Minnesota Agents
Did you know-Current & Future Housing Data
March 3, 2011 by Financemyhome · Leave a Comment
Watch this video-then call me to help you buy or sell a new home or investment property.
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8 Tips For Finding Your New Home
February 15, 2011 by Financemyhome · Leave a Comment
A solid game plan can help you narrow your homebuying search to find the best home for you.
House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process.
1. Know thyself
Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?
2. Research before you look
List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.
3. Get your finances in order
Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.
Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.
4. Set a moving timeline
Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.
5. Think long term
Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.
6. Work with a REALTOR®
Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality.
Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.
7. Be realistic
It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.
On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues—like noise levels—that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.
8. Limit the opinions you solicit
It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.
G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.
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4 Tips to Determine How Much Mortgage You Can Afford
February 14, 2011 by Financemyhome · Leave a Comment
By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget.
Here are six surefire ways you can get your finances in order before you buy a home.
Homeownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget.
Instead of just taking out the biggest mortgage a lender qualifies you to borrow, consider how much you want to pay each month for housing based on your financial and personal goals.
Think ahead to major life events and consider how those might influence your budget. Do you want to return to school for an advanced degree? Will a new child add day care to your monthly expenses? Does a relative plan to eventually live with you and contribute to the mortgage?
Still not sure how much you can afford? You can use the same formulas that most lenders use, or try another of these traditional methods for estimating the amount of mortgage you can afford.
1. The general rule of mortgage affordability
As a rule of thumb, you can typically afford a home priced two to three times your gross income. If you earn $100,000, you can typically afford a home between $200,000 and $300,000.
To understand how that rule applies to your particular financial situation, prepare a family budget and list all the costs of homeownership, like property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care costs.
2. Factor in your downpayment
How much money do you have for a downpayment? The higher your downpayment, the lower your monthly payments will be. If you put down at least 20% of the home’s cost, you may not have to get private mortgage insurance, which costs hundreds each month. That leaves more money for your mortgage payment.
The lower your downpayment, the higher the loan amount you’ll need to qualify for and the higher your monthly mortgage payment.
3. Consider your overall debt
Lenders generally follow the 28/41 rule. Your monthly mortgage payments covering your home loan principal, interest, taxes, and insurance shouldn’t total more than 28% of your gross annual income. Your overall monthly payments for your mortgage plus all your other bills, like car loans, utilities, and credit cards, shouldn’t exceed 41% of your gross annual income.
Here’s how that works. If your gross annual income is $100,000, multiply by 28% and then divide by 12 months to arrive at a monthly mortgage payment of $2,333 or less. Next, check the total of all your monthly bills including your potential mortgage and make sure they don’t top 41%, or $3,416 in our example.
4. Use your rent as a mortgage guide
The tax benefits of homeownership generally allow you to afford a mortgage payment—including taxes and insurance—of about one-third more than your current rent payment without changing your lifestyle. So you can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment.
Here’s an example. If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership.
However, if you’re struggling to keep up with your rent, consider what amount would be comfortable and use that for the calcuation instead.
Also consider whether or not you’ll itemize your deductions. If you take the standard deduction, you can’t also deduct mortgage interest payments. Talking to a tax adviser, or using a tax software program to do a “what if” tax return, can help you see your tax situation more clearly.
G.M. Filisko is an attorney and award-winning writer who’s owned her own home for more than 20 years. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.
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Two Special Twin Cities Home Buying Programs
February 9, 2011 by Financemyhome · Leave a Comment
One program is called FPP-Foreclosure Partnership Program, and the other is NSP2 Homebuyer Assistance Program. Both programs offer incentive money for a purchase. I can use these financing programs with one of our mortgage investors. Consider checking them out to see if they’d work for you.
HennipenCounty-Non-forclosedHomes-overview |
HennipenCounty-Nsp2-overview |
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Rebuilding Credit To Get A Mortgage
January 14, 2011 by Financemyhome · Leave a Comment
Often, especially in this market due to the recession, we find potential home buyers who have had a life event or “bump in the road” that affects their ability to obtain a new loan. If you want to buy a home, you will have to have a certain number of reporting trade lines and for certain length of time. MOST mortgage programs require 3-5 trade lines and a minimum of two years of reporting. The other criteria is the actual credit score-which generally has to be 620, 640 or even 660 as it is all lender dependent. A manual underwriting where they use alternative credit such as rent payments, cell phone bill, utility bills, and the cable bill might be able to be used-but only with a few certain programs and lenders. So, the best bet is to re-establish credit as quickly as possible. HOW ABOUT NOW!! Don’t wait-it will only extend the time until you are going to be eligible. I have put together a list of resources that might be helpful. This list is only a starting place for your research. If you find another good resource please post it in the comments below so that the list can be expanded upon.
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Buying Rental Property In The Twin Cities
January 11, 2011 by Financemyhome · Leave a Comment
Have you ever wanted to own rental property, but were unsure where to start? I teach a class on the topic. I’ve decided to make the outline into a PPT. I cover the information in my class in much more depth and breadth, but this will give you a lot of useful information. If you are interested in discussing purchasing a rental property as an investment, just give me a call and we can set up a time to meet and review how I can help you become a “real estate mogul”.
