Entries by Steve Furlong
MN Mortgage Approval Types and Process: An Overview
Introduction When applying for a mortgage in MN, there are a number of approval processes that prospective borrowers should be aware of. It is essential that future borrowers understand the information/documentation required for each mortgage approval process in addition to the level of scrutiny that will be applied with each approval process. We will discuss […]
Guide to Home Buying for Millennials
BUILDING WEALTH When I was 24 and a single guy I bought a four-bedroom house in Bloomington. It wasn’t because I needed four bedrooms for myself, it was because I had three other college roommates that were all looking for a place to live. I thought to myself “what an opportunity – I could charge […]
Remodeling financing
Several options are available for construction financing. The first option is a new first mortgage intended for rehabilitation finance – the programs are called HomeStyle and 203k, are offered by Fannie Mae and FHA, respectively, and allow up to 97% of the as-completed value of your home in total financing. The benefits to these programs […]
Unfreezing Your Credit Report
Frozen credit should be “unfrozen” before you submit a loan application. This can be done easily by calling the three credit repositories here: Experian: 888-397-3742 Equifax: 888-298-0045 Transunion: 888-909-8872 Equifax also has an online system on their website at www.trustedid.com, as does Transunion at freeze.transunion.com.
How Escrow Accounts Work
What is an escrow account? Wikipedia defines it this way: Escrow generally refers to money held by a third-party on behalf of transacting parties. It is best known in the United States in the context of real estate (specifically in mortgages where the mortgage company establishes an escrow account to pay property tax and insurance […]
Financial Considerations When Selling Your Home
Selling your home is a major step in life. The reasons for selling are as varied as real estate itself. The reason(s) for selling generally outweighs the cost, but how does one evaluate all the costs? We immediately think of the tax consequences, the Realtor fees and the price for a new home, but let’s […]
Should I Refinance?
TO REFINANCE OR NOT TO REFINANCE? That is the question, but how to find the right answer? First things first – have your goals together. Mortgage Lenders are great at putting together loan options, but they are often times basing those options on what you tell them. If you are asking for the lowest rate, […]
Mortgage Underwriting Tidbits
Mortgage programs are becoming more flexible for different scenarios. Although guidelines are strict and offer little variance from the rules, at least we are starting to see rule changes. Some of these may help you get approved for a loan when you couldn’t before. Others might present obstacles. Let’s take a look at a few […]
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