Posted 06/30/2017

Maple Grove Mortgages

What is Title Insurance?

A title is a document that gives evidence of an individual’s ownership of property. Getting title insurance is one of the standard steps of purchasing a home.  Title insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the insurance policy.

Owner’s Policy vs. Mortgagee’s Policy

If you are taking out a mortgage on your home, you will be required to obtain a Lender’s Title Insurance Policy, also known as a Mortgagee’s Policy. This policy offers the same protections as an owner’s policy, such as the protections against invalid title, but cover the bank’s interest instead of yours.

The Owner’s Title Insurance Policy is to protect you, the home buyer, should the title passed to you be invalid, encumbered with a prior debt or lien, or should there be issues that affect the value of the land. Your coverage will last as long as you own your home.

When you buy title insurance for your property, a title company searches these records to find – and remedy, if possible – several types of ownership issues. Although you are not required to purchase an Owner’s Policy, it is advised to do so. Without it, you lack protection from claims against your ownership of the home such as hidden taxes, encumbrances, restrictions, and anything that devalues the home or is inaccurately recorded in the deed. Even though the chance of calling on the insurance for coverage is relatively low, the value on what you stand to lose if you go without coverage is high — you could, in fact, lose the house itself.

How much is Title Insurance and who pays for it?

The average cost of title insurance is around $1,000, but that amount varies widely from state to state and depends on the price of your home. In general, each policy price is based on the purchase amount of the home or the total amount of the loan.

A home-buyer purchasing a home with cash would pay for the title search, title report and title insurance. If the home-buyer is taking out a mortgage on the property, the lender requires the title search, report and insurance as a condition of making a mortgage on the property. However, the fees are still paid by the home-buyer as part of the settlement costs associated with the purchase of the property.  The home-buyer can certainly negotiate for the seller to pay for the title insurance.

Keep in mind that title insurance is not the same as home owner’s insurance.  Home owner’s insurance covers loss or damage to your home; other structures on your property; personal property kept in your home; loss of use; liability; and medical expenses for accidents that occur on your property.

Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. Minnesota Housing programs are not available in South Dakota or Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.

Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.

Posted 04/03/2017

Mortgages Unlimited home loans

You’re not alone! According to NAR, in 2016, single women made up 17% of home sales (highest point since 2011) while single men represented 7% of home sales.

On average, women earn less than men but that hasn’t stopped women from their desire to own a home. With the down payment assistance programs and first time home buyer programs, why should it?

There are many things to keep in mind when you start your journey to home ownership. This is not like renting.  When you buy a home, you own it and all the repairs and maintenance that come with it over the years.  You’ll have taxes and insurance to add to your mortgage and other fees. Scared yet? Don’t be! That’s not the goal here. But helping you be prepared is.

Tips for buying your home:

Seek out a lender and get pre-approved. Nothing says I’m serious about buying a home than a pre-approval for a home loan. This lets the Realtor know that when you find the right house, you’re ready to make an offer. Check out some of the down payment assistance programs and other programs so you can have an idea of how they work and what you might qualify for. Although your lender will provide you with options, it’s always good to go in with some knowledge.

First time home buyer – http://www.mnhousing.gov

USDA home loans with zero down –https://www.muihomeloans.com/programs/usda-home-loan/

VA home loans with zero down – https://www.muihomeloans.com/programs/va/

There are other loan programs to choose from.  Loan programs have different guidelines so your lender will be able to help you choose the one that best fits your situation.

Buy what you can afford. You may be qualified for more than you want to spend monthly. Go with your instincts on this one. If you are not comfortable buying at the highest amount you qualified for, then don’t. The amount you qualify for is just that and doesn’t mean you must buy at that price.

Find your real estate agent. This can come from a recommendation from your lender, family or friends. Just be sure that he or she is listening to your needs.  You may not connect with your lender or Realtor. It is your choice and you want to feel comfortable with whom you work with so don’t feel obligated to hire the first person you meet. Just a note; if this is your first time buying a home, there is no fee to pay to your agent when purchasing a home unlike when you’re selling your home.

Think about resale. Think hard about that house you might find fun with its quirky angles and odd rooms. If it seems like a great deal and offers aren’t pouring in, it’s likely because of these odd features. It will be no different when you go to sell it.

You always hear location, location, location! Well, there’s something to that. Consider the school district and convenience to shops and parks. Even if you don’t have children, living in highly rated school district will certainly be to your benefit when the time comes to sell your home.  Your Realtor can provide you with crime data, school district data and historical resale data so you’ll have an idea of what you can expect at resale.

Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. Minnesota Housing programs are not available in South Dakota or Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.

Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.

 

 

 

 

 

 

 

 

 

 

 

Posted 02/16/2017

W-2 Tax hero

Have you been thinking about buying a house but find the process overwhelming? Don’t feel alone, if I wasn’t in the mortgage industry, I wouldn’t know where to start either. There is some preparation involved and if you aren’t organized, it can be very frustrating getting all the required documents ready.  However, having all your ducks in a row can make the process smooth sailing for both you and your Mortgage Consultant.

For any mortgage loan you apply for, you will need the following items:

  • W-2 forms from the previous two years – Typically, lenders will require the most recent Form W-2 wage and tax statement, but some borrowers are asked for two years of W-2s.
  • Most recent paycheck stubs – Lenders are looking for one month of verified income. If your checks are electronically deposited, you should be able to acquire pay stubs online.
  • Most recent federal tax return, and possibly the last two tax returns – You will need to provide ALL PAGES. Additionally, you will be asked to sign an IRS Form 4506 -T to allow lenders to request a transcript of your tax returns directly from the IRS to spot fraudulent income claims and limit loan losses.
  • A complete list of your debts, such as credit cards, student loans, car loans and child support payments, along with minimum monthly payments and balances. (This will be used to figure out your debt-to-income ratio)
  • Two most recent months of bank statements
  • Other asset statements from the past two months for any CDs, IRAs, stocks, and bonds.
  • Current real estate holdings, including property address, current market value, mortgage lender’s name and address, loan account number, balance and monthly payment.

ALL PAGES, EVEN IF THE LAST PAGE HAS JUST A PAGE NUMBER ON IT. 

If there are any additional deposits made to your account, in addition to your regular income, be prepared to document where these funds came from.

You can control how smooth the mortgage process goes by being prepared.  The faster you can get documents requested by your lender, the faster you can find out if you’ve been approved for your home loan and deal with any hurdles that may arise.

Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. Minnesota Housing programs are not available in South Dakota or Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.

Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.

Posted 02/14/2017

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Minnesota Housing Finance Agency is a trusted state agency that works with local lenders, such as Mortgages Unlimited, to ensure all Minnesotans have access to safe and affordable housing.  They offer several loan options statewide for low-to-moderate income first-time home buyers (anyone who has not owned a home in the last three years) and current home owners – purchase or refinance.

When you get a Minnesota Housing mortgage, you can also receive an optional down payment and closing cost loan up to $10,000. Remember, down payment and closing cost loans are only available when you get a Minnesota Housing first mortgage loan and additional eligibility requirements may apply, including income limits.

Below is the breakdown of loan options:

Start Up – You may be eligible if you:
•     Are a first-time home buyer (you have not owned a home in the past three years)
•     Meet income limits
•     Meet purchase price limits:
•            11-County Metro: $307,900
•            Balance of State: $255,500
•    Meet minimum credit score requirements

Step Up – This program has a purchase loan if you’re a current homeowner (or owned within the last three years) and want to buy a different home. You can also use Step Up to refinance your current home at an affordable, fixed rate.
•    Meet income limits
•    Meet purchase price limits:
•           11-County Metro: $307,900
•           Balance of State: $255,500
•    Meet minimum credit score requirements

Down Payment Assistance –
When you get a Minnesota Housing mortgage, you can also receive an optional down payment and closing cost loan up to $10,000.

Additional eligibility requirements may apply, including income limits.

Monthly Payment Loan – This loan can be used with Start Up or Step Up Program.

Loans go up to $10,000. The interest rate is equal to your first mortgage rate, and you’ll pay monthly payments for a 10-year loan term.

Deferred Payment Loan – The  Deferred Payment Loan can be used with the Start Up program and is only for first-time home buyers with two options:

•    Deferred Payment Loan: Loans go up to $7,500.
•    Deferred Payment Loan Plus: Loans go up to $8,500 for borrowers who meet targeting criteria.

There is no interest, and the loan term is equal to your first mortgage term. Repay the loan when you move, sell, or refinance your property.

Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. Minnesota Housing programs are not available in South Dakota or Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.

Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.

 

 

Posted 11/22/2016

When you buy your new home in the Twin Cities of Minnesota, you want to make sure you’re getting the best possible value for your money.  Understanding the difference between a buyer’s market and seller’s market can save you thousands of dollars. Especially, if you are flexible with your home purchasing or selling time frame.