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Mortgage Insurance May Still Be Deductible For Some Buyers
January 6, 2011 by Financemyhome · Leave a Comment
Yipee-It looks like mortgage insurance will remain deductible for some home buyers. When we look buying a home, you need to consider all aspects. One main one is mortgage financing. There are ways around mortgage insurance by doing split loans-like and 80/10/10 for example or LPMI-which stands for lender paid mortgage insurance-which means the interest rate is higher. Rather than confuse the matter with all the options-some of which may have no bearing on your situation-just give me a call. I would be happy to help you do an analysis so you can make the right choice. Click the link below to read the latest news about MI(mortgage insurance)
http://www.mortgageinsurance.genworth.com/pdfs/Marketing/MITaxDeduct-Consumer.pdf
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Is There An Opportunity Right In Front Of YOU
January 4, 2011 by Financemyhome · Leave a Comment
I just watched an amazing video which I’ve posted below called the Money Tree. There are so many different interpretations. One that struck me was that people are oblivious to opportunity that is right in front of them. How many of us are looking for something that we already have or is within our reach? How many people are NOT buying real estate today when they could be looking at this as an incredible wealth building opportunity for what it is over the long term-assuming properties rise again in value? I was showing homes this past weekend. It was incredible to see townhomes in great communities selling for 40-60% less than they had sold for just as little as 5 years before. Luckily for my client, we are going to make an offer and ACT. Watch this video and don’t let the opportunities in your life pass you by. Don’t let life pass you by. Happy New Year and may 2011 be your best yet!
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December Is The Time To Reflect
December 17, 2010 by Financemyhome · Leave a Comment
Are each of us doing all we can to make the world a better place? Many of us have our favorite charity and organizations we support. RE/MAX is a very large sponsor of Children’s Miracle Network. Many people don’t realize how much has been given. Each time I sell a home, I automatically donate a portion of my commission to this organization. Other RE/MAX agents like myself contribute from their commission checks as well. Together, with RE/MAX we have collectively given over 100M. I would encourage everyone to consider finding an organization they believe in and make giving a part of their life. Just imagine what the world could look like?
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Getting Ready to Sell Your House
December 9, 2010 by Financemyhome · Leave a Comment
While most experts see little good news in 2011’s housing market, economic downturn is no reason to neglect maintenance on a home or lose sight of future plans to relocate.
The critical issue is planning intelligently for what spending you do now to make sure it’s worth your money later. And even if your plan to sell your property is more than a year away, it’s not a bad idea to get your finances in order as well. In the coming months, you’ll be addressing tax issues, so it’s a good time to look at your overall financial picture with a qualified financial planner as well as a trained tax expert.
The October MacroMarkets Home Price Expectations Survey doesn’t see a meaningful increase in home prices until 2012, though appreciation is expected to go up on average more than 14 percent through 2014.
As you wait for your opportunity, here are some ideas to incorporate in your planning:
Check your credit report and score: If you plan to finance a new property once you sell, it makes ample sense to lower your debt and clean up any discrepancies in your credit data well in advance of any move into the market. Remember, you are entitled to one free copy of each of the major credit reports in any given year, and you can obtain them from one resource – www.annualcreditreport.com. Avoid all the services with expensive TV commercials calling themselves “free” – if they ask for a credit card number, you are not getting a free report. Also, so you can spot discrepancies and keep a watchful eye on the possibility of ID theft throughout the year, stagger your receipt of your reports from Equifax, Experian and TransUnion (the major credit ratings agencies) at different points during the year.
Get a home inspection: Go through local channels – lenders, friends, real estate professionals you trust – to find a licensed home inspector who can look over your property and help you develop a list of potential repairs and upgrades that you can do economically given that you’ll have months before you put the property up for sale. Checking your home’s structure – roof, foundation, windows, etc., as well as its mechanical parts – heating/AC, installed appliances, plumbing – can give you an early warning system for expensive repairs that a prospective buyer’s inspector would find anyway. Try now to make sure there are no problems that will kill a deal later.
Ask a trusted broker for advice: Structural experts can determine whether your home is working properly – real estate brokers may or may not be equally expert at spotting these flaws. But generally, they can be trusted on matters of appearance – whether the grounds around the home are well maintained as well as whether the home’s interior is inviting to the eye of potential buyers.
Don’t overinvest in improvements: In the 1990s, spending $40,000 on a kitchen in many neighborhoods could recover that amount of money and more in the final sales price. In today’s market, those payoffs are a distant memory. Experienced brokers generally do a good job steering you away from overpaying for improvements, but there are other resources to doublecheck the spending you’re planning to do. Remodeling Magazine’s latest Cost vs. Value report provides estimates on specific projects by region, including projections on cost recoupment.
Appeal your property taxes: If you’ve never appealed your property taxes before or have not done so in many years, do so when your appeals period is open. Lowering your taxes as much as possible may help make your property more salable.
Declutter and don’t re-clutter: Start making a list of items you might donate – furniture, clothing, household items, etc. Make sure they’re in good condition and if you’re having trouble setting a value, check on eBay or other auction sites to see if you’re being fair to yourself while not drawing the attention of the taxman.
