The number of lenders providing Minnesota mortgages dropped by 1 this week as Wachovia reported a second quarter loss of $8.9 billion dollars and announced it will be exiting the wholesale mortgage business and slashing 6,350 jobs.
What this means for people looking for a Minnesota mortgage is there will be less competition for their business. The problem with fewer competitors in a free market like ours is the few remaining providers are able to start increase their mortgage rates without fear of one of many competitors coming in and offering a lower mortgage rate.
Still, the best thing to do when looking for a Minnesota mortgage or a Minneapolis mortgage is contact a Mortgage Broker as even with all the lenders closing their doors recently, brokers like Metropolitan Financial Mortgage Company have over 50 lenders they can go to when shopping for the best rate for their clients.
Tuesday, July 22, 2008
Wednesday, July 16, 2008
No Money for a Down Payment is Second Biggest Obstacle to Buying a Home
According a Harris Interactive poll, the second biggest barrier to buying a home is coming up with the down payment. Roughly 28% of those surveyed gave this as their reason for not buying a home. 28%, think about it, if HUD has there way and is able to eliminate the down payment assistance program, 28% fewer first time home buyers will be able to buy their first home next year. This translates into roughly 28% fewer sellers will have a buyer for their home so they can move up.
If you're thinking about buying your first home in the near future and you have little or no money for a down payment, let your voice be heard by visiting SupportHomeOwnership.com to drum up public support for the programs. This Web site includes a form for submitting a letter to federal and state lawmakers. Don't leave it up to the "other guys" take action and reserve your right to the American dream, homeownership.
Fortunately first time home buyers in Minnesota can still qualify for a Minnesota FHA loan and Minnesota down payment assistance.
Incidentally, the biggest barrier to buying a home in the Harris poll was high home prices.
If you're thinking about buying your first home in the near future and you have little or no money for a down payment, let your voice be heard by visiting SupportHomeOwnership.com to drum up public support for the programs. This Web site includes a form for submitting a letter to federal and state lawmakers. Don't leave it up to the "other guys" take action and reserve your right to the American dream, homeownership.
Fortunately first time home buyers in Minnesota can still qualify for a Minnesota FHA loan and Minnesota down payment assistance.
Incidentally, the biggest barrier to buying a home in the Harris poll was high home prices.
Monday, July 14, 2008
Minnesota Mortgage Loan Landscape Is About To Change
Minnesota Mortgage Loans are about to change, again. The Feds, reacting to the Fannie Mae and Freddie Mac Crisis and the fall of IndyMac Bank, are coming out with yet another set of rules which will govern who qualifies for a Minnesota mortgage and who will not.
Ben Bernanke, the Fed Chairman and his colleagues at the Central Bank approved a plan Monday that would crack down on questionable lending practices in an effort to protect many of the riskiest "subprime" borrowers -- people with tarnished credit histories or low incomes. Here is a list of some of the proposed changes taken from an AP article today (follow link for complete article http://biz.yahoo.com/ap/080714/fed_mortgage_crisis.html);
Ben Bernanke, the Fed Chairman and his colleagues at the Central Bank approved a plan Monday that would crack down on questionable lending practices in an effort to protect many of the riskiest "subprime" borrowers -- people with tarnished credit histories or low incomes. Here is a list of some of the proposed changes taken from an AP article today (follow link for complete article http://biz.yahoo.com/ap/080714/fed_mortgage_crisis.html);
-- bar lenders from making loans without proof of a borrower's income.
-- require lenders to make sure risky borrowers set aside money to pay for taxes and insurance.
-- restrict lenders from penalizing risky borrowers who pay loans off early. Such "prepayment" penalties are banned if the payment can change during the initial four years of the mortgage. In other cases, a penalty can't be imposed in the first two years of the mortgage.
-- prohibit lenders from making a loan without considering a borrower's ability to repay a home loan from sources other than the home's value. The borrower need not have to prove that the lender engaged in a "pattern or practice" for this to be deemed a violation. That should make it easier for borrowers to lodge a complaint.
