down program. Are there other low down payment options besides FHA?
The good news is YES!
Once Fannie closes their 97% LTV door many state Housing Finance Agencies will still continue to offer 97% programs, and it’s still a much better option for many buyers than the now grossly overpriced FHA loan.
Check with a good loan officer in your state for what is available in your area, but here in Minnesota, we have a great program available through the Minnesota Housing Finance Agency. Similar guidelines should be available in most states.
3% … (0 comments)
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minnesota: Are you really Pre-Approved to buy a home? How to tell.
- 10/03/13 06:53 AM
Minneapolis, MN: Seems like every week I get a new client, who has been working with another lender, and suddenly, their mortgage application was denied very close to closing. A common statement they make is, how can that be, I was Pre-Approved?"
THE APPROVAL PROCESS
So are you really approved? The answer is yes and no. Under the standard procedure most lenders follow is that the loan officer takes an application. Next the loan officer should pull credit. This should give the lender a good preview of the potential final outcome. Many lenders will give a pre-approval letter at this point, … (1 comments)
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minnesota: New FHA collection account rules to hurt home buyers - Learn why
- 08/27/13 03:02 AM
In a recent announcement (FHA Mortgagee Letter 2013-25) , HUD said that while they will continue with it's basic rule that most unpaid collection accounts DO NOT need to be paid off in order to obtain an FHA loan, they WILL require that lenders consider how a creditor's efforts to collect the account can impact the borrower's ability to repay the loan.
When ANY ONE, OR COMBINATION of unpaid collection accounts equal $2,000 or more, the lender now needs to factor in monthly payments of 5 percent (5%) of the outstanding balance for the account into the debt-to-income ratio.
If payment … (1 comments)
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minnesota: New FHA Short-sale and Foreclosures rules - Not what it seems?
- 08/20/13 08:45 AM
Minneapolis, MN: Recently FHA announced in mortgage letter 2013-26 the ability to FOREGO the current three year waiting period for Foreclosures and Short Sales before you can qualify for an FHA Loan if the borrower had an ECONOMIC EVENT that created a hardship.
It has been brought to my attention that many real estate agents are now advertising this, WITHOUT GIVING THE FULL STORY. Borrowers MUST MEET VERY STRINGENT guidelines in order to qualify for this EXTENUATING CIRCUMSTANCE.
Here is the link to the actual Mortgagee letter for your reference. Please read this so you understand what is required.
But there … (1 comments)
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minnesota: VA Loans in MN and WI - No down payment required
- 08/09/13 01:55 AM
Take Advantage of your VA Benefits! VA Home Loans for Minnesota and Wisconsin military veterans Why get a VA Loan? It's simple ... Lower Rates. Lower Payments. $0 Down Payment. Thousands of people are using their VA Loan benefit every single month. Let us help you purchase a MN or WI home with ZERO DOWN, or lower your existing VA home loan with a refinance to today's low interest rates.
BUYING A HOME WITH A VA HOME LOANS Purchase with Zero Down A VA Loan still allows a Vet buy a home with Zero DOWN and finance 100% of the home's … (0 comments)
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minnesota: Refinance applications down 55% - Wrong move for many
- 08/05/13 03:20 AM
According to recent surveys from the Mortgage Bankers Association, refinance applications are down 55% from recent highs. The latest survey shows the smallest amount of refinance activity in years, yet refinances still account for 63 percent of all mortgage applications.
Clearly the uptick in interest rates from the lows we say back in May 2013 are having an effect on activity. As mortgage rates move higher, refinancing makes less sense for more and more people. Current best execution on 30-year fixed mortgage rates is running +/- 4.50%, which is about 1% higher than the recent lows.
From a historical perspective, interest … (1 comments)
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minnesota: Tips for Choosing the right Loan Officer
- 07/31/13 06:26 AM
In this market it takes an extraordinary amount of energy to get a loan closed with new regulations, lenders changing their guidelines and rates shooting up and down.
Are you working with the right Loan Officer?