December 2010 — This column is produced by the Financial Planning Association, the membership organization for the financial planning community, and is provided by John Mazzara 952-929-2577 john@johnmazzara.com , a local member of FPA.
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HUD Has A YouTube Channel-Here Is There Vid On Buying A Home
December 5, 2010 by Financemyhome · Leave a Comment
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Google lets you create cool templated websites
December 2, 2010 by Financemyhome · Leave a Comment
Just an idea for anyone who wants to set up something quick and easy:
https://www.google.com/accounts/ServiceLogin?continue=http%3A%2F%2Fsites.google.com%2F&followup=http%3A%2F%2Fsites.google.com%2F&service=jotspot&passive=true&ul=1
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Can Home Ownership Contribute To Your Wealth?
November 23, 2010 by Financemyhome · Leave a Comment
Based on the implosion of equity in the past few years, one begins to wonder. At the same time, if you look back from a historical perspective, home ownership and home equity have contributed to the net worth of many. Recently, there was a study/survey done by the Federal Reserve. NAR presents and interprets the resultshttp://www.realtor.org/research/economists_outlook/didyouknow/dyk111610dh
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Minnesota Foreclosure And Distressed Home Fact Sheets PLUS Twin Cities First Time Buyer Special Programs
November 19, 2010 by Financemyhome · Leave a Comment
I have mentioned it before, but I really am impressed with the Minnesota Home Ownership Center. I frequently get calls from people who need to find information about how best to deal with a distressed real estate situation. You must visit their website and bookmark it for future reference. Here are just some of the links you need to look at:
Foreclosure & distressed property fact sheets
http://hocmn.org/en/fp-factsheets.cfm
Counseling Agencies that work with HOCM
http://hocmn.org/en/partners.cfm
List of Down Payment/Grant Assistance in Various Areas
http://hocmn.org/Stock/Editor/file/Matrix/EntryCostMatrix_Oct2010.pdf
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Twin Cities Foreclosure Update
November 18, 2010 by Financemyhome · Leave a Comment
Here is our latest newsletter that has updates on foreclosures in the Twin Cities.
Also, watch the video below
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Minnesota First Time Home Buyer Tips
November 17, 2010 by Financemyhome · Leave a Comment
A buyer in Minnesota, and specifically the Twin Cities area-Minneapolis/St Paul, should consider visiting the board of Realtors site at http://www.MplsRealtor.com On the tab regarding market activity, they will be able to click through and find out aggregated information that is compiled into city specific reports. For example, Minneapolis real estate will be broken down into the various areas of our MLS. All the data mining and statistical information is done for you. This is an excellent resource, as it gives you average market time, sales prices, and percentage of list to sales price.
Another resource is Http://www.Hocmn.org This site provides information for homeowners in distress and explains all the Minnesota laws regarding the foreclosure process and debt forgiveness. Visit this site and download the PDF fact sheets. Buying distressed properties today represents an opportunity. Understanding how the law works in our state is imperative.
Crime reports are also a useful tool. Some cities have the information aggregated and reported better than others. Minneapolis is one of the best. If you visit the Google search engine and type in “shots fired Minneapolis” you will be taken to the crime statistics area. You might want to use this to determine how close in proximity your desired home sits in relationship to previous criminal activity. Along that same thought, if you want to research registered sex offenders, visit http://www.corr.state.mn.us
Another site that can help source down payment assistance and grants for Minnesota home buyers ishttp://www.Workforce-resource.com This links with the MLS and actually becomes specific to a property in which you are interested. You will find that not all lenders will work with these programs. So, you may need or want to switch lenders if you want to access some of these special programs.
Lastly, we have sourced various discounts with local & national companies. For example, at this time, I can get you a discount coupon at Lowe’s, Pods, and other national firms. Many companies have discounts arranged for their agents to offer buyers and sellers. Not every Realtor is aware of this, so you might require that they check in with their corporate office and find out-or you could just work with me.
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Top Seven Tips For Home Buyers
November 16, 2010 by Financemyhome · Leave a Comment
Recently I was asked to create a list of top tips. Here is my list. I have been selling homes for over 25 years. I hope these help you make better choices and improve your real estate making decisions.
1) Before you begin to search for a home, always get prequalified FIRST. Seek out an experienced mortgage broker to arrange your financing. Even if you think you want to use a large bank, at least see what a broker has available. In fact, you may find that a broker can deliver the same mortgage to you cheaper from the “same” large bank you were considering. Generally, brokers have access to wholesale pricing as well as more products and programs than traditional large banks or in-house type lender arrangements that you find at large real estate companies. Besides pricing, you might find special grant money or unique loans that otherwise would not be made available. Also, regarding special programs, if you can identify the cities or areas you might be interested in, you may want to call the local HRA (housing redevelopment authority) and see what they offer. Today, we are seeing special programs for purchase or post purchase rehab of foreclosed and short sale properties from the cities themselves. The FHA 203K loan is a program that can be used for rehab on any home. It is not tied to any city or any property specific status. There are a couple of versions of this loan-limited and extensive rehab. FHA loans have size limits that vary based on the geographic location of the property. Not all lenders make this loan available, so seek it out if it is of interest.
