Fixed Rate Loans

● minnesota ● November 5, 2013 ● Conventional Products ● No Comments

Fixed-rate mortgages remain the most popular type of home financing. A fixed-rate mortgage is a good option for nearly every type of borrower, whether you plan to stay in the house for the long term or just for a few […]

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Mortgage Closing Costs

● minnesota ● November 4, 2013 ● Closing Mortgage 101 ● No Comments

Mortgage Closing Costs There are three components that make up the funds due at closing: the down payment, the mortgage closing costs, and the prepaids. Regardless of what lender you choose or what program you choose, these costs will exist. […]

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What is the Purpose of a Property Appraisal?

● minnesota ● November 4, 2013 ● Appraisal and Inspections ● No Comments

A home appraisal is generally required by the lender in order to establish that the value of the home will be sufficient collateral for the amount of the loan. The appraisal fee is generally paid by the buyer, sometimes required […]

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Debt-to-Income Ratio

● minnesota ● November 4, 2013 ● Qualifying for a Loan ● No Comments

When you apply for a mortgage, your lender will analyze your debt ratios, which are also known as your debt-to-income ratios, or DTI. Lenders calculate DTIs to ensure you have enough income to comfortably pay for a new mortgage while […]

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Jumbo Loans Programs

● minnesota ● October 30, 2013 ● Conventional Products ● No Comments

In the United States, a jumbo mortgage is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises, Fannie Mae and Freddie […]

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Refinancing

● minnesota ● October 24, 2013 ● Refinancing ● No Comments

Refinancing Details The majority of this website and it’s content is geared towards purchase loans mainly because the home buying process is the similar to that of a refinance loan and because buyers typically have more questions than property owners. […]

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Buying a home: What happens at a mortgage closing?

● minnesota ● October 22, 2013 ● Closing ● No Comments

The home inspections are complete. You have your homeowners insurance. The day you’ve been waiting for has arrived — closing day. If everything is in order, a closing process can run smoothly and ownership of the property will be transferred […]

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