The Marketplace
Home Mortgage Blog

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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FHFA Announces an Increase in Loan Limits For 2018

On Tuesday, The Federal Housing Finance Agency (FHFA) announced an increase in maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018.

The FHFA stated that loan limits will be raised to reflect the change in U.S. home prices. The press release distributed by the agency states:

According to FHFA’s seasonally adjusted, expanded-data HPI, house prices increased 6.8 percent, on average, between the third quarters of 2016 and 2017.  Therefore, the baseline maximum conforming loan limit in 2018 will increase by the same percentage.” – Federal Housing Finance Agency 

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5 Tips for Moving in the Winter

Winter can be a great time to become a homeowner. In many areas, the real estate market tends to slow down during the colder months.  With fewer buyers to compete with, you could get a great deal. One of the downsides to buying in the winter is having to move in unfavorable weather conditions, but with the right strategies and preparations, you can make sure your move goes as smoothly as possible. READ MORE