2) Look at all homes for sale. Don’t exclude any specific sector of the market. Initially, you may have wanted to run away from short sales, foreclosures, and auctions. Ultimately, once you get a feel for the marketplace, you may actually decide to focus on distressed properties. When buying in the distressed segment be prepared for a more complex process. Knowing that upfront will help. Depending on the community, almost 50% of the transactions are not “traditional” sales. Distressed sales often sell for what the market will bear, whereas traditional sellers may be unable or unwilling to adjust to the realities of the market. Until job creation comes back and our economy starts growing beyond anemic levels, expect distressed home sales to be a large part of the market. Frustration may set in but don’t allow it to influence an otherwise good decision in your purchase. Don’t be put off by some dirt and light repair, analyze the structure and the location.
3) Look to your Realtor as a partner. Loyalty works both ways. An agent only gets paid upon a successful closing. We only stay in business with happy repeat clients and referrals. Most Realtors will work extremely hard for you if you work exclusively with them. Agents work on commission, so they need to know that they will eventually get paid for their time invested in helping you find the right home. If you are an investor and you approach five different agents to “call me” when you get a really good deal, you will probably never get a call. If on the other hand, you work with one agent who you assume is competent, you will get a phone call when they see something that meets your criteria.
4) If you are an investor or want to become one, seek out agent representation from someone who knows the rental property market. The rental real estate game can be rewarding but can also cost you a lot of money and aggrevation if you make a mistake. How can an agent who has never been a landlord really give you good advice on how to buy and manage rentals? Not all agents have the same level of experience. This is a recommendation not to be taken lightly. You want to be “educated” not provide someone an education at your expense.
5) Be prepared to engage technology in your search. Twenty-five years ago we used MLS books and did open houses. Today, we use virtual tours, websites, blogs and auto generated emails to deliver properties to your in box. The internet opens up information to everyone in a very user friendly way. If you are a younger buyer, you are probably engaging in texting, email, and video. The agent you choose should be embracing technology and be able to deliver the information you need in the way you want it delivered.
6) Have a home inspection upon an accepted purchase agreement. Don’t come away from the inspection and expect that everything in the home that is reviewed must be fixed at the seller’s expense. An inspection, in my opinion, is to discover hazardous items or items that would require a very large expense to change or repair that you were not initially aware of. Remember, an existing home is not a new home. This means it will have various amounts of obselecense and required repairs. An inspection report is not meant to be a renegotiation tool or checklist. I think the best home inspection is the one that makes you feel comfortable after “getting to know” your new home so you can make a purchase with “your eyes wide open”. Give your inspector permission to tell you are buying a great home. Otherwise, he or she may feel they have to manufacture some item of concern in order to justify the expense of the report.
7) Use an independent title company to do your closing. The buyer is allowed to choose their title company. The captive title companies (known as affiliated business arrangements) which are tied to the real estate or mortgage company are often not as competitively priced as outside vendors. When have you or someone you know ever directed the selection of the closing/title company? If you are like 99% of the people, the answer is never. Yet, this one simple recommendation could save you hundreds of dollars.
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Data.gov – A Cool Site With Lots Of Great Info
September 8, 2010 by Financemyhome · Leave a Comment
http://www.Data.gov I just found this site and wanted to share it. It has a ton of info and reports. If you have a project or just an “inquiring mind”, this is sure to be a hit. Check it out and get the data you need.
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Minnesota Real Estate Complaints
September 2, 2010 by Financemyhome · Leave a Comment
By Eric Morris
Complaints in real estate transactions are normal in all the states of the union. They usually arise as a result of the failure of one or both the parties to a transaction to adhere to the agreed terms. It is important for investors in real estate in Minnesota to be aware of their rights when it comes to resolving real estate complaints.
Sellers and buyers of real estate are usually called “principals” and the sale and real estate agents are referred to as “agents”. A real estate agent commonly fills out a “Real Estate Contract.” A contract typically contains the final agreed terms such payment schedules and other important conditions which are binding to all the parties signing the contract. The contract also puts down the steps to be taken in case the stated terms and conditions are not adhered to at any time during the tenure of a contract. Contracts also usually detail the procedures involved in the appointment of a mutually acceptable arbitrating agency to resolve the disputed issue/s.
In the unfortunate circumstances that either or both the parties fail to stick to the agreeed contract conditions, a dispute arises. If the parties fail to resolve the disputed matter in an amicable way through mutual understanding, then the parties can approach a previously appointed arbitrating agency. It is usually necessary for a complaining party to inform the other party to the contract and also lodge a formal complaint along with full details, to the arbitrating agencies.
By law, the decision by an arbitrating agency is not binding on the disputing parties. In case, either of the parties is not satisfied with the opinion of the arbitrating agency, they have the right to approach the courts and initiate legal proceedings in order to redress their grievances. The court takes serious cognizance of the arbitrating agency’s report on the disputed matter. In addition, the court examines the legal validity of the contract document, to ascertain that it conforms to the statutory provisions of the state and federal laws while considering the disputed matter. The judgment delivered by a court can be appealed at a higher court if the disputing parties are still not satisfied with the verdict of the court.
Minnesota Real Estate provides detailed information on Minnesota Real Estate, Minnesota Real Estate Listings, Minnesota Commercial Real Estate, Real Estate Agents in Minnesota and more. Minnesota Real Estate is affiliated with Sarasota Real Estate Marketing.
