Peter J Kiron, ABR - Prior Lake Minnesota Real Estate Agent - Realtor ® - Agentopolis

Peter J Kiron, ABR - Prior Lake Minnesota Real Estate Agent - Realtor ® - Agentopolis

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Fewer Minnesota Homes for Sales per Minnesota Home Buyer

Currently, the inventory of Minnesota homes for sale is at a 4 year low with only 5 homes available for every Minnesota home buyer. While this may sound like a lot, it is lower than usual and will start to drive multiple offers on the good houses. This could be the beginning of home prices rising in Minneapolis, Minnesota metro area.

With rates still at historic lows, and time running out on the $8,000 first time home buyer tax credit, now might be a good time to start seriously looking for a home.

If you are interested in getting pre-qualified for a Minnesota home mortgage, contact Dominic DesMarais at 612-247-8322

Minnesota Mortgage Rates Dip Again

Minnesota mortgage rates came out of the 4th of July weekend in good shape. Both FHA and conventional, Fannie Mae and Freddie Mac are offering Minnesota mortgage rates at around 5%. A great rate if you are looking to refinance or if you are a Minnesota first time home buyer.

For more information contact Metropolitan Financial Mortgage Company and Dominic DesMarais at 612-247-8233. To see MLS listings in Minnesota and all 50 states, visit www.mlsmaps.com

FHFA AUTHORIZES FANNIE MAE AND FREDDIE MAC TO EXPAND HOME AFFORDABLE REFINANCE PROGRAM TO 125 PERCENT LOAN-TO-VALUE

This is great news for most American who did 100% mortgages at the top of the real estate market and now they owe more than their house is worth. This will give all those people who qualify a chance to refinance into today's low rates giving them a lower house payment.

If your loan is held by Fannie Mae or Freddie Mac and you are current on your mortgage payments, you may be eligible to refinance your mortgage loan even if your LTV is up to 125%. LTV, or loan-to-value-ratio, is a measurement that compares the principal balance of your loan (the amount you currently owe) to the actual value of the house. For example, if your loan amount is $300,000 and the current value of your home is $240,000, your LTV is 300/240, or 125%.

This applies to Minnesota mortgages so if you are in this boat and you want to explore your options, call Dominic DesMarais at 612-247-8233 at Metropolitan Financial Mortgage company or you can click on this link to read the FHFA news release

Minnesota FHA Mortgage Rates Improve

Minnesota mortgage rates have seen a little improvement at the end of this week. Both the Minnesota FHA and a conventional 30 year fixed Minnesota mortgage are at around 5.25% (apr 5.672). Minnesota Mortgage rates were higher earlier in the week and have come down by about .375% since then.

Fewer Minnesota Foreclosures On The Market

According to a recent report by the National Association of Realtors, NAR, the number of foreclosed homes for sale in Minneapolis, Minnesota has seen a steep decline since one year ago. If you haven't heard, Minnesota is one of only 6 states that have seen the number of home sales rising. This coupled with the fact that Minnesota mortgage rates are still very low and as recently as 5 weeks ago, the Minnesota mortgage rate for a 30 year fixed mortgage dipped below 4.5% are possible reasons for the supply of foreclosed homes in Minnesota going down.

There are still a ton of great deals on the market, especially for the Minnesota first time home buyers, who are still eligeble for the $8,000 tax credit. If you are a Minnesota first time homebuyer you may want to start getting serious about buying a home as the $8,000 tax credit is set to expire on November 30th, 2009.

For free access to Minnesota MLS listings visit www.mnonlinemls.com. For more information contact Dominic DesMarais at 612-247-8233.

Minnesota Mortgage Rates Dip

Minnesota mortgage rates have seen a nice dip today which is good because as of last Wednesday, the 30 year fixed rate mortgage in Minnesota hit 6% for a brief period. Today, Monday June 15th, you can find a 30 year fixed Minnesota mortgage rate at around 5.375% conventional (apr 5.893%) , or 5.375% FHA (apr 5.936%). Again, these are very good rates and they may go up or they may go down so if you can afford the home you want at these rates, you may want to contact a Minnesota mortgage broker and lock your rate.

For more information contact Dominic DesMarais at 612-247-8322.

Minnesota Mortgage Rates Won't Stay Low Forever

Minnesota mortgage rates have been on the rise lately but it' not to late to lock into a great rate. A few weeks ago, the 30 year fixed rate was at about 4.625% and if you can believe it, there were still a lot of people who said they wanted to wait for a lower rate. Sometimes greed can cost you big time!

Today, June 11th, the Minnesota Mortgage rate for a 30 year fixed is at about 5.625%. I can all but guarantee you that if the rate gets back down to 4.625%, those people who wanted to wait are going to jump in in a hurry. Problem is what will they do if the rates keep going up?

Bottom line is this, no one can time the bottom of the market and if you think you know someone who did, it was luck. I'm not lucky enough to gamble and if your like me, the best way to shop for mortgage rates is know your budget and lock your mortgage rate in when you get to a house payment you can afford. Trying to time the market is for Gamblers, are you a gambler?

President Obama Tells People to Take Advantage of Low Mortgage Rates

If you didn't already hear the news today, President Obama is encouraging all of us to take advantage of today's low mortgage rates. Whether you are buying a new home or refinancing your current home, the historic low mortgage rates should free up some cash for everyone.

Home buyers can get into the home of their dreams for less than they had thought leaving more money for furniture and dinning out. Home owners who are able to refinance with an interest rate under 5% will be able to pick up hundreds of dollars each month in discretionary income. Bottom line is the government is using our tax dollars to buy down the rate so if you want to get your piece of the bailout that you are financing, get out and buy or refinance your home. Before things change and mortgage rates go back up again!

