HomePath and HomeSteps
Updated Oct. 24, 2014
You've seen the logo's, but what is HomePath and HomeSteps?. The HomePath and HomeSteps programs allows a person to buy a specially designated Fannie Mae or Freddie Mac owned foreclosed property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage...

I want to buy a duplex
Updated Oct. 24, 2014
I want to buy a duplex!. St Paul, MN: I get a first-time investment buyer phone calls all the time. Seems like when it is a buyers market, everyone want to be Donald Trump Jr.. OK, so what is my #1 question? How much do I need for down payment!. Buying a duplex, triplex, or quad isn't really overly complicated on the...

Smart financial move - the 15-yr mortgage
Updated Oct. 9, 2013
Smart financial move, the 15-yr mortgage. Minneapolis, MN: "I own my home free and clear!". How great would it be to say that? No payments when you retire. No payments while you are also paying for college. Putting money into your 401k vs paying it to the bank.. Look into a shorter term mortgage. This is the hottest new...

Mortgage loans for Self-employed, commission, and tipped home buyers
Updated Oct. 24, 2014
Self employed individuals often ask ... "Why is it so difficult to qualify for mortgage financing?". Minneapolis, MN: Self-employed borrowers, those who work on commission, or those who receive tipped income present one of the most challenging areas of mortgage underwriting. Qualifying self-employed people...

I need a NO DOCumentation loan
Updated Oct. 9, 2013
NINA, SIVA, SISA, STATED Income, No Doc"NO DOC" loans had been around for years, and served a niche market for the self-employed, commission, and tipped income home owners. Because of their additional risk, they came with higher interest rates, bigger down payments, and generally were only...

Getting a mortgage? Beware of the Credit Bureau
Updated Oct. 9, 2013
Getting a mortgage loan? Beware of the credit bureau.. You've shopped a few lenders, gotten some quotes. You've narrowed your search, supplied a full application, and supporting documents. The lender has now pulled your credit report, and informed you everything looks great. You lock your interest...

Pre-Approval vs Pre-Qualify
Updated Oct. 9, 2013
Are you just pre-qualified or fully pre-approved for a loan?. St Paul, MN: Smart home buyers in Minneapolis, St Paul, Madison, Milwaukee, and throughout all of Minnesota and Wisconsin should know that before you begin to shop for a new home, you should set up a time to meet with a lender so they can figure out if you...

You are entitled to a second opinion
Updated Oct. 9, 2013
You Are Entitled To A Second Opinion, Even If You Have Already Been Pre-Approved For Your Mortgage!Imagine you have just went to the Doctor in Minneapolis, or the Mayo Clinic in Rochester and found out that you have to have surgery on your knee and the procedure will be pretty extensive! Most people just...

Is a refinance easier than buying a home?
Updated Oct. 24, 2014
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...

Lock or Float the Interest Rate?
Updated Oct. 9, 2013
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...

Credit repair companies. Good or Evil?
Updated Oct. 9, 2013
Credit Repair Companies. Good or Bad Idea?St Paul, MN: There are a lot of credit repair firms and credit counselors that have not acted in the best interest of their clients and this has certainly given the business a bad name. But that does not mean that the basic concept is not good. As a matter of fact-improving...

Is your Loan Officer Licensed, or simply registered, and why it matters
Updated Oct. 9, 2013
Is your Loan Officer Licensed, or simply registered? There is a BIG difference YOU need to understand. St Paul, MN: Recent changes to the lending industry requires all loan officers to have a tracking number, known as an NMLS number (Nationwide Mortgage Licensing System and Registry). It should be displayed on...

Winning or losing - How to play the Mortgage Interest Rate Game
Updated Oct. 9, 2013
Winning or losing - How to play the Mortgage Interest Rate Game. St Paul, MN: 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.. Quote, Float, or Lock?. For the home buyer that is "shopping" for a mortgage, or waiting for rates...

What came first, falling home prices or a slumping market?
Updated Oct. 9, 2013
What came first, falling home prices or a slumping market?. Chicken or the Egg?. While pundits galore will claim many different views, the answer is rather simple in economic terms. After years and years of record home price increases, the market simply couldn't support the increases anymore. Buyers could...

What are you actually buying, a condo or a town house?
Updated Oct. 9, 2013
What are you actually buying, a condo or a town house?. Looks like a townhome, acts like a townhome - but its a condo, and that makes a big difference in mortgage financing!. People, including many Real Estate Agents, mistakenly assume a property legally platted and developed as a condominium is a town house. In the...

NO, you DONT need 20% down payment
Updated Oct. 9, 2013
Do I need 20% down payment?. I saw it again on the news this morning. Some talking head "Real Estate Expert" was telling the national audience that lenders require 20% down payment.. Generally speaking, this couldn't be further from the truth, and needing 20% down is a huge misconception in the marketplace...

How to eliminate or reduce your monthly PMI
Updated Oct. 24, 2014
How to ELIMINATE or REDUCE your monthly PMI. I call private mortgage insurance (PMI) the necessary evil of mortgage industry. If you have less than a 20% down payment to put toward your home purchase, or less than 20% equity when refinancing, you'll have to deal with mortgage insurance because of your...

Adjustable Mortgages Hit New Low
Updated Oct. 9, 2013
Adjustable Mortgages Hit New LowSt Paul, MN: Historically in the United States, adjustable rate mortgages have always accounted for a small portion of overall mortgage loan choices. During the boom a few years ago, they jumped up dramatically, but still held just a small portion of the market.. Today, they hold...

Is your Loan Officer Licensed? How to tell if you are working with a clerk or a licensed Loan Officer
Updated Oct. 9, 2013
Is your Loan Officer Licensed? How to tell if you are working with a clerk or a licensed Loan Officer. There is a BIG difference YOU need to understand. Minneapolis, MN: Recent changes to the lending industry requires all loan officers to have a tracking number, known as an NMLS number (Nationwide Mortgage...

What is your credit score?
Updated Oct. 24, 2014
What does your credit score say about you?. Everyday I am looking at credit reports, and making credit decisions. It amazes me sometimes the people who call and say they have good credit, when they don't. It also amazes me the people who have good credit, and fear they can't get a loan.. So What's Your...