refinance rates: Why you should lock your refinance today
- 10/18/12 10:54 PM
St Paul, MN: We get it. You want the lowest mortgage interest rates. What you may not realize is that waiting for that low rate could make you your own worst enemy. When shopping mortgage rates, understand that the quote you got yesterday or last week is meaningless. Interest rates can change throughout the day and that may cost you dearly while you think about it. Face it, rates change daily - sometimes even multiple times in one day. Did you know you can pick any interest rate you want? Do you know the difference between the rate and pricing for the rate? … (2 comments)
refinance rates: MN Mortgage Refinance Rates Remain Low
- 10/18/12 12:54 AM
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates edging slightly lower with the 30-year fixed averaging 3.37 percent, just above its all-time record low of 3.36 percent, and the average 15-year fixed dipping to a new all-time record low at 2.66 percent. News Facts 30-year fixed-rate mortgages (FRM) averaged 3.37 percent with an average 0.7 point for the week ending October 18, 2012, down from last week when it averaged 3.39 percent. Last year at this time, the 30-year FRM averaged 4.11 percent. 15-year fixed rate mortgages this week averaged 2.66 percent … (0 comments)
refinance rates: Little change in Mortgage Rates this week following employment report
- 10/11/12 01:18 AM
Mortgage Rates Hit All-time Record Lows For Second Consecutive Week Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling to new all-time record lows for the second consecutive week on mortgage securities purchases by the Federal Reserve and indicators of a weakening economy. The Federal Reserve’s purchase of long-term fixed mortgage securities allowed the 15-year fixed-rate mortgage at 2.69 percent to fall below the 5-year ARM’s rate at 2.72 percent. The last time the average 15-year fixed was lower than the 5-year ARM was the week ending October 15, 2009. News … (0 comments)
refinance rates: Refinancing? 30-year or 15-year. What is best?
- 10/04/12 04:49 AM
Minneapolis, MN: Mortgage interest rates have been hovering at or near historic rates for sometimes now. Most everyone with a home loan is thinking of refinancing. There are many important items to consider, and an experienced, licensed mortgage loan officer should be more than willing to address all your concerns. NOTE: Don't confuse an unlicensed bank application clerk with a licensed mortgage professional. One major area to consider is the loan term, also known as loan amortization. This simply means "how many years" are you going to have the loan. The most popular loan term is still a standard 30-year loan, … (0 comments)
refinance rates: New Record Low for Mortgage Interest Rates
- 09/27/12 12:18 AM
All-Time Low: 30-Year Fixed-Rate Mortgage Averages 3.40 Percent Minneapolis, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates breaking their previous average record lows helping to keep homebuyer affordability high and refinancing strong to support an already improving housing market. All mortgage products, except the 5-year ARM, averaged new all-time record lows. News Facts 30-year fixed-rate mortgages averaged 3.40 percent with an average 0.6 point for the week ending September 27, 2012, down from last week when it averaged 3.49 percent. Last year at this time, the 30-year FRM averaged 4.01 percent. … (3 comments)
refinance rates: Mortgage Rates Hold Steady as Markets wait on Further Stimulus News
- 09/13/12 12:28 AM
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), FOR THE WEEK ENDING AUGUST 30, 2012 showing fixed mortgage rates holding steady from the previous week and remaining near their all-time lows. The average 30-year fixed-rate mortgage has been below 4.00 percent all but once this year and the average 15-year fixed, a popular choice among refinance borrowers, has been below 3.00 percent since the last week in May. News Facts 30-year fixed-rate mortgages (FRM) averaged 3.55 percent with an average 0.6 point for the week ending September 13, 2012, the same as last week. Last year … (0 comments)
refinance rates: How to deal with an underwater home
- 08/13/12 10:57 PM
Nearly 11 million Homeowners are Underwater, which means they owe more on their mortgage than their property is worth. Below are some of your options for dealing with an underwater mortgage. Wait It Out: If you are just depressed at the thought of owing more than it is worth today, but really don’t have any intentions of moving. Stop worrying about it. You have to live somewhere. Although short sales and foreclosures have brought down values, the housing market is slowly recovering, especially here in the Minneapolis, St Paul metro area. If you are able to continue to make payments – do it. … (2 comments)
refinance rates: Mortgage Closing Costs UP, Not Down
- 08/12/12 10:34 PM
Closing costs have NOT gone down! Minneapolis, MN: Recent news releases from the government have been claiming that mortgage closing costs have gone down 7% due to new mandated government procedures that make it necessary for lenders to be more accurate when making estimates for borrower’s closing costs. The spin masters are wrong on two fronts. First, most lenders were already accurate in their initial closing cost disclosures, and the items that caused them to re-adjust their estimate later on are still there. The only significant difference is the incredible burden of new paperwork, and disclosures that make absolutely no difference … (0 comments)
refinance rates: Pay your Mortgage loan off faster with these 5 ideas
- 08/05/12 12:06 AM
Minneapolis, MN: If you surf the cable TV channels, listen to talk radio, or search online, you will find numerous financial and debt management experts offering tips and tricks on managing debt such as mortgage, credit card debt, student loan and so on. However, it is important to evaluate one’s own personal financial situation before implementing any such debt relief tips. This is to ensure that you benefit from such advice and not further pile up debts that you become responsible for. So, here are 5 strategies to repay your Minnesota mortgage faster. Make Extra Payments: If there is no pre-payment penalty, you can make extra payments … (3 comments)
refinance rates: FHA Streamline Refinance in MN and WI
- 07/18/12 10:52 PM
The FHA Streamline Refinance Program information Minneapolis, MN: If you currently have an FHA mortgage you are eligible for one of the simplest money saving refinances available today. The FHA Streamline Refinance allows existing FHA borrowers to reduce their interest rate without having to jump through a lot of hoops. How COOL IS THAT? Most current FHA loans qualify for a no out-of-pocket cost streamline refinance loan that lowers your FHA interest rate and reduces your monthly mortgage payment without increasing the principal amount owed on your first mortgage. The FHA streamline refinance provide a rare opportunity for FHA borrowers to refinance any time the interest rate drop to … (0 comments)
refinance rates: HARP 2 refinance program in MN and WI - Have lenders finally figured it out?
