Mortgage Expert Blog

2016 5 Mortgage Tips for Millennials

The Millennials are eager to buy their own homes. So getting pre-approved for a mortgage before making a purchase offer is absolutely the first priority. Qualifying isn’t as easy as it once was and it requires a pro-active approach.Knowing this here are five mortgage tips for Millennials:1. Consider a Low Down Payment Loan:Saving for a down payment can be a challenge for millennial home buyers. This challenge isn’t quite as high as what you might believe. Many people qualify to get a mortgage and buy a home with a very small down payment sometimes as low as 3% and when added with s...

April 20th, 2016 | mortgage, pre-approved, credit, credit score, loan, millennials, 2016 5 Mortgage Tips for Millennials

2016 Mortgage Closing Process

Closing on time is a commitmentClosing on your new mortgage is the last step in home buying process. Once you’ve completed your closing then you are a homeowner. This is the most important step because without closing, you don’t actually own your home. We’re going to take you through all the details of the mortgage closing process.Expectations:If you’re purchasing property you will:•Complete your pre-closing walk-through •Bring your funds to closing •Show up to closing and sign away!If you’re refinancing you might need to: •Maybe need to bri...

April 18th, 2016 | first-time home buyer, mortgage, closing, 2016 Mortgage Closing Process

Top 10 mistakes first-time home buyers make

#1 Not knowing how much house you can afford #2 Spending the maximum you can afford #3 Not working with an experience realtor #4 Not getting fully underwritten and approved upfront #5 Failing to budget for long term repairs and maintenance costs #6 Failing to budget for property taxes and homeowners insurance #7 Skipping the home inspection #8 Not considering the resale value #9 Not getting it in writing. If it’s just verbal, it’s not legal #10 Choosing the wrong mortgage product for your need Mark Merry your Edina mortgage expert. Just call me before you doing anything.

April 16th, 2016 | spending, mistakes, first-time home buyer, mortgage, afford, Top 10 mistakes first-time home buyers make

6 Steps To Getting A Great Mortgage Rate

Credit ScoresMortgage lending today is based on tiered pricing, which means that rates are adjusted based on various criteria. One of the main criteria used is your FICO credit score. Your credit score will help to determine whether you qualify for the loan and what rate you’ll pay on your loan, and there is an inverse relationship. The higher your credit score, the lower your mortgage rate, all other things being equal.According to myFICO.com, the best mortgage rates are available to borrowers who have credit scores of 760 or above. As your score goes lower, your interest rate goes up....

April 14th, 2016 | credit score, Stability, down payment, loan, 6 Steps To Getting A Great Mortgage Rate

Differences between a pre-approval and a pre-qualification

When you’re ready to start shopping for a home loan here in Edina, Minnesota you are going to need to either become “pre-approved” or “pre-qualified”. What is the difference? A pre-qualification does not require your social security number and allows you to compare loan details without having your credit accessed. This however is very difficult to do accurately unless you can specifically state your middle credit score, gross monthly income and can list all of your other monthly obligations. A pre-approval means the lender runs your credit, reviews your income and...

April 7th, 2016 | loan, pre-approved, pre-qualified, credit score, Differences between a pre-approval and a pre-qualification

2016 Time Period Too Buy Again After A Bankruptcy, Short Sale, Foreclosure

2016 USDA Guidelines •Bankruptcy – You may apply for a USDA rural loan THREE (3) years after the discharge of a Chapter 7 or 13 Bankruptcy •Foreclosure – You may apply for a USDA rural loan THREE (3) years after a Foreclosure •Short Sale / Deed in Lieu of Foreclosure – If you had big issues the deed in lieu of foreclosure will be viewed as a foreclosure and you would want to wait no less than 3 years if the score is under 640. Over 640 your UW will make the call but typically not less than one year. (Date of Credit Approval must be after the above waiting p...

April 5th, 2016 | USDA, Bankruptcy, Short Sale, Foreclosure, credit score, 2016 Time Period Too Buy Again After A Bankruptcy, Short Sale, Foreclosure