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Real Estate Agents in Minnesota
September 2, 2010 by Financemyhome · Leave a Comment
By Hayi Mansoor
Minnesota, that lovely upper mid western state in Untied States bordered by Lake Superior, is surrounded by states like North and South Dakota, Iowa and Wisconsin along with the Canadian provinces of Manitoba and Ontario. Planning to relocate here or looking for that dream home to buy, requires that you get in touch with a real estate agent in Minnesota immediately. Real estate agents in Minnesota are thorough professionals in their field and are competent to fulfill your requirements and assist you in getting that apartment or home for rent or with buying a home. What ever your home requirements are in the real estate field, you need to seek the help of Minnesota real estate agents to make your job easier and hassle free.
How Real Estate Agents In Minnesota Can Help You?
Buying a home for yourself is an important decision in your life. To help you execute this decision successfully, you need to avail of real estate agents in Minnesota. With so many homes up for sale, buyers can go into a tizzy when it comes to taking a decision. Real estate agents would facilitate the buying process by providing all the relevant information. Real estate agents in Minnesota are the best people who would help you locate the best properties available after taking into account your requirements and financial state. They are professionals who will help you in securing that perfect home and provide expert advice in the type of home loan that would best suit your finances. Real estate agents in Minnesota have an in-depth knowledge of the area; with their professional acumen will help you secure the right home, helping you clinch that perfect deal.
Benefits Of Using Real Estate Agents In Minnesota
Whether you are buying a home or selling one, the assistance of real estate agents becomes indispensable. With all the resources on properties in their hands, they will be able to assist in your home search or locate that buyer for your home. With their years of experience in the real estate market they will help you negotiate the best price, help in dealing with banks and financial institutions in securing that home loan, assist in negotiations prepare sale contracts, assist in life insurance and much more.
Locating Real Estate Agents In Minnesota
Locating real estate agents in Minnesota is an easy task. Use the real estate agents directory to narrow down your search. Here you will find a list of who are best in the area. Check out their websites, learn all you can about their professional experience and personal life from their personal biography and business profile and get in touch with them with your requirements if everything about them satisfies you. Most real estate agents are professionals in their field having helped countless homebuyers realize their dreams. Check out their references and if satisfactory, engage them instantly. Real estate agents in Minnesota assure you of the best possible services when it comes to your securing a home in their state.
For further information, please visit Find Real Estate Agents in Minnesota
Abdul Hayi Mansoor SEO Specialist and Article Marketer
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Check Out Energy Rebates
August 22, 2010 by Financemyhome · Leave a Comment
EnergyStar.gov – Check Out Energy Rebates
This is a government site that offers lots of energy saving tips as well as explains what energy saving grants or credits might be available.
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Twin Cities Foreclosure Trends-From our MLS & Realty Trac
August 5, 2010 by Financemyhome · Leave a Comment
Besides the board of realtor sites: http://theThing.mplsrealtor.com and market data posted elsewhere at http://www.MplsRealtor.com I have a subscription to Realty Trac. My subscription gives me additional data about foreclosures and trends within certain zip codes. This is in addition to my daily subscription to Finance & Commerce (a business newspaper that prints all the foreclosure information as well as very timely articles regarding the business community). If you are looking for someone who has experience and access to information about distressed sales, we need to be working together. Whether buyer or seller-I can help you understand the market we are in and the options and opportunities available to you. Give me call today.
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Real Estate Information
August 4, 2010 by Financemyhome · Leave a Comment
These are a couple of my newsletters that have a ton of valuable information. Go check them out.
Foreclosure Market Trends Newsletter
http://www.realtytrac.com/MarketTrends/NewsLetter.aspx?guid=131bd355-1b69-4bd1-99cd-2f0c9a936810
Real Estate Cyber Space Tips
http://www.REcyber.com/cybertips/r11627
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Minnesota Mortgage – What to Expect When Buying a Home in Minnesota
July 19, 2010 by Financemyhome · Leave a Comment
Maybe you’re buying your first home in Minnesota, or perhaps you’re relocating to Minnesota from another state. Either way, it’s important that you educate yourself on Minnesota home loans before shopping for a home and mortgage. This article explains what you’ll need to know before buying a home in Minnesota:
The median price of a home in Minnesota is $122,400. The price of homes in Minnesota varies widely between zip codes. For example, in Minneapolis, Minnesota, the median price of a home in the summer of 2005 was $320,000; however, in Plymouth, Minnesota, the median price of a home was $214,000, and in Forest Lake, Minnesota, it was $225,000. Average interest and job growth rates in South Dakota are both below the national average.
Minnesota law prohibits the financing of points and fees on a mortgage that are more than 5% of the loan amount. Additionally, Minnesota limits the ownership of agricultural land to U.S. citizens and permanent residents, and corporations owned at least 80% by U.S. citizens and permanent residents.
The state of Minnesota does not regulate home radon levels. This means that home buyers must test for radon levels in the home they are purchasing and decide for themselves how much radon is acceptable in their home.
Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Minnesota Mortgage Rates and Loans.
