Minnesota Mortgage Blog - Mortgage and Real Estate News You Can Use

FHA announces 203k rehab loan improvementsThe Federal Housing Administration (FHA) has announced updates and improvements to it’s 203(k) rehab mortgage which are intended to reduce barriers to using the program.The FHA 203(k) rehab loan allows people to both buy a home, AND get the money needed t...

Divorce and Your Home. Understanding the OptionsDeciding on what to do when you have a shared home and are getting divorced can be challenging and varies greatly depending on each couple’s unique situation.We have created a handy brochure you can easily print and share with people in this situati...

What are mortgage closing costs?When buying a home, everyone pretty much get's the concept of down payment. But first time home buyers are typically shocked to learn about something known as closing costs.So Exactly What Are Closing Costs?These are additional costs required for the many services ...

Looking to qualify for a home with little income, but a lot of assets? Our Non-QM Asset Utilization home mortgage loan is on a draw schedule of just 60 months! Simply take your assets, divide by 60, and that is your qualifying monthly income! There are no reserves required and you can combine it ...

Minneapolis, MN: Dream of buying a multi-family home, like a duplex, living on one side, and renting out the other?It's a pretty common thought, and something I personally did in my early years. It was great. The rented side paid about 95% of my monthly mortgage payment. Meaning I was building eq...

Fannie Mae to give $2500 to homebuyersDo YOU Qualify for the Free Money?March 6, 2024Minneapolis, MN: Fannie Mae®, who buys completed loans from lenders, has announced an addition to it’s popular HomeReady ® program, where eligible low-income homebuyers may qualify for a credit toward their down ...

What is MBS speculative pricing and why it is hurting mortgage rates?Minneapolis, MN:  MBS speculative pricing  (Mortgage Backed Securities) is one big reason that mortgage interest rates today are pretty good IF you are willing to pay a few discount point, but much higher if you are not.Mortgage...

What is a Mortgage Recast?Minneapolis, MN: Here in Minnesota where I am based, when you hear 'recast', you might think about casting a line for a big walleye, but actually, a mortgage recast is a little know tool that can allow you to potentially get a lower monthly mortgage payment without the n...

Who is buying homes in today's market?Minneapolis, MN:  One thing we know about real estate.  It's forever changing, and always local.  Here are a few notable items from a recent survey from the National Association of REALTORS®At the moment, we are seeing two very distinct buyers.   Buyers with ...

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 th...