For most people, a home is the biggest investment they will ever make. However, few people do the research necessary to make a good buying decision. The home-purchase process is extremely confusing for most people. With a little bit of homework, and some advice from family and friends who have been through the process before, you can make this a little easier on yourself. … (0 comments)
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minnesota: Minneapolis and St Paul area homes prices continue to rise
- 07/25/13 01:46 AM
Minneapolis and St Paul area home sellers continue to see an upward climb in the value of their homes. The median sales price soared up 17.5 percent over last year. According to the Minneapolis Area Association of REALTORS®, the June 2013 average value was $210,000, the highest it’s been since December 2007, just as the market was starting to crash. By the way, mortgage interest rates at the time were about 6.10%. Less homes for sale than what we’d like to see, combined with fewer foreclosures, and low mortgage rates continue to fuel these price increases. New listings were … (0 comments)
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minnesota: FHA Financing when buying a HUD Home
- 06/10/13 12:49 AM
Minneapolis, MN: The Minnesota and Wisconsin housing market for homes under $250,000 is hot... Good homes priced well are selling very quickly, and usually above the original asking price.
I've run into this situation many time recently when buying a HUD home, so I thought I would address it here.
DOES MY BUYER HAVE TO USE HUD’S FHA APPRAISAL? The quick answer is YES if using an FHA loan to buy the house. NO if using any other financing.
If you are buying a HUD foreclosure, they almost always already have a HUD Appraisal. This is good and bad. On the … (0 comments)
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minnesota: Refinance with no appraisal needed
- 06/03/13 05:23 AM
Minneapolis, MN: As mortgage interest rates fell to all-time lows earlier this year, even underwater homeowners were able to take advantage of refinancing through mortgage programs that do not require a property appraisal.
No appraisal refinances make the refinance process easier than ever, especially for those homeowners that own more than their home is worth.
Some of the most popular no-appraisal refinance programs include the FHA streamline refinance and the HARP (Home Affordable Refinance Program). Other no-appraisal refinance programs include the VA streamline or VA Interest Rate Reduction Refinance Loan and the USDA streamline refinance.
While many home values are on … (2 comments)
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minnesota: Minneapolis, St Paul home prices rise again!
- 05/09/13 10:31 PM
St Paul, MN: The most recent reports and data for the Minneapolis St Paul real estate market shows continuing signs of rebound with both increased home prices and increased building permits for new construction.
The University of St Thomas' monthly residential real estate price report index shows that the mediam sales price was up 6% over March of 2012, with the current average now 209,900.
Improvements to the housing market are attributed to an
improved employment market historic low mortgage interest rates tight inventory of quality homes for sale less foreclosured home entering the market New construction builders are also complaining … (1 comments)
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minnesota: Rates down for week ending 4/11/2013
- 04/12/13 01:47 AM
Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates edging down for the second consecutive week following weak employment reports. The average 30-year fixed-rate mortgage at 3.43 percent this week remains near its 65-year record low and continues to provide support for the housing recovery.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.43 percent with an average 0.8 point for the week ending April 11, 2013, down from last week when it averaged 3.54 percent. Last year at this time, the 30-year FRM averaged 3.88 percent. 15-year fixed rate mortgages this week averaged 2.65 … (1 comments)
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minnesota: Mortgage Rates for week ending March 16, 2013
- 03/22/13 12:51 AM
Minneapolis, MN: Freddie Mac yesterday the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates rising this week on stronger signs of jobs growth and consumer spending. The 30-year fixed averaged 3.63 percent, its highest reading since the week of August 23, 2012. The 30-year fixed hit its average all-time record low of 3.31 percent the week of November 21, 2012.
News Facts
30-year fixed-rate mortgage rates averaged 3.63 percent with an average 0.8 point for the week ending March 14, 2013, up from last week when it averaged 3.52 percent. Last year at this time, the … (0 comments)
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minnesota: First Time Home Buyer Tip - Get pre-approved first!
- 03/21/13 12:03 AM
Minneapolis, MN: As we start to enter the spring home buying season here in Minnesota, I have one big tip for first time home buyers.
Buying now makes sense. If you have OK credit, a little bit of money for down payment, and you've been successfully renting for a year or two, you are ready to buy now. With the combination of affordable housing prices and low mortgage rates, there has never been a better time to become a home owner.
First Time Home Buyer Tip: Talk to a Loan Officer FIRST.
Most people do it wrong. They start looking at … (2 comments)
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You Are Entitled To A Second Opinion
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