minneapolis mortgage: Minneapolis Advantage Loan Program - 04/19/08 06:54 AM
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minneapolis mortgage: Minneapolis Real Estate Report - Is Rock Bottom In Sight? - 10/02/07 03:44 PM
Selling a home in Minneapolis, St. Paul or surrounding suburbs is starting to look like an almost impossible mission.  With homeowners in over their heads, there is little help for them when their rate adjusts and mortgage payments become un-affordable.
Tuesday October 2nd, 2007, WCCO News reported that 6.5% of the homes on the market were pending sale, compared to 21.5% just a year ago.  Quite a significant drop but no surprise considering that mortgage lenders have tightened their guide lines and are turning anything less then excellent credit down.
One home owner reported that her property has been on the market for … (0 comments)

minneapolis mortgage: Minnesota Mortgage – House Committee meeting - 08/14/07 06:42 AM
Minneapolis, MN - Although Minnesota's foreclosure problem may be small in comparison to other states, the growing crisis has and will continue to affect the metro area.  On August 10th, 2007 politicians, housing advocates and mortgage lenders met in Minneapolis to give their views on the foreclosure crisis.
The Twin Cities has some dense patches of foreclosures, mainly in north Minneapolis.  U.S. Rep. Keith Ellison, DFL-Minnesota and a member of the financial services committee, began the hearing pointing out that thick cluster of red dots marking foreclosed homes on the north side.
Minneapolis City Council President Barb Johnson pointed out that foreclosures in … (0 comments)

minneapolis mortgage: Understanding Mortgage Points - 08/13/07 12:22 PM
Looking for a way to lower the interest rate on your home mortgage?
Buying points may or may not work to your advantage.  Here are a couple of questions to ask yourself before making a final decision.
 
•·         What is a Point?
A point is a sum paid to the mortgage lender at the closing table in order to lower your interest rate.  A point represents 1% of the total loan amount, so for a $100,000 loan 1 point would equal $1,000.  A point can usually reduce your interest rate anywhere from 0.125% to 0.25%.
 
•·         How long will you keep your loan?
In order to … (0 comments)

minneapolis mortgage: Minnesota Mortgage Law - 07/31/07 10:15 AM
Minneapolis, MN  - On Monday July 30th the Minnesota Mortgage Association held it's monthly meeting to discuss how the new mortgage laws passed in Minnesota will affect how mortgage companies within the state operate.  The panel of speakers included, but not limited to, Wade Abed of Northwest Mortgage also the President of the Minnesota Mortgage Association, Robyn Brown of the Department of Commerce, Eldon Spencer representing legal counsel and Pat Martin. 
Minnesota mortgage brokers have been under scrutiny for the latest increase in foreclosures.  This has lead up to the state of Minnesota passing new laws designed to eliminate some of … (2 comments)

minneapolis mortgage: Finding a Mortgage in Minnesota. - 04/05/07 06:35 AM
With so many loan officers to choose from, what makes one different from another?  For the most part, every mortgage broker out there has access to the same lenders as everybody else.  Rates and fees around the board are pretty similar from company to company, so why choose abc mortgage company over xyz?
 If you happen to be shopping for a mortgage and you are looking for an individual who will deliver you an honest rate on an honest mortgage product that you can afford then Minnesota's Mortgage Broker is who you are looking for.  Understanding that a homeowner simply wants what … (0 comments)