- Minneapolis Communities
- St. Paul Communities
- Twin CitySuburbs
- Local Area Index ALL Twin Cities
There are currently 11 blog entries related to this category.
Friday, April 17th, 2015 at 3:09pm. 465 Views, 0 Comments.
The average 30-year fixed-rate mortgage dipped to 3.66% this week, down from 3.7% last week, and new-construction home buyers lapped up the savings.
Mortgage applications rose 17% in March from February, according to the Mortgage Bankers Association Builder Application Survey.
“Overall, applications for new-home purchases during the first quarter of 2015 increased 20% relative to the first quarter of last year,” Lynn Fisher, MBA’s vice president of research and economics, said in a statement. “Continued strength in builder applications raises the likelihood that housing starts will be strong over the next few months.”
“Housing starts” is industry lingo for when a builder actually breaks ground on a new home. It’s a good…
Friday, April 17th, 2015 at 3:04pm. 482 Views, 0 Comments.
If you’re a first-time home buyer just entering the market, you’re in for a springtime treat: Fannie Mae will now pay your closing costs, up to 3% of the price of the home—provided you take the mortgage giant’s home-buyer counseling course first.
The new HomePath Ready Buyer program, announced on Wednesday, allows first-time buyers (defined as those who have not owned a home in the past three years) to take an online course, get certified, and become eligible for what could amount to significant savings. For instance, on a $150,000 home, Fannie Mae could contribute up to $4,500 toward your closing costs—which typically range from 2.5% to 3% of a home’s price—and even reimburse you for the $75 online course.
“This could actually…
Thursday, March 5th, 2015 at 3:46pm. 531 Views, 0 Comments.
FHA loans are one of the most popular financing programs among home buyers today. They are especially popular among first-time buyers who have limited funds for a down payment and closing costs. Borrowers who use this program can enjoy the benefit of a low down payment, as little as 3.5% of the sale price.
Another benefit is that sellers are allowed to make contributions toward the buyer’s closing costs. Put simply, the seller involved in the transaction is allowed to chip in to help the home buyers pay some, or all, of their loan-related closing costs. In real estate lingo, this contribution is referred to as a “concession.”
But there are limits to how much the homeowner can contribute toward the borrower’s costs. In 2015, seller…
Thursday, January 31st, 2013 at 12:14pm. 1192 Views, 0 Comments.
Your biggest issue will be your loan options... depending on your credit score.
The FHA has their own guidelines for loans they will accept and may be your best bet. Keep in mind that FHA is not a bank; it’s a government agency that insures loans from FHA approved lenders. While the FHA will have its rules, a bank will also have its own rules as well. Most banks today are only willing to finance FHA loans with credit scores of 640 and above. The FHA however will allow loans with credit scores as low as 540 with 20% down. Additional requirements are as follows:
• 2 Years of steady employment, preferably with same employer. Last 2 years Income should be the same or increasing.
• Credit report should have less than two 30 day late payments in…
Tuesday, September 4th, 2012 at 3:35pm. 977 Views, 0 Comments.
Credit scoring was developed in the 1960s as a means to determine whether or not consumers were
likely to repay their loans. The score ranges from 350 to 850 with a higher score being extremely favorable. Essentially, a high credit score translates into lower interest rates for the borrower.
There are five factors that comprise the credit score. Payment history accounts for 35% of the score; outstanding credit balances have a 30% impact; credit history makes up 15%, type of credit factors at 10%; and inquiries influence the score by 10%. This gives the lender a snapshot of an individual's sense of
financial responsibility and ability to pay back loans.
There are many quick tricks to improve the credit score. If a borrower has to pay a higher interest rate…
Sunday, August 26th, 2012 at 3:03pm. 671 Views, 0 Comments.
The Twin Cities- based JimBergTeam.com at Re/Max Results has launched a new mobile search app, ResultsRadar, for iPhone, iPad and Android devices that incorporates augmented reality technology.
ResultsRadar overlays property information such as pictures and property description when the phone's camera is pointed at a property, and indicates the location and proximity of other properties for sale nearby.
In addition to retreiving MLS-derived property information, the app pulls additional property details that the brokerage may have about the property.
The ResultsRadar app is available to consumers and agents.
The app is available for iPhone, iPad and devices running on the Android operating system -- the first time an augmented reality…
Saturday, May 19th, 2012 at 6:37pm. 560 Views, 0 Comments.
BPO, CMA, Appraisal -- what is the difference? These are all various methods of valuing real estate, (properties, homes, houses, commercial property, investment property, and vacant land).
Appraisal = formal valuation by a licensed appraiser. An appraisal is a subjective opinion of a real property's value. Most appraisers are highly skillled, with many years of experience. Besides single-family homes, some appraisers specialize in niche areas, such as rural acreage, estate homes, commercial/industrial property, apartment rentals. In order to appraise property for an FHA loan, the appraiser must be experienced in the FHA loan procedures and requirements. Appraisals are required as part of the underwriting process for mortgage lenders when they…
Monday, December 5th, 2011 at 2:05pm. 563 Views, 0 Comments.
We're proud to be part of the nation's #1 Top Rated Real Estate firm by J. D. Power and Associates for this year! Study was based on over 3800 evaluations and measures opinions of home buyers and sellers.
Tuesday, November 15th, 2011 at 7:45pm. 550 Views, 0 Comments.
If you've been on the fence about homeownership, now is the time to take a leap! Don't let the negative press deter you from one of life's greatest joys.
Take a look at five short and sweet reasons that homeownership is great!
1. Equity. When you pay rent, you never see that money again. It is lining the landlord's pocket. Yes, buying a home may come with some hefty initial costs (downpayment, closing costs, inspections), but you will make that money back over time in equity built in the home. Historically, homes appreciate by about 4 to 6 percent a year. Some areas are still experiencing normal appreciation rates. For the areas that have seen harder times since the recession, experts feel that the housing market will recover. Homeownership is…
Wednesday, August 17th, 2011 at 11:59am. 472 Views, 0 Comments.
Volatile markets and low home sales are colluding to force mortgage rates to historic lows and sellers to mark off home prices, making actual home purchases less expensive than renting in cities across the United States. Buying a home fell below renting costs in 74 percent of the country’s 50 largest cities over July, with 12 percent of cities seeing higher price tags for apartments than for houses, according to real estate Web site Trulia.