VA Interest Rate Reduction Refinance Loan (IRRRL)

The VA IRRRL is often referred to as a VA Streamline Refinance.  Here’s how it works.  If you’re a military veteran and you currently have a VA Mortgage and you simply want to do a “rate and term” refinance – basically, you don’t need to take cash out or consolidated any debts – you may be eligible for the VA IRRRL.  Here are some of the benefits:

• No Credit or Underwriting Requirements!  You must have a history of on-time mortgage payments.
• NO APPRAISAL!  So even if you’ve lost equity in your home, it won’t impact your approval.
• Closing Costs May be Rolled in!

Remember, VA loans never have monthly mortgage insurance.  The VA IRRRL is a great way to take advantage of lower rates even if you owe more on your home than what it’s worth.

If you’re a military veteran and would like some additional advice regarding your home mortgage, please don’t hesitate to give us a call.  We look forward to serving you.

Ben Olson, 763-416-2620

Three Fatal Mistakes that can Prevent Your Home from Selling Quickly

There really are only 3 reasons why a home doesn’t sell.  Avoid these common seller mistakes and you’ll save yourself a lot of time and money: Read the rest of this entry »

Here’s your “QuoteAction” of the day:

“The best time to plant a tree was twenty years ago; the second best time is today.”
Chinese Proverb

Your action for today is to look for something that you wished you would have done in the past.  If there is, see if you can do something about it today!

Have an extraordinary day!

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“Mortgage Rates at New Lows, Thanks to Europe’s Debt Crisis.”

Well, that’s the headline from today’s CNBC.com article, “Mortgage Rates at New Lows…”  Now I may be called an eternal optimist, but the truth is, when the stock market takes a beating it often results in lower interest rates.  And, with lower interest rates it makes housing more affordable.  But, in the words of Reading Rainbow’s LeVar Burton, “you don’t have to take my word for it.”

“It’s the best time in our generation to buy,” says Mark Zandi, chief economist at Moody’s. “It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn’t pick a better time to buy or re-finance.”

As the rules continue to change in the mortgage and real estate industries, proceed with caution.  Make sure you’re working with a seasoned Realtor® and Mortgage Loan Officer, because what you qualify for today may not be what you qualify for in a month or two.

22031 Woodbine Street NW, Oak Grove, MN

3 Bedrooms | 4 Baths | 2-Car Garage | Spacious 4,103 sq. ft. | on 2.6 wooded acres!  

Welcome to 22031 Woodbine St NW in Oak Grove.

 This wonderful 3 bedroom, 4 bath 2-story home sits on 2.6 wooded acres overlooking the tranquil Rum River. 

Enter the front door, and you are greeted by vaulted ceilings, two-story windows with custom window treatments, and oak hardwood floors. The living room flows into the formal dining area, which overlooks the wooded yard, leading to the river front. Built-in cabinetry enhances the formal dining area. Read the rest of this entry »

Fannie or Freddie?  That is the question.

Most home owners are unaware that there is a technical difference between who services your mortgage and who owns your mortgage.

The mortgage servicer is the company that you write your mortgage payment to every month.  Mortgage servicing is its own unique business, and it’s not uncommon for the servicer of your loan to change over time.

The mortgage owner is the entity that actually owns your loan.  In many cases in the United States, the answer to, “Who owns my loan?” is often (but not always) Fannie Mae or Freddie Mac.

If your mortgage is owned by Fannie Mae or Freddie Mac you may be eligible for the Home Affordable Refinance Program (HARP), which can allow you to take advantage of low interest rates – WITHOUT Mortgage Insurance – even if you owe more on your home than what it’s worth.  The first step to determine eligibility is to find out who owns your loan.

Fannie Mae Loan Lookup

• 1-800-7FANNIE (1-800-732-6643)
• www.fanniemae.com/loanlookup

Freddie Mac Loan Lookup

• 1-800-FREDDIE (1-800-373-3343)
• www.freddiemac.com/mymortgage

Home Affordable Refinance Program (HARP)

The Making Home Affordable program announced by President Obama and the U.S. Department of Treasury on March 4, 2009 includes a new initiative, the Home Affordable Refinance Program (HARP).  The Home Affordable Refinance Program provides refinance opportunities to borrowers with mortgages owned by Fannie Mae or Freddie Mac.  This Financial Stability Plan may allow you to refinance up to 105% of your home’s value AND without Mortgage Insurance.  This is a great way to take advantage of today’s low interest rates, even if you owe more on your home than what it’s worth.

Are you eligible for HARP?

• Are you the owner of a primary residence, second home or investment property?
• Are you current on your mortgage payments?
• Have you been denied a refinance in the past because of your declining home value?

If you answered YES to any of these questions, you may be eligible!  This program is available for your primary residence, your second home or even your investment properties!

Click Here to learn how to find out if your mortgage is owned my Fannie Mae or Freddie Mac.

According to Matt Strobl, 2010 Minneapolis Area Association of Realtors® Treasurer, the real estate data for the Minnesota Minneapolis Metro Area shows that recovery is on the horizon.  Pending home sales have increased esspecially in the $225,000-400,000 price range, and there are currently 6.5 months worth of inventory on the market which is nearly “stable.”  Whatch the video to learn more:

The Monthly Skinny

With cash tight these days, Mortgage Insurance can help you buy a home with less money down.

For many homebuyers, the thought of mortgage insurance makes their nose crinkle.  But on average, a homebuyer can purchase a home 10 years sooner with mortgage insurance and a small down payment; compared to the time it would take to save enough for a 20% down payment to avoid Mortgage Insurance.  Saving 20% for a down payment on a home is usually the biggest barrier to homeownership.  Mortgage Insurance allows borrowers to buy a home with as little as 3.5% down for an FHA loan or 5% down for a Conventional loan. 

What is Mortgage Insurance?  Read the rest of this entry »

“I’m upside-down with my mortgage.  What do I do?  What are my options?”

We have these converstaions with our clients nearly every day in our office.  In the posts to come, we will lay out the nine most common solutions to this situation.  But first, you need to ask yourself a few questions: Read the rest of this entry »