Article Source: http://EzineArticles.com/?expert=Jessica_Elliott
http://EzineArticles.com/?Minnesota-Mortgage—What-to-Expect-When-Buying-a-Home-in-Minnesota&id=263529
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Outstanding Video-An Inspiration To All-Be The Best You Can Be!
June 18, 2010 by Financemyhome · Leave a Comment
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Twin Cities Home buyer book
June 10, 2010 by Financemyhome · Leave a Comment
Thinking about buying a home but don’t know where to start? Why not start by reading the home buyer hand book that we have provided below. It is a great place to start to get the information you need. When you’re ready, we would love to help you find and finance a new home.
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Open Source Documents-Unbelievable Resources-Find YOUR topic of Interest
February 2, 2010 by Financemyhome · Leave a Comment
If you’ve never visited http://www.Archive.org, you are missing a wonderful site. From this site, you will find many resources that are out of copyright and you can download and use them as you wish. You will find all the classics and some fun things as well. Just for fun, I have the download of a book called “Little Gardens” which is a book about setting up a garden on a city lot. This is just one of the MANY fun things you’ll find. You can download and watch old music, movies, and cartoons as well. Plan to spend some time on the site should you decide to visit, as it is very cool. Click here to download the book Little Gardens
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Sell Your Home Faster-Learn The Home Selling Secrets Of Successful Sellers
December 23, 2009 by Financemyhome · Leave a Comment
Here is a special report that outlines over 450 ideas on how to sell your home faster. This report is just one of the many home buyer, home seller, and investor reports that I can make available to you. Read this report and call me to arrange a time to see how I can help. Download Now
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Avoiding HUD Home Headaches: Tips On Buying HUD Foreclosures!
December 8, 2009 by Financemyhome · Leave a Comment
Bidding & Buying on Minnesota HUD homes—it seems to be the hot ticket in town.
However – Remember these key points to avoid problems and advise buyers:
• Only primary residence buyers allowed in the first round of bidding.
• Determine if the home is being offered as eligible for Minnesota FHA financing:
o Has an existing FHA appraisal that must be used (unless expired)
AND
o The sales price has usually been based on the existing appraised value. Bidding above the sales price may result in them paying the difference out-of-pocket between their bid and appraised value.
• HUD does not automatically provide title insurance. Make sure that the lender has disclosed this additional expense to avoid surprises at closing. Only if HUD has agreed to pay closing costs, could the insurance be provided at HUD’s expense.
• If HUD is offering a repair escrow, that this amount can be ADDED to the MN FHA loan, but HUD doesn’t pay for it.
• Lender documents must be to the title company up to 10 days prior to closing date in some states.
• HUD signs closing packages first. Then once the loan proceeds and the title company receives buyer down payment and closing costs, the buyer is allowed to sign. Make sure that the lender is aware and has the ability to fund the loan BEFORE they have a completed loan package.
• Closing delays are common due to “title clearing” issues. Foreclosed homes can have several liens due to utilities, taxes; etc that must be dealt with before closing can take place. Minneapolis HUD Homes are a great investment when the buyer is prepared from the beginning for all potential challenges, such as rescheduling of moving trucks, and possible rate lock extension fees.
When you work with experienced professionals like John Mazzara with RE/Max Associates Plus in Edina Minnesota and Patti Mazzara with Venture Development Inc, a MN Mortgage Broker, you will get the guidance and straight-forward answers that make the process easy to understand. Let our experience help you through your home purchase. Visit http://www.minneapolisstpaulhomes.com and http://www.ventureloanapp.com/
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Extension And Expansion Of Home Buyer Credit-4/30/2010
November 18, 2009 by Financemyhome · Leave a Comment
A Big WOW!! The credit has been expanded to include homeowners who have owned their home for the past 5 years. No longer do you need to be a first time buyer. The dollar limit is $8000 for first time buyers and $6500 for move up buyers. This GREAT news. Combine this with 50 year lows in interest rates, and you’d be crazy not to consider making a move. If you feel secure in your job, think hard about buying home at this time. We can help you make the right move. Visit this site-which is from the National Association Of Home Builders http://www.federalhousingtaxcredit.com/faq2.php This site give you all the rules and regulations as they now apply.
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Why Foreclosure Is Often Preferred By The Loan Servicer Instead Of Offering A Loan Modification
November 11, 2009 by Financemyhome · Leave a Comment
Have you ever wondered why a foreclosure occurs when a better solution might have been a modification? Would you like to read the facts and figures and see how mortgages are bundled, sold and serviced? You will soon see it is isn’t pretty, we are in the midst of a crisis, and it is likely to get worse before it gets better. That being said, you can probably guess why-it’s about the money. It is a little more complex than that-the report is 60 pages-but is explains the incentive and disincentives that are at conflict within the mortgage market today. Once you understand how all the pieces go together, you can see that something “different” needs to be done. I am a strong free market believer, but in this case, the government needs to have a mandate and rule that is guided towards keeping people in their homes. Left to current industry solutions, the mortgage mess will continue to play out and get worse. If you click on the link below, you will find the free report from the National Consumer Law Center.
http://www.consumerlaw.org/issues/mortgage_servicing/content/Servicer-Report1009.pdf
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Home Buyer Tax Credit Information Update
November 10, 2009 by Financemyhome · Leave a Comment
It’s now official!! The tax credit has been extended and expanded. YOU NEED TO HURRY! You now have until the end of April 2010. The following summary of the credit is provided by the National Association Of Realtors. The following two documents cover the changes in the new law. Now get out there and buy a home!!
