mortgage lender: Understanding Pre-Qualify vs Pre-Approval
- 10/24/23 09:52 AM
Understanding Pre-Qualify vs Pre-Approval vs Final Loan ApprovalMinneapolis / St Paul, MN: In the mortgage lending world, lot's of terms get thrown around, a lot of time causing confusion.
YOUR VERY FIRST STEP in the home buying process is getting approved for financing, so here we will explain the differences in mortgage loan approvals, so both you are your Real Estate Agent know where you really stand with correct terminology.
Mortgage Pre-QualificationThis is where most people start in the mortgage process, with a basic mortgage pre-qualification. This is a quick assessment to determine whether your income, credit, and debt-ratio may fit current home … (1 comments)
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mortgage lender: Do you know what to look for when choosing a mortgage lender?
- 03/23/22 01:15 PM
Do you know what to look for when choosing a mortgage lender?
You have most likely noticed ads for mortgage companies on the radio, TV and even at the gas pump. There are surely enough options to choose from, but how do you know if a lender is right for you? I've put together a few tips on what to look for when choosing a lender. Check them out below!
Your Best Interest
The first thing to remember before starting this journey is that you are looking to make the best choices for your financial future. Making sure you enlist the correct team to … (3 comments)
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mortgage lender: The Importance of a Local Mortgage Expert
- 01/26/22 09:29 AM
Minneapolis, MN: Real Estate Agents are more likely to be credited as local neighborhood experts, while a mortgage Loan Officer is not, and the lender at the 1-800 phone number is OK to use.
In fact, it is almost always never in your best interest to use a lender who isn't relatively local.
Just like the Real Estate Agent, a Loan Officers knowledge and experience in the local community is extremely helpful in many ways.
Understanding challenges clients face in the local market, like if seller paid closing costs are commonly allowed or not allowed by sellers, and how to structure your loan program … (2 comments)
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mortgage lender: The Tool Clients, Realtors & Mortgage Lenders Are Raving About
- 07/27/21 02:06 PM
Minneapolis, MN: It’s no secret that our world operates on the principle of instant, fast and seamless. To be expected… Client, realtor and lender expectations are built on the same foundation. As a company, we are proud to offer the tools and technology that allow us to meet and exceed the expectations of the modern consumer. We have what clients, realtors and lenders are raving about… The Cambria Mortgage Mobile App.
To continue to offer the absolute best experience possible as the industry rapidly changes, we launched a brand new mobile app and online loan application in the beginning of 2021. Here … (0 comments)
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mortgage lender: Trust your neighbor, mortgage shop local tips
- 06/29/21 07:08 AM
Minneapolis, MN: When in need of home financing, most people have no idea who to turn to for their mortgage. Old school advertising, like radio and TV are still around, but in the digital age, we are now bombarded with ad's for mortgage companies all over the internet, and all your social media platforms, which can lead you to fall for the myth of better mortgage deals with big outstate internet lenders.
So is it good to use a big internet lender?
Will you get your loan? Sure, but the reality is that most mortgage deals from the big internet lenders are actually worse, not … (1 comments)
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mortgage lender: The Digital Mortgage Hype
- 07/18/18 03:44 PM
The Digital Mortgage Hype
It is 2018. The number of people who physically step into a bank or mortgage lender to do a home loan application is dwindling everyday. The vast majority of people now complete an online loan application on a desktop computer, iPad, or even apply via a Smartphone.
Technology allows lenders to do more parts of the process electronically that ever before, including electronically signing your application documents, secure uploading of your documents, and even apps that let you check the current status of your application 24/7.
Very cool technology, with this process now commonly referred to as a 'Digital Mortgage'.
I … (0 comments)
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mortgage lender: 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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mortgage lender: Your house is NOT worth what YOU think.
- 04/17/17 02:32 PM
Your house is NOT worth what YOU think.
Minneapolis, MN: We've all had to listen to someone who, regardless of what the professionals tell them, simply belive their house is worth more than everyone else's home.
Just because you reclaimed wood from the bottom of the Amazon River, put in a $50,000 landscape job, or installed super top end granite counter-tops, and just about any other high end item installed in your house; doesn't mean potential buyers of your home are willing to shell out extra money for it.
Most potential buyers generally don't care if you spent $30,000 in your kitchen, or $80,000 … (1 comments)
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mortgage lender: How to find the best mortgage lender
- 06/07/16 03:58 AM
How to find the best mortgage lender using these tips.
Buying a home for most people is the largest financial transaction of your life. Finding a Loan Officer that is licensed, educated, experienced, professional and ethical is probably the most important decision you'll make next to actually picking out that perfect dream home.
Most people these days pick their mortgage company one of three ways:
Calling the bank where they have their checking account Going with whomever the Realtor suggests Online search (but usually only for the person quoting the lowest rate) None of these in and of themselves are right or wrong, … (1 comments)
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mortgage lender: Get a Second Opinion on Your Mortgage
- 01/19/16 01:32 AM
You Are Entitled To A Second Opinion
Even If You Have Already Been Pre-Approved For Your Minnesota, Wisconsin, or South Dakota 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 … (0 comments)
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mortgage lender: The best Loan Officer? How to decide.
- 12/11/15 11:31 PM
Buying a home for most people is the largest financial transaction of your life. Finding a Loan Officer that is licensed, educated, experienced, professional and ethical is probably the most important decision you'll make next to actually picking out that perfect dream home.
Most people these days pick their mortgage company one of three ways:
Calling the bank where they have their checking account Going with whomever the Realtor suggests Online search (but usually only for the person quoting the lowest rate) None of these in and of themselves are right or wrong, but here are some tips to know and understand:
First, … (40 comments)
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mortgage lender: 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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mortgage lender: 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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mortgage lender: Average Credit scores, down payment, and more...
- 04/25/13 04:38 AM
Minneapolis, MN: According to a recent information from EllieMae, the average mortgage customer today has the following status:
Average credit score: 743 Average down payment: 19% Average housing debt ratio: 25% of income Average overall debt ratio: 35% of income Average score of a denied client: 702 Where do you fit?
Do NOT let this fool you. I was rather shocked to read this information. That doesn't sound like my average customer!
Best advice? Contact a local licensed mortgage professional. Provide them with a full application, and let them determine if you qualify for a mortgage loan with your credit score, … (1 comments)
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mortgage lender: 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)
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Understanding Pre-Qualify vs Pre-Approval vs Final Loan ApprovalMinneapolis / St Paul, MN: In the mortgage lending world, lot's of terms get thrown around, a lot of time causing confusion.
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