mn: Get a real mortgage rate checkup
- 02/06/20 08:22 AM
Get a Real Mortgage Rate Checkup!
Minneapolis, MN: Homeowners everywhere are constantly wondering how their existing mortgage interest rate compares to today's market rate, or what a new payment on a new home might look like compared to their existing mortgage payment.
So the typical go to method these days is to run to the internet to see rates. Unfortunately, many of the rates you see at either based on a "perfect" situation that may not apply to you, come loaded with discount points you don't want to pay, are offering reduced closing costs that increase your interest rate, or very sadly, they … (0 comments)
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mn: 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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mn: Less foreclosures - Lowest level since 2006
- 07/18/14 01:12 AM
Foreclosure activity down in June 2014 Foreclosure activity in June dropped to its lowest level nationwide since before the housing bubble started to burst nearly eight years ago, a new report said Thursday.
The number of homes facing bank auctions, default notices and scheduled auctions totaled 107,194 last month, down 16 percent from June 2013, according to RealtyTrac, a housing industry research firm based in Irvine, Calif.
June’s total was the lowest since July 2006.
Through the first half of 2014, there were 613,874 properties nationwide with foreclosure filings, down 23 percent from the first six months of 2013.
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Check … (1 comments)
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mn: Tips to Improve Your Mortgage Approval and Credit Score
- 07/02/14 04:50 AM
Tips to Improve Your Mortgage Approval and Credit Score Minneapolis, MN: When you are looking to purchase a home, or refinance your exiting home, your credit score is very important. One of the first things your lender will do is check your credit report to assess your creditworthiness.
As everyone knows, the better your credit score, the more options you have, and the lower the mortgage interest rates will be available to you.
However, if you have a very bad credit score, it could be causing you to be offered high interest rates on your mortgage that could cost you … (0 comments)
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mn: Down Payment Assistance Program in MN
- 06/03/14 10:34 PM
Are YOU tired of renting?
Looking to finally buy a home of your own? Owning a home offers numerous benefits, but for many people, finding the down payment money can be hard.
From St Paul and Minneapolis, to Rochester, Duluth, and beyond, we help MN folks buy their first time home with down payment assistance.
What does our down payment assistance program offer first-time homebuyers?
Mortgage loans to purchase a home for qualified low and moderate income first-time and move up homebuyers in Minnesota 30-year loans with affordable, low, fixed interest rates for the life of the loan … (0 comments)
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mn: USDA Loan Mortgage Insurance going up
- 05/22/14 07:26 AM
Looking to buy a home with a Zero Down Payment USDA Rural Development Loan?
You don't need to buy a home in a cornfield to use the USDA Rural Housing loan, but the property does need to meet their rural definition, and many areas qualify.
USDA loans, like most others, require mortgage insurance.
Effective October 1, 2014, the monthly mortgage insurance on a USDA loan will increase to .50%. This is up from the current .40%.
On a sample $100,000 loan amount, the new mortgage insurance costs would be $41.87 a month, up from the current $33.49 a month.
While no … (1 comments)
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mn: Tips to save when refinancing
- 04/12/14 01:14 AM
Minneapolis, MN: A refinance is usually the second largest financial decisions a person will make in their lifetime (the first was buying the house).
The process can be almost as stressful as when you bought the home. The difference this time is you are under no pressure to move. There are some things you can do to ease your pain and make refinancing in 2014 as easy as possible.
Good Credit
The easiest thing you can do in preparing to refinance is to make sure you have good credit. Generally speaking, a middle credit score over 620 will be acceptable enough … (1 comments)
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mn: 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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mn: 4 tips for First Time Home Buyers
- 03/20/14 01:51 AM
4 tips for First Time Home Buyers in MN Minneapolis, MN: First Time Home Buyers don't know what they don't know... so they end up anxiously asking all of their family, friends, and the Realtor for financial advice. Because none of these people are Mortgage Loan Officers, they end up just hearing horror stories, and getting incorrect information, adding to their anxiety. Start Here:
Take a Peak at your Credit Report as early as possible. Your Credit is more important than having enough cash, or getting the best mortgage rate. Your credit rating, or LACK of credit rating will be the … (2 comments)
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mn: Float or Lock your Mortgage Loan
- 01/17/14 10:22 PM
Float or Lock your Mortgage Loan Interest Rate?
MInneapolis, MN: I get asked the "should I float or lock" question several times every week as a mortgage loan officer. I generally have the same answer. Lock.
