minnesota mortgage: Home Sales: Pending Sales Drop Again in January
- 03/01/11 01:18 AM
The housing market cooled off a little in January after finishing with strength at the end of last year. Pending Home Sales Index By taking a seasonally-adjusted basis the PHSI (Pending Home Sales Index) fell by 3 percent last month. Along with that the National Association of REALTORS® revised December pending sales down as well. When a purchase agreement is accepted on a property it is considered “pending” though it is not yet closed. The forward-looking index is presently at a 3-month low nationally while being ahead over a 6-month rolling average. While the data isn’t necessarily helpful to … (0 comments)
minnesota mortgage: FHA Mortgage Insurance Premiums Set To Increase April 18, 2011
- 02/15/11 01:52 AM
FHA annual mortgage insurance premiums will increase by one-quarter per cent on April 18th, 2011 according to FHA's Commissioner, David Stevens. The most recent FHA mortgagee letter says that the up-front mortgage insurance premium which is usually financed in a real estate transaction will remain the same at one per cent. "After careful consideration and analysis, we determined it was necessary to increase the annual mortgage insurance premium at this time in order to bolster the FHA's capital reserves and help private capital return to the housing market," said Stevens. "This quarter point increase in the annual MIP is a … (1 comments)
minnesota mortgage: Minnesota First Time Home Buyers and Down Payment Assistance
- 02/04/11 09:17 AM
Minnesota First Time Buyers While the mortgage and real estate market have waxed and waned over the years, Minnesota first time home buyers have enjoyed the benefit of some extraordinary opportunities to finance their homes with special financing from the State of Minnesota. The Minnesota Housing Finance Agency (MHFA) has invested over $8 billion dollars into Minnesota real estate through its programs designed to help the Minnesota first time home buyer. There are several advantages to the programs offered through MHFA. Many Minnesotans buying their first home have taken advantage of their below market interest rate programs. This special rate has … (0 comments)
minnesota mortgage: Preapproval vs. Prequalification: What is the Difference?
- 02/04/11 06:51 AM
If you are planning to buy a home in Minnesota soon, one of the first things you will learn is that most real estate agents will want you to be preapproved before they start showing houses to you. There are several reasons for this, but perhaps the most important reason is to make sure that they are investing their time with a buyer who has the capability of buying. Unless you are in a position to purchase a home for cash, it is a critical first step to get pre-approved for financing before you start your hunt for a new … (1 comments)
minnesota mortgage: Pre-approval Process and Documentation
- 01/20/11 09:31 AM
Getting pre-approved is an important part of the home-buying process. It enables you to shop confidently for a home. We want to make sure that you are looking for homes in a price range that will result in payments that you can comfortably afford. When you are ready to make an offer on a home, your real estate agent will ask me for a revised pre-approval that is specific to the property on which you are making an offer. In order to do that, I will need to verify through documentation, some of the items we discussed over the phone. Preapproval … (2 comments)
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