Home Mortgage Blog
On Wednesday, June 13th, new income limits went into effect for USDA loans in Minnesota. These household income limits vary by region and help determine eligibility for rural development home loans. There are many benefits to USDA loans, the most notable being that they don’t require a down payment. You also may be surprised to discover where they are available.
To learn more about the new limits in your area and what they mean for home buyers, contact a Marketplace Home Mortgage Loan Officer today.
*Data for 1-4 person households
Right now, everywhere you turn there are multiple offers over list price. It is crucial the Buyer, Mortgage Lender, and Realtor® understand the area and how to conduct multiple offers to WIN. Here are a few misconceptions many people believe are true when understanding how to win an offer: READ MORE
It’s no secret that getting pre-approved for a mortgage is one of the most important first-steps on the path to home ownership. However, it’s important not to overlook the pivotal decision that comes before that: choosing your mortgage lender.
Not all mortgage pre-approvals are created equally. Using a rapid pre-approval may seem convenient, but it puts you at risk for financing issues down the line. Opting for the quick and easy route could lead to delayed closings. In the midst of moving, having your closing date pushed back can be a logistical nightmare. What’s worse, a flimsy pre-approval could even lead to the loss of your dream home. That’s why it pays to get Marketplace Approved. READ MORE
The new tax reform bill that was signed into law by Congress will be changing taxes related to home ownership in 2018 and beyond. If you are a homeowner, or are considering becoming one, be sure to meet with your tax professional to discuss how these changes will impact you. READ MORE
Each spring as the temperatures warm up, so does the housing market. Even before the snow has melted, sellers are preparing their homes to be listed, and buyers a readying themselves for a search.
If you are among those who plan to buy a house this spring, here are the key first steps you should be taking to get started. READ MORE
When you are comparing mortgage options, it is important to understand the difference between APR and interest rates. When you see a loan rate advertised, you’ll also see a corresponding APR (4.5%/4.762% APR). This Annual Percentage Rate is the total cost of your loan (interest and fees) expressed as a single number. The purpose is to give you one number for comparing multiple loans.
But it’s an imperfect science.The problem with using APR as designed is that the calculation applies to the entire length of the loan, and some people use mortgage loans for only a few years due to refinancing or sale. READ MORE
In the mortgage industry, we are often asked if a home inspection is required. In many cases, the answer is no. However, even when it is not required, a home inspection is certainly recommended.
You are making a large investment when you buy a home, and having a professional home inspector look at it could save you a lot of time and money in the long run.
As we head into another year at Marketplace Home Mortgage L.L.C., we have a lot to be thankful for. 2017 was a year of tremendous growth.
We opened new locations in Sioux Falls, SD, Clive, IA, and Portsmouth, NH. We also hired 130 new employees across the country.
Throughout the year we were honored to receive some awards and recognition. In August, Marketplace Home Mortgage was named Best Mortgage Company in the Twin Cities by voters in the 2017 Twin Cities Business Magazine Reader Poll. As the year progressed, we were also recognized as Number 27 on the list of the 50 Fastest Growing Companies in the Twin Cities by Twin Cities Business Magazine.
Mortgage interest rates are always changing, and if you bought your home when rates were higher, refinancing the existing mortgage could save you thousands of dollars over the course of your home loan. When you are preparing to refinance there are certain things you should avoid leading up to the transaction. Take a look at the list below and contact a Marketplace Home Mortgage Loan Officer to learn more about how you can get started.