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 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 02/10/2017

Home prices set for new peak in 2017
Home prices increased 7.2 per cent in December, CoreLogic’s Home Price Index reveals.

The annual rise was helped by a 0.8 per cent increase month-over-month compared to November and the outlook suggests that prices will continue higher through 2018.

“As of the end of 2016, the CoreLogic national index was 3.9 per cent below the peak reached in April 2006,” said Dr. Frank Nothaft, chief economist for CoreLogic. “We expect our national index to rise 4.7 per cent during 2017, which would put homes prices at a new nominal peak before the end of this year.”

Optimism in housing market increased last month
The stronger US economy has boosted optimism in the housing market with more people expecting house prices to increase in the next 12 months.

Fannie Mae’s Home Purchase Sentiment Index increased by 2 percentage points in January with those expecting home prices to go up rising 7 percentage points.

“Three months after the presidential election, measures of consumer optimism regarding personal financial prospects and the economy are at or near the highest levels we’ve seen in the nearly seven-year history of the National Housing Survey,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.

More people said that now is a good time to sell a home while the share of those thinking now is the right time to buy declined. There was no change in the percentage of respondents expecting lower mortgage rates in the next 12 months.

Duncan says that despite the positive survey results, there are still potential headwinds for the housing market.

“Any significant acceleration in housing activity will depend on whether consumers’ favorable expectations are realized in the form of income gains sufficient to offset constrained housing affordability. If consumers’ anticipation of further increases in home prices and mortgage rates materialize over the next 12 months, then we may see housing affordability tighten even more,” he warned.

Mortgage availability increased
The availability of mortgage credit increased in January according to Mortgage Bankers’ Association figures.

Its analysis of Ellie Mae data shows that there was a 1.1 per cent rise in the MBA Mortgage Credit Availability Index, indicating easing lending conditions. Jumbo loans saw the largest rise in availability (4.7 per cent) followed by Conventional (2.3 per cent) and Government (0.2 per cent) while Conforming loan availability was down 0.2 per cent.

“We saw a particular increase in agency jumbo programs that focus on loans in high cost areas that exceed the baseline conforming loan limit of $424,000 but which are still eligible for purchase by the GSEs,” Lynn Fisher, MBA’s Vice President of Research and Economics. “While the change in GSE loan limits may have had an indirect impact on the jumbo MCAI, there were other factors at play as several investors rolled out new jumbo loan programs in January.”

Information provided by Mortgage Professional America.

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 01/31/2014

For the past four years in a row Al Coleman of Mortgages Unlimited has been recognized by the Osseo-Maple Grove Press, Champlin-Dayton Press, and the North Crow River News Readers’ Digest as the area’s Best Mortgage Lender!

Al has been a Mortgage Loan Officer with Mortgages Unlimited’s Maple Grove office for the past 10 years.  “We are very proud of Al and his achievement in providing a superior customer experience to his clients, year after year.” Way to go Al!

AL

 

Posted 01/22/2014

Doug Schinkel with Mortgages Unlimited has once again been recognized by Minneapolis-St. Paul magazine as a Super Mortgage Professional by his clients.   Doug has been a Mortgage Loan Officer with Mortgages Unlimited since 1997, and came with a background as a real estate broker. “It was a great advantage in having a background as a Real Estate broker coming into the mortgage industry. Having guided clients through the complexity of the total home buying process is very helpful in understanding all the anxiety that the client experiences when making such a big financial decision,” Doug says.

Doug goes on to say, “Being a multi-year recipient of this award is really a testament to the great clients I am fortunate to work with, and the highly trained staff at Mortgages Unlimited.”

“Doug’s drive to always provide his home buyers and Realtors with a high level of professional service, communication and respect is what pushes Doug to the top of his class,” said Steve Gatti, President of Mortgages Unlimited.  “His ability to keep his eyes on the primary objective of getting families into homes that they can both afford, and be proud of is what makes Doug a Super Mortgage Professional!” Great work Doug!

Doug

Posted 01/21/2014

Minneapolis-St. Paul Magazine recently recognized Minnesota’s “Super Mortgage Professionals” by polling their readers asking out of the over 11,000 Mortgage Loan Officers in Minnesota “Who are the best?”.  Among the award winners was Pam Barton of Mortgages Unlimited.  We asked Pam what being recognized as a Super Mortgage Professional means to her.

“Winning this award means so much to me because it means that my customers were satisfied with the level of service that I provided to them during their home search.  My clients put their trust in me, and I am so thankful they took the time to recognize me as a “Super Mortgage Professional.”

Pam goes on to mention that her proudest moments in over 15 years as a Mortgage Loan Officer have come from helping first time home buyers get into their first home.  She takes pride in working with her clients from beginning to end and ensuring that they are in the best position to move forward with their home purchase.

“We salute Pam’s drive to always put her customers best interests first and foremost”  Said Steve Gatti, President of Mortgages Unlimited. From Pam’s willingness to always learn the newest and latest programs that benefit her clients, to her commitment to always being available for them Pam has certainly earned the title “Super Mortgage Professional.”Pam

Posted 12/16/2013

On Tuesday December 10th the Minnesota Mortgage Association held a luncheon honoring its next Loan Officer of the Year for 2014.  Steve Furlong of Mortgages Unlimited knows a thing or two about what that distinction means.  You see, last year at this very same time Steve was honored with receiving our industry’s highest distinction, and was chosen as the Loan Officer of the year for 2013.   It’s been a whirlwind of a year, and we asked Steve to reflect a bit on what receiving the Loan Officer of the Year meant to him:

I will never forget standing at the podium accepting the award for Loan Officer of the Year in front of my peers; it was a greater honor than I could have expected.”

“I referenced some advice my mother gave me as a youth; Start every day with the same question: ‘who’s life can I help make better today?’ And then get to work focusing on the positives, and making the best of the opportunities as they come your way.”

And making the best of opportunities is exactly what Steve did.

Steve Started with Mortgages Unlimited in 2009 while he was completing his MBA from the Carlson School of Management at the University of Minnesota. During this time Steve built and trained a staff of new loan officers to the mortgage business, became heavily involved in both the Bloomington Business Chamber of Commerce and the Minnesota Mortgage Association, became a partner with Habitat for Humanity, and built his team to one of the pre-eminent mortgage consulting teams in the Midwest.

“Steve approaches his job like a corporate CEO.  He has built his business from the ground up and looks for every opportunity to serve his clients’ needs.” said Steve Gatti, President of Mortgages Unlimited.

Steve continues to serve his clients and look for ways to improve himself, and his business every day.  “I do my best to keep my nose to the grindstone and stay up on the changes.  I keep my clients informed and ensure that everything is done on time.”

“ Having spent the last 12 months as the MMA’s Loan Officer of the Year the greatest addition to my credentials has been that my clients recognize that our company and myself are highly competent professionals worthy of their trust as a partner to guide them home.”

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

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