Minnesota Mortgage Advisor

Two items signal an increase in purchase business for mn mortgages and mn mls homes in the spring of 2010.  The much talked about home-buyer tax credit is expiring on April 30th (contract must be signed by then and closed by June 30th), and spring normally sees a uptick in home sales as well.  The two items combined will hopefully result in MN MLS home sales strengthening in the next few months.  Interest rates for mn mortgages are still at incredibly low levels.  The MN Jumbo loan market has increased ever so slightly and the rural usda loan, well I cannot say enough good things about this program.

Once the tax credit expires I fully expect MN MLS sales to see a dramatic drop-off in home sales for the remainder of 2010, which will have Washington buzzing again about a new program to help jump start it; again.  I hope they decide to leave it alone and let the markets correct themselves.  Potential buyers need to buy based on ability and need.  Not so they can get $8,000 form the feds, which is a lot of what I have seen from potential buyers.  Some are more concerned with the money than the ability to find the right MN MLS home or obtain a safe payment.

As we enter the prime buying season for MN Mortgage hunters I hope to encounter solid sales with solid prospects.  The MN MLS has a load of great homes available at even better prices.  Will you be one to buy now?  1st step: Get your financing secured.  Too mnay people find the house fisrt then get the money.  cart before the house theroy. Contact me below to work with an advisor with your best interests at-hand and the 10+ years of experience you need in this market.

Minneapolis MN Jumbo Loans clawing back?

As 2010 gets under way, now is a good time to review the important updates for Minneapolis MN jumbo loans and new jumbo loans for MN mls buyers. Are they clawing back? Over the last 2 years we in the lending community have seen jumbo loan guidelines tighten, lenders disappear, and rates rise to levels rendering these loans a rarity.  As many pundits and organizations claim that the housing meltdown is over we have seen small windows of these loans coming back into the fray.  Now I personally do not agree with the said pundits etc, but announcing some options for homeowners with these types of loans is worthwhile.  Here are a few basic updates I have noticed:

• Lenders still are scare, but those who have always had a position in this market are still offering these minneapolis jumbo loans
• Interest rates for these products have now dropped with conventional rates, which has not been the case for a while
• Appraised values have still been hammered hard making it tough to get the value needed on refinances

Overall the guidelines are still tight, but those with equity in their homes (even with current values) have more options available to save money than before.  Currently rates for Minneapolis MN jumbo loans start in the high 5’s, which historically are very low.  Those with a current Minneapolis MN jumbo loan or those looking to purchase a new MN mls home with a jumbo loan and have a significant down-payment (20-30% pending lender) have a great opportunity to fix in their loan balance at very low fixed interest rate.  To find further information and get your questions answered contact me below.