While these are good rules, it's always sad when our government has to step in and put controls on a free market because as consumers, we don't appear to be smart enough to manage things on our own. Stay tuned as we follow these developments and how they will affect people looking for a Minnesota Mortgage.
Monday, July 7, 2008
Minnesota mortgage rate and Payment calculations
I have been getting a few requests lately for a table showing the mortgage payment per $1,000 of mortgage debt for different interest rates. The table below is for 15, 20 and 30 year mortgages with a 1/8% change between interest rates. If you have any questions about this information or you would like to use our online mortgage calculator, please visit www.firsthomeguide.com. If you would like access to millions of homes for sale and mls listings all over the country, visit www.mlsmaps.com.
Monthly mortgage payment per $1,000 of mortgage
As always, feel free to call me with any questions, Ken Horst, at 612-251-8237.
Monthly mortgage payment per $1,000 of mortgage
| % Rate | 15 Year | 20 Year | 30 Year |
| 4.625 | $ 7.71 | $ 6.39 | $ 5.14 |
| 4.75 | $ 7.78 | $ 6.46 | $ 5.22 |
| 4.875 | $ 7.84 | $ 6.53 | $ 5.29 |
| 5 | $ 7.91 | $ 6.60 | $ 5.37 |
| 5.125 | $ 7.97 | $ 6.67 | $ 5.44 |
| 5.25 | $ 8.04 | $ 6.74 | $ 5.52 |
| 5.375 | $ 8.10 | $ 6.81 | $ 5.60 |
| 5.5 | $ 8.17 | $ 6.88 | $ 5.68 |
| 5.625 | $ 8.24 | $ 6.95 | $ 5.76 |
| 5.75 | $ 8.30 | $ 7.02 | $ 5.84 |
| 5.875 | $ 8.37 | $ 7.09 | $ 5.92 |
| 6 | $ 8.44 | $ 7.16 | $ 6.00 |
| 6.125 | $ 8.51 | $ 7.24 | $ 6.08 |
| 6.25 | $ 8.57 | $ 7.31 | $ 6.16 |
| 6.375 | $ 8.64 | $ 7.38 | $ 6.24 |
| 6.5 | $ 8.71 | $ 7.46 | $ 6.32 |
| 6.625 | $ 8.78 | $ 7.53 | $ 6.40 |
| 6.75 | $ 8.85 | $ 7.60 | $ 6.49 |
| 6.875 | $ 8.92 | $ 7.68 | $ 6.57 |
| 7 | $ 8.99 | $ 7.75 | $ 6.65 |
| 7.125 | $ 9.06 | $ 7.83 | $ 6.74 |
| 7.25 | $ 9.13 | $ 7.90 | $ 6.82 |
| 7.375 | $ 9.20 | $ 7.98 | $ 6.91 |
| 7.5 | $ 9.27 | $ 8.06 | $ 6.99 |
| 7.625 | $ 9.34 | $ 8.13 | $ 7.08 |
| 7.75 | $ 9.41 | $ 8.21 | $ 7.16 |
| 7.875 | $ 9.48 | $ 8.29 | $ 7.25 |
| 8 | $ 9.56 | $ 8.36 | $ 7.34 |
As always, feel free to call me with any questions, Ken Horst, at 612-251-8237.
Tuesday, July 1, 2008
Minnesota First Time Home Buyers Flock to First Home Guide
Minnesota first time home buyers have been coming to www.firsthomeguide.com in droves lately motivated by falling home prices and low interest rates. Here is a list of some of the terms Minnesota first time homebuyers were typing into the search engines to find First Home Guide, Minnesota's premier first time home buyer resource and property search.
First time home buyers from around the US also found www.mlsmaps.com very useful for helping them find homes and MLS listings in there local areas.
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First time home buyers from around the US also found www.mlsmaps.com very useful for helping them find homes and MLS listings in there local areas.
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