Learn more below!

buyer vs seller

BUYER’S MARKET
In a buyer’s market the supply of homes is high and not as many people looking to buy. This can leave sellers sitting on homes longer and having to stage their homes to stand out from the rest and even do repairs that buyers may overlook in a seller’s market. This is the ideal situation for buyers because they can get a great deal.

SELLER’S MARKET
A seller’s market is just the opposite. The demand is homes is larger than the supply. People have more money to spend on real estate, so sellers will often see several buyers competing to buy their property, which drives up the price. This competition can lead to buyers spending more on a home than they want to.

Unfortunately, one cannot predict the market. Whether buying or selling, it is important to understand how the housing market can affect your investment long term.

Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.

Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.

Posted 10/10/2016

Moving can be expensive and exhausting, both mentally and physically.

With some strategic planning, patience and discipline, you can take some of those stresses away.

Out with old:

Are there things you’ve had in storage for a long time with the thought you will use it? Or are there clothes you’re holding on to hoping the style comes back…but had that thought for the last 7 years? Either donate those items or turn them into cash from a consignment store.

Don’t purchase boxes:

You can find boxes at work, liquor stores and cruise behind strip malls as there are typically a lot of empty merchandise boxes.  Also, borrow plastic containers with lids from friends. They are sturdy and have handles for easy carrying.

Blankets and clothes for padding:

Use your own blankets, linens and clothes for padding fragile items. No need to buy bubble wrap that will inevitably end up in the trash…after you’ve popped the bubbles, of course!

A little every day:

Take your time packing. Spread it out over a couple months by packing a couple of boxes a day. This will alleviate the feeling of being overwhelmed, tired and stressed. Don’t forget you’re going to need the energy to unpack too!

Books, books, books, everywhere!

Books are heavy to carry and how many times do you read the same book over? So ask yourself which ones you can live without. You can turn your books into cash by selling them to a book store. These days you can read books online. No storage necessary.

Coffee filters:

Coffee filters can also be used to pack breakable items. Newspaper can leave behind ink on your hands when wrapping and unwrapping. You can find biodegradable coffee filters in stores and online.

Rental truck:

Rental trucks can be fairly inexpensive and the way to go when on a budget.  You are also in control of your own schedule.

Ask friends for help:

If you are on a budget and not moving across the country, ask for help from friends. Feed them pizza and beer and call it a day!

Make it fun:

Yeah, right! Well, try your hardest. With some good music, good company and good food, you can turn this daunting task into a fun, social event. While you’re getting rid of stuff, you might want to have an exchange party.  I’m convinced this could be way more fun than people think.

Compare DIY vs. professional moving services:

Although these tips are helpful, moving may just be a little too much to deal with. Seek out a professional service to see what they charge. If the price is too high, negotiate. If that doesn’t work, I can promise that you’ll suddenly find what it takes to become a DIY mover.

Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.

Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.

 

 

Posted 10/06/2016

Home loan calculator

USDA Home Loan has become even more affordable as of October 1st. The United States Department of Agriculture lowered upfront and monthly fees for its home loan program.

What is a USDA home loan?

This home loan program is designed to improve the economy and quality of life in rural areas.  It offers low interest rates and no down payments. The program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas.

The changes will be in effect until September 30, 2017. The USDA will then re-examine financials at that time to either raise, hold or lower fees.

How will the changes benefit you?

USDA loans with zero down will require two types of mortgage insurance: an upfront fee, typically financed into the mortgage amount, and an annual fee, divided out into each monthly payment. Although both were reduced recently, the most significant change was the upfront fee.

Upfront fee:

Former upfront fee: 2.75%

New upfront fee: 1.00%

Annual fee:

Former annual fee: 0.50%

New annual fee: 0.35%

This will be a pretty large savings and could mean the difference between being turned down and getting approved for some USDA home buyers.

For more information on USDA home loans go to https://muihomeloans.com/blog/2015/04/24/usda-home-loans-no-down-payment-and-low-interest-rates/ or contact one of our Mortgage Experts at 763-416-2600.

Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.

Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.

Posted 09/22/2016

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An Appraiser, is one who sets a value upon property, real or personal.

When financing a home, an appraisal will be required by the lender. Lenders want to know the home’s value before agreeing to approve your home loan so they rely on appraiser for a value of the home.

