Minnesota Mortgage Blog

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

2009-09-05T21:15:00.001-05:00

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

2009-07-08T13:12:00.003-05:00

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

2009-07-07T18:35:00.003-05:00

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

2009-07-02T11:39:00.003-05:00

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

2009-06-26T14:02:00.003-05:00

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

2009-06-25T10:16:00.005-05:00

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

2009-06-15T09:41:00.004-05:00

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

2009-06-11T15:37:00.003-05:00

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

2009-04-09T11:52:00.005-05:00

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

2009-03-26T11:24:00.004-05:00

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

2009-02-26T11:48:00.002-06:00

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

2009-02-19T12:15:00.007-06:00

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;

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.
Low 30 year fixed Minnesota mortgage rates, at roughly 5%, which is unbelievably low, just ask any home owner you know.
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

2009-02-09T20:49:00.003-06:00

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

2009-01-02T09:43:00.005-06:00

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?

Work with a mortgage broker versus a lender or national bank as brokers have access to more options.
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.
Smaller mortgage broker have less overhead than the big companies and can charge less in closing costs
Look for someone with at least 5 years experience.
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.

First Home Guy Launches Video Series for First Time Home Buyers

2008-11-05T22:34:00.004-06:00

The First Home Guy has recently started adding video tips and information for first time home buyers on www.firsthomeguy.com He will be updating these video tips on a weekly basis as well as answering questions from first time home buyers. This site serves home buyers from all over the US including Minnesota first time home buyers. The First Home Guy will also have guest speakers from time to time from the real estate and mortgage industries who will also be providing short videos and blog posts to help insure that first time home buyers have a good experience and end up with a great home.

Guaranteed Rural Housing Program in Minnesota

2008-11-01T12:09:00.006-05:00

Minnesota home buyers can still buy a home in Minnesota with no down payment. It is offered through the USDA and applies to people buying homes in rural Minnesota. See list of areas below. The Guaranteed Rural Housing (GRH) loan program is a government insured single-family home loan program for low-to-moderate income borrowers looking to purchase a home in a rural development area. This program is an excellent option to offer Minnesota borrowers who aren't able to make a significant down payment on a home. It is an affordable way to achieve the dream of home ownership by helping them get into an affordable Minnesota Mortgage with no down payment and a very favorable Minnesota mortgage rate.

The circle around the Twin Cities where it is available is Goodhue County, Rice County, Northfield, Randolph, Western half of Carver County, Leseur, Sibley County, Elko, New Prague, Belle Plaine, Norwood, Cologne, Waconia, Mayer, Watertown, Delano, Buffalo, Monticello, Big Lake, Zimmerman, Isanti County, and all of Chisago County except Wyoming. Any property further out is qualified except St. Cloud, Duluth, Hibbing, Rochester, and Mankato.

For help finding a Minnesota real estate agent, visit www.Agentopolis.com and if you are looking for a web site where you can see Minnesota real estate, homes for sale and MLS listings, visit www.mlsmaps.com For First Time Home Buyer Information, visit www.firsthomeguide.com information

The $700 Billion Bailout and Buying a Home

2008-10-02T23:40:00.007-05:00

In case you haven't heard, seller fund down payment assistance officially ended on Tuesday, September 30th. Thanks to the wisdom of our government, the same brain trust that wants us to get behind a t $700 billion bailout of their crooked buddies on Wall Street. The implications will be far and wide and the trouble with the current proposed bailout is that it is coming before the full effects of the canceled seller funded down payment program will be realized by the housing markets.

Here is what's going to happen; The government is going to pass their pork ridden $700 billion bail out, in about 6-12 months home sales will have dropped off by another 20%, this will drive home values down further and faster than any of the geniuses at the government foretasted, there will be a new round of foreclosures, more bank failures, (after the $700 billion bailout that was supposed to save us) and in order to avoid another "economic Pearl Harbor" the government will need about another $500 billion dollars to bail us out again. Catastrophic! We did it to ourselves, I think it's time our country bit the bullet, let the whole thing more quickly run it's course, and then we can all get on with our lives and making a living.