Watching the markets, and trying to figure out what the markets will do is an exercise in futility. There are simply too many reports, commentary, and data constantly being analyzed from every angle and perspective. The last 10-years, much of the talk has not matched the actual trading of bonds.
Interest rates change daily
During the time most home owners are in what lenders … (0 comments)
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mn: Millions of homeowners no longer underwater
- 01/06/14 11:38 PM
Minneapolis, MN: 2013 was a pretty good year for the real estate market. According to CoreLogic, an estimated 3 million homeowners regained significant equity during the year remarkable year.
The increase in equity has many positive effects. First, many more homeowners are now in a position to sell their home without taking a (big) loss. There has been some huge pent up demand for many to sell their home and move, but just couldn't. The next effect is that many more people are able to refinance to take advantage of current mortgage rates to either lower their existing loan payments, or … (1 comments)
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mn: 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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mn: New lower FHA Loan Amounts for 2014
- 12/09/13 03:10 AM
New FHA Loan Limits Looking to get an FHA Loan in 2014 and beyond? HUD ( Department of Housing and Urban Affairs) announced last week it will be lowering the maximum loan amount for FHA loans (Federal Housing Administration). The new limits will take effect Jan. 1.
Each county across the county has a maximum loan amount, which is tied to the areas average income. The standard FHA loan amounts limits for areas with relatively low housing costs will stay at its current level, $271,050. However, the limit for areas with the highest housing costs will be reduced by more than … (0 comments)
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mn: 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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mn: What you should know BEFORE buying a house
- 11/20/13 11:59 PM
What should I know before buying a home Here are some tips that could save you a lot of time, money and trouble. Especially if this is your first home.
Plan ahead. Make sure you have good credit and save as much as you can for the down payment and closing costs. Get fully pre-approved before you start looking. Real estate agents prefer working with pre-qualified buyers, plus you will have more negotiating power and an edge over homebuyers who are not pre-approved. Get a REALISTIC housing budget and stick to it. Talk to your Loan Officer about debt-to-income ratios, … (2 comments)
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mn: Tips for buying Fixer-Upper Homes in MN
- 10/31/13 04:22 AM
Tips for buying Fixed-Upper Homes In the market today, many homes are in need of a little tender loving care. Buying one of these properties can be a great deal, while the next one could be a money pit. The following are some tips to make sure the fixer-upper you are looking at is a great opportunity.
Know your limits I've bought and sold homes needing repair, and I've learned a lot over time. A big item to consider is knowing your limits. Not everyone is Bob Villa. Know what sort of repairs jobs you can safely handle, and which ones … (1 comments)
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mn: 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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mn: HARP 3 bill introduced - Help for those without a Fannie Freddie loan
- 07/29/13 04:04 AM
Senate bill S.1375, the "Rebuilding American Homeownership Act" has been introduced by Senator Jeff Merkley, D-OR to try and expand the existing HARP (Home Affordable Refinance Program".
This has been called by many as "HARP 3", and is designed to allow loans not currently owned by Fannie Mae of Freddie Mac to be refinanced through the HARP program.
Under the current HARP underwater refinance program, in order to qualify, your existing mortgage loan must be owned by Fannie Mae or Freddie Mac.
If passed, the bill would force Fannie Mae and Freddie Mac to refinance non-Fannie Mae or Freddie Mac loans, … (0 comments)
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mn: Rates are rising, should Realtors worry?
- 06/20/13 04:42 AM
Minneapolis, MN: Yesterday the Federal Reserve "clarified" to everyone when it will likely end its economic stimulus program. This ended weeks of speculation that has caused mortgage rates to surge to the highest levels since 2011, and up over 1/2% in physical rate in the past two months.
Based on the news, it appears mortgage rates have a new bottom, which is about where they are at today. There is plenty of room for rates to move higher. Express this to your clients, and get the fence sitters moving.
Loan Officers and Real Estate Agents have great fear for future … (2 comments)
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mn: Mortgage rates up slightly, but lets keep perspective
- 06/18/13 12:21 AM
Minneapolis, MN: With interest rates having moved up slightly recently, it is good to keep current mortgage rates in perspective.
Here is a mini historic look at conventional 30-yr fixed loan rates
In the early 1960's = 5.25% In June 1971, about 7.53% In June 1981, about 16.70% In June 1990, about 10.16% In June 1998, about 6.99% In June 2000, about 8.29% In June 2005, about 5.58% In June 2009, about 5.52% In June 2010, about 4.75% Last month (May 2013) about 3.54% Today... about 3.91% I bought my first house in 1981. I paid 16% for my FHA 30-year … (1 comments)
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Get a Real Mortgage Rate Checkup!
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