The Marketplace
Home Mortgage Blog

USDA Announces New Income Limits in Minnesota

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.

 

 

Source: www.RD.USDA.COM/MN
*Data for 1-4 person households

The Advantages of Getting Marketplace Approved

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 Difference Between APR and Interest Rates

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

Simple Ways to Cozy Up At Home

It’s the time of the year when winter can start to lose it’s magic. The holidays have come and gone, and for many, the snow has started to wear out it’s welcome. However, that doesn’t mean you can’t still make the most of the cozy days ahead. READ MORE

Is a Home Inspection Required?

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.

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Looking Back on 2017

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.

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What To Do (And Avoid) When Refinancing

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.

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