Don't forget to take advantage of the $8,000 first time home buyer tax credit!

Minnesota Mortgage Rate Update

Since our last post rates have been on yet another wild ride ranging from a low of 4.5% on Thursday March 19th to a high of roughly 5.5%. A huge difference and one that obviously would make a big difference in your monthly Minnesota mortgage payment. This information is in reference to conforming or Fannie Mae and Freddie Mac 30 year fixed mortgage products . Incidently, if you are purchasing or refinancing in Minnesota and using a Fannie or Freddie product you need to have at least a 5% down payment for a purchase or at least 15% equity for a refinance.

FHA has slightly different guidelines and rates for Minnesota mortgages and should be seriously consider in both a purchase or refi situation. You may qualify for an FHA refinance at up to 97% of the value of your home. All of these guidines have been changing more frequently than ever so it is critically important for you to contact a true professional in the mortgage industry and plan out your purchase or refinance strategy.

For mor information about FHA or conventional rates and programs, contact Dominic DesMarais at Metropolitan Financial Mortgage Company at 612-247-8322.

Minnesota Mortgage Rate Update

In case you haven't noticed, Minnesota mortgage rates have been on the rise recently. This is due to a number of facts including;

• To fund the stimulus package, our government is selling treasury bonds which compete with mortgage bonds, raising bond interest rates which raises mortgage rates.
• Mortgage lenders are flooded with mortgage loan applications from both refinance and purchase borrowers so they don't need to be as competitive on rates.

What this means to a Minnesota first time home buyer or Minnesota home owner thinking about refinancing their Minnesota mortgage is, you may want to seriously consider doing something soon. While I don't claim to have a crystal ball and I would rather be proven wrong on this, there are certain market forces out of our control that are pointing towards higher rates.

The bottom line is we can't have our government stimulus and low rates too!

Stay tuned

Minnesota First Time Home Buyers To Get $8,000 Tax Credit

It's finally official, the dust has settled! President Obama signed into law a fantastic incentive to first time home buyers this week. For Minnesota first time home buyers this means that now there are three good reasons to go house shopping;

1. An $8,000 tax credit from the government that you don't even have to pay back if you live in the home for more than 3 years.
2. Low 30 year fixed Minnesota mortgage rates, at roughly 5%, which is unbelievably low, just ask any home owner you know.
3. Minnesota home prices have been declining for the past two years and there are some fantastic deals out there in some great neighborhoods.

It's possible that falling home prices will start to stabilize soon as that is our governments intention with all the money they are throwing at the housing industry. With that in mind, this would be a good time to contact a mortgage broker and determine whether or not you qualify to buy a home, the qualifications have become much more difficult in the past few years, and how much you qualify for so you can start looking. It can take three months or longer to find a home so if your gaol is this summer, you'll want to get pre-qualified soon.

Tax Credit Aid For Minnesota Home Buyers May Double

I'm not sure if you've heard yet but if you are a Minnesota first time home buyer, or a first time home buyer in any state for that matter, you may be eligible for a $15,000 tax credit. Originally only a $7,500 tax credit, which was still a great deal for Minnesota first time home buyers, having this doubled to $15,000 is starting to get some Minnesota home buyers of the couch.

With interest rates on 30year fixed Minnesota mortgages still at historic lows, home prices continuing to fall and now this $15,000 tax credit, I think the bottom of the housing market is getting near. I have already heard stories of multiple offers from local real estate agents and when you start hearing more and more stories like this, you know the housing market is slowly starting to reverse direction and home values will soon start to hold their own and then begin to rise again.

Don't think you can time the market and buy at exactly the bottom. If you find a house you like in a neighborhood you like at a price that is comfortably in your budget, then I'd say you should buy the house and get on with your life. Just a thought.

Minnesota Mortgage Rates Take Wild Ride in 2008

For those of us in the business who watch rates daily, 2008 will go down as one of the most interesting years in mortgage rate history. Looking at national averages for the 30 year fixed mortgage rates, the rate has ranged from a high of 6.48% in August to a low of 5.14% at the end of December. The lowest Minnesota mortgage rate that we could offer in 2008 was 4.5% and that rate was available for a matter of hours in early December. Currently Minneapolis mortgage rates are between 4.875% and 5.25% for a 30 year fixed rate, depending upon who you talk to and this leads in to the point I want to make.

Over the past 18 months the mortgage business has gone through some radical changes driven by state and federal governments, the economy and your local real estate markets. As a result, many loan officers have left the business and huge companies like IndyMac Bank and Washington Mutual have gone out of business. Unfortunately while this has forced most of the bad mortgage originators out of the business, it has also forced many good ones to seek other employment as well. It is more important now than ever to choose your mortgage loan officer wisely. So what should you be looking for in a Minnesota mortgage professional?

1. Work with a mortgage broker versus a lender or national bank as brokers have access to more options.
   
2. Use local people versus someone in a telemarketing room, someone you can find if things aren't going as planned and someone who will be at your closing.
   
3. Smaller mortgage broker have less overhead than the big companies and can charge less in closing costs
   
4. Look for someone with at least 5 years experience.
5. Choose someone who has purchased and owns a home and has personally been through the experience of purchasing and refinancing a home so they can relate to you and your concerns.

The competition for your mortgage business is fierce today so you want to be working with someone who can negotiate with you, without having to go ask their boss/manager/VP etc. An independent Mortgage officer working for a local broker has the greatest control over what rate and closing costs they charge you. If you are someone who likes to negotiate and you are looking for the lowest mortgage rate and closing costs you can get and you don't like surprises, choose a local Minnesota mortgage broker.