mortgage loan: The 2-1 buydown, facts and fiction about this mortgage loan option
- 10/25/22 11:43 AM
The 2-1 buydown, facts and fiction. Minneapolis, MN: They say if you live long enough, you see everything come back around, and that is very true for the 2-1 buydown mortgage loan option that has magically reappeared on the market the past few months.
Simply put, a 2-1 buydown is a temporary subset of your standard mortgage agreement, like a 30-year fixed, that provides a 2% lower interest rate the first year of the loan, a 1% lower rate for the second year of the loan, and then the normal note rate for the remainder of the loans term (remaining 28-years).
With mortgage loan … (1 comments)
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mortgage loan: Can I get a new mortgage loan after a COVID forbearance?
- 10/15/20 11:16 AM
Can I get a new mortgage loan after a COVID related mortgage forbearance?
Yes, homeowners who have been granted forbearance from making full payments because of the COVID-19 crisis may still be able to refinance or buy a new home when the crisis ends.
When a borrower experiences significant reduction in income due to either a Presidentially Declared major disaster, or some other hardship including the COVID-19 National Emergency that may prevent them from making the required mortgage payment, servicers may offer the borrower a Mortgage Payment Forbearance Plan as one of the Home Retention Options to avoid foreclosure.
Forbearance Plans are arrangements between a Lender … (0 comments)
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mortgage loan: Do NOT Do List When Buying A Home
- 01/15/20 09:43 AM
Minneapolis, MN: If you are in the process of, or about to be buying a home, there are many DO NOT DO items that can unintentionally turn your mortgage loan pre-approval unto a loan denial. Some may make sense, like don't quit your job during the process, but the number of people who actually do is surprising, so understanding some of the major DO NOT DO items is important.
If you want to change job, but a new car, buy furniture for the new home, just be patient; there will always be time after closing.
WHAT NOT TO DO
Do NOT have new credit … (0 comments)
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mortgage loan: Credit Report Inquiries, what is the real story?
- 11/29/18 12:26 PM
Credit report inquiries, What is the real story? Minneapolis, MN: As a Mortgage Loan Officer, I’ve pulled and reviewed a lot of credit reports in my day. I’ve also spent an incredible amount of time debunking the irrational fear so many people have about credit report inquiries.
This one sentence is all most people need to know.
STOP worrying about it.
For the vast majority of the people, the vast majority of the time, you should never ever give a second thought to an inquiry on your credit report. It just isn’t what people think.
So What Is A … (1 comments)
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mortgage loan: 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 loan: Can you get pre-approved in 10 minutes on your cell phone?
- 02/21/18 10:24 AM
The danger of automated mortgage pre-approvals via your cell phone Can you get pre-approval in 10 minutes on your cell phone? Yes. Should you? Probably not. It's 2018 as I write this, advancements to our lives, along with instant gratification is everywhere. Why go to the store when you get better selection and two day shipping from Amazon. No need for old fashion video stores, everything is on Netflix, Amazon Prime video, or your HBO Go app. Twitter, Facebook, the internet, and of course Smartphones and iPads have replaced home computers for many people.
So it is no surprise that many … (1 comments)
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mortgage loan: The truth about inquiries on your credit report
- 01/15/18 11:55 AM
The truth about inquiries on your credit report (it isn't what you think).
Minneapolis, MN: As a Licensed Mortgage Loan Officer, I pull and review thousands of credit reports every year. The confusion from the general public about what inquiries are, and how they effect your credit is overwhelming.
The quick thing to know?
For 99% of people 99% of the time, you should NEVER ever worry or be concerned about a lender reviewing your credit, or generating an inquiry.
There, I said it. Stop worrying!
Historically, the presence of inquiries on a credit report has only a small impact on credit scores, if any impact … (2 comments)
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mortgage loan: 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 loan: How credit card use can effect your credit score
- 06/01/17 08:15 AM
How credit card use can effect your credit scoreMinneapolis, MN: Why does how much credit you're using matter? Simple, lenders look for signs of responsible credit usage, and the better you are at living within your means, the better it is for your credit score. Many people think that simply never being late on your credit card is all you need to have a great credit score, but this is far from true. Everyone is viewed under what is know as the law of large numbers. If most people in similar situations do similar things, you probably will too. If you constantly carry a … (0 comments)
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mortgage loan: 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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mortgage loan: 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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mortgage loan: 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 loan: 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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mortgage loan: Using APR to Shop for a Mortgage Loan
- 02/18/14 05:55 AM
Choosing your mortgage loan with "APR" CAN COST YOU MONEY
Minneapolis, MN: A borrower shopping for the best mortgage rate can easily be seduced by low rate offers that are accompanied by low annual percentage rates (APR). Federal law requires that APR be disclosed along side the actual interest rate as a means to help borrowers make a more informed decision on their mortgage.
The truth is that APR is a very poor way to comparison shop for a mortgage and can cause borrowers to make costly decisions.
APR was created to provide a way for borrowers to account for … (0 comments)
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mortgage loan: Getting a home mortgage loan with bad credit
- 01/21/12 01:32 AM
Can you qualify for a home mortgage loan with bad credit?
What’s Your Credit Score?
Lenders rely heavily on credit scores as a major determining factor for getting a home mortgage loan. I hate to be so blunt, but lenders DO NOT give home loans to those with bad credit anymore. If you are denied by one lender, contacting 10 more probably won't result in success.
What credit score do I need for a home loan?
Generally speaking, in today's mortgage world, if your middle credit score is below 640, it is very unlikely that you will qualify for … (3 comments)
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mortgage loan: Don't worry about someone pulling credit when shopping for a mortgage
- 09/29/11 04:47 AM
Shopping for a mortgage loan? The average person DOESN'T need to worry about inquiries on your credit report
We've all heard it before. Having someone pull your credit will reduce your credit score. Sadly, many people end up making some poor decisions based on half truths, and bad information.
The fear of reduced credit scores with the occasional pull from a creditor is the most annoying, misleading, and misunderstood thing I hear every week in the mortgage business. If you are worried about "inquiries on your report", this isn't the concern most people think it is.
What to know about … (2 comments)
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The 2-1 buydown, facts and fiction. Minneapolis, MN: They say if you live long enough, you see everything come back around, and that is very true for the 2-1 buydown mortgage loan option that has magically reappeared on the market the past few months.
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