If your credit score is holding you back from becoming a home owner, it is likely holding you back from other things as well. Credit scores are used for insurance, employment, cell phone accounts and a wide variety of things. Having good credit will not only allow you to purchase a home, it will also […]
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 […]
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 […]
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 […]
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.
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 […]
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 […]
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, […]
