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There are revisions coming to the Fannie Mae and Freddie Mac underwater refinance program that may be of value to you. They have passed lifting the loan-to-value limitation previously set at a maximum of 125%. In simple terms, this means you owe more than 25% more than your house is worth.
Oftentimes, experienced home buyers who have bought and financed a home before have old expectations about the process. I encourage you to remove any old understanding you have about getting a mortgage or the Minnesota real estate market. Things have changed. There is a new normal and it includes verifying more information upfront.
Well, if you’re thinking about buying a home yet this year, you need to not let the coming cooler months deter you. The “water is still warm” in the real estate market in the Twin City Metro Area. In fact, according to our most recent market update, it’s actually bordering hot when we look at the year-over-year comparisons.
That’s right, two weeks from today; we will host our 7th Annual Fall Festival at Cornerstone Mortgage Company in Burnsville. This event benefits our local Dakota County, Scott County and Carver County CAP Agency Food Shelf and Thrift Store! Bring your non-perishable food items, and gently used winter clothing and enjoy an afternoon of FREE fun for the whole family!
Join us for our monthly First Time Home Buyer Class at Cornerstone Mortgage Company in Burnsville, September 22nd. This seminar is designed to take the mystery out of the first time home buying experience. We’ve put together a class that is easy to follow as we walk you through the first time home buying process from beginning to end!
The change isn’t slight when we compare year over year numbers. Pending home sales are actually up again 40% for this week as compared to 2010!
First time home buyers, investors and move-up buyers are constantly questioning whether now is the right time to buy a new home. Traditional home sellers are questioning whether it makes sense for them to compete with all of the bank owned and short sale properties on the market today. From my perspective, the answer is a big YES. Read more about why now is a great time to buy!
There are less homes on the market to choose from if you’re looking to purchase a home as fewer homes are coming on the market. This tends to lead to needing to react quickly, especially if you’re in a first time home buyer price range where there are likely multiple people interested in the same property price range.
Firstly, let me tell you this is not about scaring anyone – it is about educating people. It is absolutely essential that every home buyer and real estate agent understand what I am about to explain. There’s a reason that we don’t send you out shopping for homes before actually being pre-approved. There are actually a number of good reasons and most of them are for your own protection, not ours.
Thank you to this month’s first time home buyer class attendees. We held our monthly first time home buyer class Thursday and as usual, those who attended came in with a host of questions that are typical of the first time home buyer in Minnesota. Here are a few of the questions and answers from this week’s class:
Real estate radio programs are all over the airwaves today. Our show is truly designed to educate you about what you need to know in today’s mortgage and real estate market in the Twin Cities and answer questions about your own real estate and mortgage needs, and, it’s brought to you by experts.
Watch this video for information on the upcoming First Time Home Buyer Class
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