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
Wednesday, July 8, 2009
Tuesday, July 7, 2009
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
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
Thursday, July 2, 2009
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
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
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