NAR FAQ: Homebuyer Tax Credit Changes
NAR Issue Brief: Homebuyer Tax Credit Changes
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2008 First Time Homebuyer Credit Questions and Answers
November 9, 2009 by Financemyhome · Leave a Comment
2008 First Time Homebuyer Credit Questions and Answers. Click Here
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First Time Homebuyer Credit form 5405
November 9, 2009 by Financemyhome · Leave a Comment
Download this First Time Homebuyer Credit form 5405 to claim your credit. Click Here
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Homebuyer Protection Alert!
November 3, 2009 by Financemyhome · Leave a Comment
Recent Federal legislation can impact your closing date. When completing your Purchase Agreement, even if you are prepared to move forward and close quickly, a more conservative timeframe of at least 30-45 days from the time of the contract acceptance would be a more realistic expectation at this time.
Listed below is information on two pieces of legislation that stand to impact your closing date, and a few bullet points that explain the reasoning behind and effects of each measure.
HVCC: Home Valuation Code of Conduct
HVCC was designed to ensure that appraisals are conducted objectively and without pressure from parties with an interest in the transaction. Under HVCC:
- The appraisal and selection of the appraiser will be ordered by someone not directly involved in the origination of the mortgage. This could be either someone else within the mortgage company or a third-party appraisal management company.
- A copy of the appraisal must be provided to the homebuyer/borrower no less than three days before closing. The minimum time expectations for receipt of the appraisal should be a few weeks and not days. (While receipt of the appraisal may be received in shorter timeframes, conservative expectations are warranted.)
- Communication between the appraiser and the originating mortgage professional is prohibited. It is imperative that the agents involved in the transaction be prepared at the time of inspection to offer supporting value information if warranted.
HERA: Housing and Economic Recovery Act
HERA was designed to ensure that the borrower(s) involved in the transaction are given accurate disclosure information (Truth in Lending Statement pertaining to Annual Percentage Rate or APR) regarding the loan they are applying for and adequate time to re-evaluate their decision to proceed in the event of any changes that would impact their costs to finance.
Under HERA:
- No fees may be collected for the transaction other than those for running a credit report at the initial time of application. Additional fees may be collected only after four business days.
- Should the APR change by more than .125% on a fixed rate loan or .250% on an adjustable rate loan, the lender must disclose the new APR and the borrower must have a minimum of three business days to review the information before the transaction may proceed.
- Items that can trigger re-disclosure requirements include a change(s) in the loan amount, closing date, loan program, any fees that impact the APR or interest rate from the rate indicated on the original loan application.
- In cases where documents are sent by mail to the borrower related to re-disclosure of APR and/or providing a copy of the appraisal, anticipate six business days (three to allow for mailing and three to allow adequate time to review them) before a closing can occur.
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MN First Time Home Buyer and Minneapolis Home Buyer Alert!
November 3, 2009 by Financemyhome · Leave a Comment
Tax Credit Expires 11/30/09 – Don’t Get Left Behind
MN Mortgage Broker, Patti Mazzara, warns MN First time home buyers not to miss out on the first time home tax credit that is about to expire. The first time home buyer tax credit which can be used on a Minneapolis home loans when Minneapolis home buyers close before November 30, 2009.
Unless you have either been under a rock for the past 12 months or you never work with first time homebuyers (FTHBs), you are no doubt aware the clock is ticking on the IRS tax credit for FTHBs. My purpose here is to give you some additional information on what you can do to move listings, motivate buyers, and more importantly close deals.
General Points to Consider – Buyer and Seller
The expiration date of the tax credit is November 30, 2009. Close December 1, as of now, and any qualifying buyer will not receive the tax credit. With the 30th falling on the Monday following Thanksgiving, where possible work towards a closing date of November 24th. This will provide some cushion if anything pops up in the closing process that could delay a closing.
Recent legislation mandates that if the Annual Percentage Rate or APR changes outside acceptable tolerances from the initial application, some documentation needs to be re-disclosed and time needs to pass before the closing can occur. Items that can impact APR can include a change in interest rate or fees required to close. If a buyer delays locking the application and interest rates increase during the loan process, this could delay the closing. This is just one reason to plan accordingly and schedule an earlier closing date than the last possible day.
Protect your clients on both sides with extended closing dates of 45-60 days. Expectations are high that more FTHBs will be going under contract in the next month. Interest rates have fallen to levels not seen since May. The result is that many lenders’ pipelines will be swelling with people seeking to take advantage of lower rates and the tax credit. Where feasible, work to get people under contract soon and plan accordingly to allow for any processing delays that could result.
Seller Points to Consider
Many FTHBs are motivated to purchase but may lack the necessary funds to close or may fall short in qualifying income. One way to assist with either or both situations and make the property more attractive is to promote that the seller will pay to reduce the borrower’s interest rate and/or closing costs. In many cases, this will not only cost the seller less than a price reduction but also bring additional prospects to consider the house.