On a purchase, an appraisal can come in lower than you need to qualify for the home loan. For a refinance, it may mean that there isn’t enough equity to meet mortgage standards.

What do Appraisers look for when evaluating a home?

Most important factors considered in an appraisal: Keep in mind there could be more than what is listed below.

  1. The type of home – one story, two-story, split-level, factory-built.
  2. Features of the home
  3. Improvements to home
  4. Comparables – Similar homes that have sold in the area
  5. Location – The kind of neighborhood is identified. Any zoning areas are will be considered as well as its proximity to other establishments.
  6. Age of Property
  7. Square footage
  8. Lot size
  9. Depreciation
  10. Landscaping features
  11. Topography

After the Appraiser has made his visit to the property, a formal appraisal with very specific details is written up. The lender will weigh all of these considerations to determine if the loan will be approved or not.

What if the appraisal does not support the purchase price? You can appeal the appraisal.

Coming to a value of a home can be more complex if the comparable properties in the neighborhood aren’t cookie-cutter and there are times things can be missed.

If you want to appeal the appraisal, first contact your lender and find out what their steps to appeal are. Most lenders will take the initiative to scrub through the appraisal and look for errors. Remember, they are working on your behalf.

You can also study the appraisal carefully to look for mistakes. Research the comps that were used in the appraisal.  Take note of any advantages the house being appraised has over comps. It could be a much larger yard, a newer roof or the square footage is wrong. Mistakes can happen.

Any one of these can make a difference.  Send these findings to your lender to be forwarded to the Appraiser for reassessment. If they are valid findings, this could be the difference of getting approved for the property.

Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.

Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.

Posted 08/25/2016

One of my favorite things about summer is the access to fresh produce, local products and the atmosphere of a Farmers Market.

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At the Maple Grove Community Center, you’ll find over 50 vendors offering fresh, locally grown, seasonal products ranging from vegetables, flowers, canned goods, farmstead meats, eggs, maple syrup, artisan breads and many specialty items.

Because many items are seasonal, you can expect to find peas and strawberries in June, tomatoes and corn in August, and hearty root vegetables and greens in October. Everything is grown locally, so some items are just hours from harvest.

You’ll find USDA Certified Organic vendors as well as Certified Naturally Grown meats and produce, gluten-free items, and non-GMO items.

The Maple Grove Farmers Market is one of the first in Minnesota to host a Power of Produce club for children, aimed to build healthy eaters by getting hands-on at the market. The club is open to kids 4-12 years old for 20 weeks of the outdoor season.

The Farmer’s Market is open every Thursday from 3-7 until October 20th. Hours will change to 3-6 in October. If you want to become involved whether volunteering, children’s programming and more, call 763-494-5955 for more information.

Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.

Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.

Posted 08/10/2016

Mortgage-Payment

The short answer is yes. However, you should understand how this works and determine if it’s the right option for you.

A typical mortgage requires one payment a month – 12 payments per year.  A mortgage payment is comprised of principal and interest. The payments in the early years of a loan are mostly going toward your interest so it will seem like your principal is hardly being paid down.  As your loan matures, you will start to see more of your payment going towards the principal.

A bi-weekly mortgage plan asks for two half payments a month. It is meant to shorten the length of your loan schedule. By the end of the year, you would have made 13 total payments and by making an extra payment to principal each month, your loan balance is reduced each month, reducing the total amount of interest due throughout the life of the loan.  If you choose this option, you will want to inquire what fees are required. Some banks will ask you to use an intermediary which can charge for setup and transaction fees.

The downside of this is when you opt for a bi-weekly mortgage plan, you are committed to that payment plan to the bank. Having the option to do this at your own free will may make more sense if you are disciplined. You can send extra money when it makes sense financially for you.

If you want the benefit of a bi-weekly plan but don’t want the commitment to a bank or extra fees that you may incur with a third party company, calculate what you would be paying extra on a bi-weekly plan for the year and add it to your monthly mortgage payment. Take your monthly payment and divide it by 12 and that is what you should be adding to your mortgage payment. So basically you’d be adding 1/12 of your mortgage payment to your check.

Another option to get a lower payment is to refinance your mortgage. Rates are at an all-time low right now and you could truly be saving thousands. Learn more about refinancing.

Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.

Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.

7365 Kirkwood Court N, Ste 300 Maple Grove, MN 55369 NMLS Lic #225504

P: 763.416.2600 F: 763.420.5885

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