- 07/18/12 10:40 PM
HARP 2.0 refinance program details in MN and WI. St Paul, MN: The much anticipated revised HARP Refinance Program (HARP 2) has now been in effect for a few months, making it much easier for underwater home owner to refinance their mortgage into today's low mortgage rates. The two biggest guideline changes from HARP to the new HARP 2 program include the POSSIBILITY of unlimited Loan-to-Value and the POSSIBILITY to refinance even if you have Private Mortgage Insurance (PMI). This opens up financing opportunities for seriously upside home owners who have kept up with their current mortgage obligations. As with many … (0 comments)
refinance rates: Refund Chart for FHA Mortgage Insurance
- 06/14/12 01:54 AM
An FHA STREAMLINE REFINANCE is HOT right now because of the super low mortgage rates, so it is important to understand a possible FHA Mortgage insurance refund you may qualify for. If you have an FHA loan, FHA charges an upfront MIP (mortgage insurance premium). This amount is calculated as a percentage of the loan amount, then added to your loan amount. That MIP amount you paid depends on when the FHA case number was requested. If you've had your FHA loan for less than three years, and your are refinancing to a new FHA loan, you get a refund of some of the initial mortgage insurance premium (MIP) you paid … (2 comments)
refinance rates: Start saving money now on your VA Home Loan
- 06/09/12 11:51 PM
Mortgage Rates are at Historic Lows. Start saving money now on your VA Home Loan! Minneapolis, MN: If you are a veteran, you are eligible for a great benefit, the VA Home Loan. If you currently have a VA Home Loan, you may qualify for another great benefit, the VA Streamline Refinance Loan. Officially known as The Interest Rate Reduction Refinance Loan (IRRRL), it is one of the easiest refinance loans available today. The VA Streamline Refinance is the second best programs offered to you through your housing benefits from the Veterans Affairs (the first was buying the home with a VA Home Loan!) Potential NO … (0 comments)
refinance rates: Are Mortgage Rates Going Up?
- 04/01/12 11:06 PM
ARE MORTGAGE RATES GOING UP? Minneapolis, MN: Mortgage interest rates jumped up last week, putting a scare in those sitting on the fence, thinking about refinancing, yet waiting form rates to drop a bit lower. Lucky for them, Minnesota mortgage interest rates moved back down slowly to about where they have been holding for some time. The big question is how long can mortgage rates remain this low? Mortgage rates have been stuck at these amazingly low levels for the past five months. According to Freddie Mac weekly survey of mortgage rates, last week was the first time that … (0 comments)
refinance rates: HARP 2 Refinance not ready just yet - Why?
- 01/17/12 01:22 AM
HARP 2 - Not ready until March 15th, 2012 Minneapolis, MN: There is a lot of consumers interested in a HARP refinance in MN and WI. The Home Affordable Refinance program allows home owners who have lost value to still refinance their homes are today's low HARP refinance rates. HARP has been available since mid 2009. HARP 2, which was announced in November 2011 removes some restrictions, and should help many more home owners refinance their home loans. Officially, the enhanced HARP 2 program started December 1. Unofficially, most lenders won't be offering it until after March 15th, 2012. Let's explore … (1 comments)
refinance rates: Oops - you just missed the mortgage interest rate boat! ---- NOT !!
- 10/10/11 08:39 AM
Oops - you just missed the mortgage interest rate boat... or did you? St Paul, MN: The headlines are screaming... Mortgage interest rates just hit historic lows again for the forth straight weak. The morning talk shows are asking if it is a good time to refinance your home? So is it a good time to refinance? The answer is probably yes, but let's find out the truth about interest rates and how they work. The main item to understand is simple. Mortgage rates go up and down everyday. Sometimes a lot. Sometimes a little. There are many factors that contribute … (1 comments)
refinance rates: Interest rates — you can win big or lose big if you don’t know what you are doing.
- 08/04/11 02:35 AM
Mortgage interest rates — just like stock prices — change price daily and you can win big or lose big if you don’t know what you are doing. Everyday Loan Officers are ask “what do you think interest rates are going to do?” Of course none of us know that answer, so except for the most extreme cases on a purchase transaction, I suggest you always lock, and to do it as soon as you can. The sooner you lock your rate, the less chance you have of losing in the mortgage interest rate game If you have a signed … (0 comments)
refinance rates: Is refinancing easier than buying a home?
- 07/20/11 05:13 AM
A refinance is just as easy to get as your first mortgage… right? St Paul, MN: Many people think that refinancing is easier than buying a home for two main reasons: 1) you already have a loan on the home, you make your payments, so it should be easy to refinance. 2) your current mortgage lender already has all their information, so they with easily refinance you, and they are the best place to call ** Sorry… Not true on either count. There are many factors that might make it hard to refinance in MN: First, understand that no matter who … (2 comments)
Mortgage industry news and insights from a 15+ year industry expert. Mortgage are Real Estate News You Can Use.
Joe is a Certified Minnesota Mortgage Specialist, who provides home mortgage loans not only in the Minneapolis, St Paul area, but all of Minnesota and Wisconsin.
St Paul, MN: We get it. You want the lowest mortgage interest rates. What you may not realize is that waiting for that low rate could make you your own worst enemy.
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