That's the bad news. The good news is there are plenty of homes for sale and great deals to be had, so if you are actually looking for a place to live, raise a family and become part of a community, this is a great time to buy a home. If you are trying to sell a home you purchased in the past 2 years, you'll either want to wait out the storm or get ready to drop your price. This isn't true in every city and neighborhood as there are still pockets of strong housing values, usually associated with great school districts and highly desirable suburbs and neighborhoods.

The other good news is that there still is and always will be mortgage available for people to buy homes, as long as they have great, yes GREAT credit, in spite of what you have been hearing in the news lately about the credit crunch.

Happy House Hunting.

New FHA Loan Limits have little affect on Minnesota Home Buyers

2008-08-30T09:17:00.004-05:00

As part of President Bush's economic stimulus package, FHA loan limits will change across the country. The new loan amounts vary by state and county so in order to find out exactly how you may be affected, you can go directly to the FHA Mortgage Limit s page. As you will see, most counties FHA mortgage limit is $271,050 but a few counties like Hennepin, Anoka, Carver, Chisago, Dakota, and Isanti have FHA mortgage limits of $365,000 as they tend to have more expensive homes than some of the more rural counties. These loan limit numbers are for single family homes, there are different fha loan limits for multi-family homes. These fha loan limits were last revised on March 5th, 2008.

If you are looking for homes in Minnesota or any other state and you want to see all the homes available at the new loan limit, visit www.mlsmaps.com to see a list of all mls listings for free.

Minnesota First Time Home Buyers Lose a Big Down Payment Assistance Program

2008-08-02T10:11:00.005-05:00

Many Minnesota first time home buyers will not be able to purchase their first home after October 1st, 2008 as the government slipped something into the recent housing bill that will kill the current seller funded down payment assistance programs that occur through non-profits like Nehemiah.

While the government is supposed to be helping the housing market and making it easier to get home financing, the did a complete 180 degree turn on the issue of down payment assistance. According to the National Association of Realtors, 45% of first time home buyers need some type of down payment assistance. If the number were only 25%, imagine what will happen to the already battered housing market on October 2nd. If roughly 25% of home buyers leave the market, home prices will go down even further and faster. Inventory of mls listings is already at levels that make it difficult to quickly sell a home or sell a home at what it was once worth. These new changes are really going to wreak havoc on the housing industry over the winter but in the end, maybe we needed to get back to the days when there was no such thing as buying a home with nothing down. Who knows? Time will tell.

One Less Provider of Minnesota Mortgages

2008-07-22T07:20:00.006-05:00

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.

No Money for a Down Payment is Second Biggest Obstacle to Buying a Home

2008-07-16T22:32:00.005-05:00

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.

Minnesota Mortgage Loan Landscape Is About To Change

2008-07-14T10:48:00.004-05:00

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);

-- 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.

Minnesota mortgage rate and Payment calculations

2008-07-07T11:19:00.003-05:00

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


% 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.

Minnesota First Time Home Buyers Flock to First Home Guide

2008-07-01T14:21:00.003-05:00

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.

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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.

Minnesota Mortgage Rate Update for June 13th

2008-06-14T09:14:00.004-05:00

Minnesota mortgage rates have moved up significantly over the past two weeks. Below is a day by day history of 30 year fixed Minnesota mortgage rates for the week ending Friday, June 13th.
Monday = 6.375% apr = 6.623%
Tuesday, = 6.375% apr = 6.623%
Wednesday = 6.375% apr = 6.623%
Thursday = 6.50% apr = 6.746%
Friday = 6.625% apr = 6.937%

These Minnesota mortgage rates are brought to you by Metropolitan Financial Mortgage Company, a Minnesota mortgage broker in Richfield and represent the rates from one of our mortgage lenders.

For a current Minnesota mortgage rate quote, call Ken Horst at 612-251-8237

To see all the mls listings in Minnesota and in 230 other cities in the US, visit www.mlsmaps.com