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Mortgage Expert Blog

Should I Pay Mortgage Points?

If you are buying a home or refinancing, you have probably heard about “mortgage points.” This form of pre-paid interest can save you thousands of dollars over the course of your loan but in many circumstances is not worth the upfront cost. How do you know whether to pay points or not? Here’s a quick guide to help you figure it out. What are Mortgage Points? Mortgage points – also known as discount points - are essentially a way to pay some of the interest upfront on your home loan. One point is equal to 1% of your mortgage amount. For example, one point on a $100...

July 18th, 2018 | Purchasing a Home, Interest Rates, Should I Pay Mortgage Points?

4 Things Every Borrower Needs to Know About Mortgage Brokers

Buying a home in Minnesota, whether for the first time or the last, is an exciting event. Yet before you even take a look at a single home for sale, it is a smart idea to have your mortgage financing lined up. While it is possible to get a home loan directly with your local credit union or bank, the most common mortgage-makers are mortgage brokers. If you are ready to apply for a home loan, here are 4 things you need to know about mortgage brokers before starting the process. A broker is a middleman Mortgage brokers act as go-betweens for you and many different potential lenders. Instead o...

June 20th, 2018 | mortgage brokers, 4 Things Every Borrower Needs to Know About Mortgage Brokers

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