Reverse mortgages look like free money, but there’s a price

Reverse mortgages may look like free money, but you do have to pay back a reverse mortgage loan.  Reverse mortgages allow home owners to take advantage of the value or equity built up in your home.  There are many benefits to reverse mortgages, but it is important to understand these loans before you consider or agree to a reverse mortgage.  This article is a good overview of how reverse mortgages work. Full Article-Karaim, R. (2016, Novemeber 23). Reverse mortgages look like free... Read more »

4 Tips to Determine How Much Mortgage You Can Afford

4 Tips to Determine How Much Mortgage You Can Afford By knowing how much mortgage you can handle, you can ensure that homeownership will fit in your budget. Read Visit houselogic.com for more articles like this. Copyright 2015 NATIONAL ASSOCIATION OF REALTORS®  Read more »

Find the Loan that Fits Your Needs

Find the Home Loan that Fits Your Needs Understand which mortgage loan is best for you so your budget isn’t stretched too thin. Read Visit houselogic.com for more articles like this. Copyright 2015 NATIONAL ASSOCIATION OF REALTORS®  Read more »

Twin Cities home sales surge due to low rates, higher home prices

The Twin Cities housing market enjoyed one of its best months in almost a decade. Median sales prices were up 10% from a year ago and 30 year mortgage rates are still under 4%.   Home buyers are out in numbers this spring with demand outpacing the supply of homes for sale in many areas.  The Twin Cities spring real estate market is definitely in full swing.  If you are interested in buying or selling a home check out MyTwinCitiesRealty.com and contact Realtor Phil McDermott today! Full Article-Buchta,... Read more »

8 Places to Go When Your Mortgage Lender Says No

8 Places to Go When Your Mortgage Lender Says No New mortgage rules draw some pretty clear lines about who should — and shouldn’t — get a mortgage. If you fall outside the lines and your lender says no, you have eight other options. Read Visit houselogic.com for more articles like this. Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®  Read more »

7 Tips for Improving Your Credit

7 Tips for Improving Your Credit Here’s how to clean up your credit so you get the least-expensive home loan possible. Read Visit houselogic.com for more articles like this. Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®  Read more »

New year brings mortgage rules

As of January 10th, lenders will now have to consider the “ability to repay” and observe stricter lending guidelines.  Lenders now will have to make “a reasonable, good faith determination” that a borrower will be able to repay the loan.  These requirements stem from the Dodd-Frank Act of 2010 in an effort to prevent the risky loans that contributed to the financial crisis.  These new requirements could affect first time home buyer and lower income buyers.  Even with these new requirements... Read more »

4 Tips to Determine How Much Mortgage You Can Afford

4 Tips to Determine How Much Mortgage You Can Afford By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Read Visit houselogic.com for more articles like this. Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®  Read more »