Most FTHBs today are choosing to obtain loans that are guaranteed by the FHA, VA, or USDA. In the case of both FHA and USDA loans, the seller can pay up to 6% of the sales price or appraised value. For VA loans, the maximum seller concession is capped at 4%.
Consider approaching all sellers today with homes that would appeal to FTHBs and get them to commit to paying closing costs and/or reducing the buyer’s interest rate. This has often worked for builders in generating sales and it can work for your sellers, too.
Sellers who do not move homes before the end of November may find themselves waiting until the spring buying season kicks in to find their buyer. Make sure sellers know they need to promote their property now or risk waiting months while potentially seeing their property’s value decline in the process.
Buyer Points to Consider
In the same light as just mentioned, many buyers may feel they lack the funds required to close. When buyers are interested in a property, encourage them to submit an offer with the concessions needed to get the mortgage approved. They may just find that the seller is willing to negotiate.
Get all potential buyers pre-approved. As the time to close will be at a premium during the months of October and November, any work that can be done to expedite the application process will be golden. Prepare your buyers by advising them not to wait until they have a home under contract. Any documentation submitted today for pre-approval should be good through the end of November. Also, with a pre-approval in hand, both you and they will know exactly what they can qualify and shop for.
If you want to help with the application process and prevent the need to possibly re-disclose loan documents, encourage your buyers to lock their interest rate early in the loan process. This will be helpful for all parties and help the buyer focus on closing and providing any additional documentation that may be needed.
Some Questions on Who May Qualify
I have received many questions regarding who may and who may not qualify for the FTHB tax credit. I am attaching to this letter some FAQs on examples I have either dealt with or read about. As always, I encourage anyone with specific questions to consult with an accountant for final clarification.
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Renters Have Much to Gain by Pursuing Home Ownership
October 30, 2009 by Financemyhome · Leave a Comment
Read by clicking here: Renters Press Release
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Neighborhood Stabilization Program- Hennepin County Redevelopment Tool
October 20, 2009 by Financemyhome · Leave a Comment
We work within the parameters of this program. One of our lenders will accept this form of funding. READ more about it and see if it might work for you. We would love to help you find and finance a home within the areas that qualify.
http://www.hennepin.us/neighborhoodstabilizationprogram
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Down Payment Assistance Programs (DAP) Lender Approved In MN
October 20, 2009 by Financemyhome · Leave a Comment
On of our lenders has pre-approved various down payment assistance programs. These programs MAY have changed and MAY be out of money when you contact them. Things change all the time. With that being said, we can use these programs in conjunction with FHA, My Community and the Home Possible loan programs. We are a Minnesota mortgage broker and may be able use these programs for YOUR transaction. Call us to begin the loan process and we can work together to find you a combination of funding sources that would work for you. Click Here
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First Time Home buyer Loan Programs & Other Special MN Loan Programs
October 13, 2009 by Financemyhome · Leave a Comment
Here is a matrix that is very helpful explaining just some of the mortgage programs and their guidelines. There ARE more loan options than these as well. MN loan options are constantly coming and going-guidelines change. We don’t work with all the programs, but we do work with many of them. Call us to help you navigate through the home purchase process and select the right loan for you. Look at the Matrix of programs provided. Click Here
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Minneapolis First Time Home Buyer
October 7, 2009 by Financemyhome · Leave a Comment
If you are looking for help with a down payment on your home purchase consider the following areas of Minnesota that have help for home buyers.
Brooklyn Center
Brooklyn Park
Champlin
Crystal
Edina
New Hope
Richfield
Woodbury
Each area’s program is a little different so MN Mortgage Broker Patti Mazzara will help you to make sure that your income and property type/location fit the guidelines. Some of these programs require the applicant to be a First Time Home Buyer buying a foreclosed property but there are programs that do not. Some areas of the Twin Cities are actually offering money from more than one program allowing home buyers to qualify more down payment money than one program might allow.
Call Patti Mazzara at Venture Development Inc. located in Edina MN and visit www.VentureLoanApp.com. We have a link on our website to fill out an application online.
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Minnesota Real Estate Newsletter Gives Access To Great Computer & Life Tips
October 2, 2009 by Financemyhome · Leave a Comment
I maintain a number of real estate sites, blogs, and newsletters. One newsletter that provides a number of computer tips to help you function better with a computer is http://www.REcyber.com/cybertips/r11627 The site is full of cyber space tricks and great places to visit. We have link to this site on the list of MN Real Estate links, but I wanted to highlight this particular newsletter because it different from what most agents provide. From this newsletter, you can also access all the back issues-from 2001 and beyond. It is really quite a useful resource-spend some time there if you have a chance.
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Make The Right Home Improvements & Increase Your MN Home Value
September 30, 2009 by Financemyhome · Leave a Comment
Are you ready to sell your Minnesota home for the highest dollar with the least amount of hassle? I have helped hundreds of MN homeowners get their home sold. Can I help you?
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Minnesota Home Seller Secrets
September 30, 2009 by Financemyhome · Leave a Comment
Are you ready to sell your Minnesota home for the highest dollar with the least amount of hassle? I have helped hundreds of MN homeowners get their home sold. Can I help you?
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Minnesota Home Buyer Secrets
September 30, 2009 by Financemyhome · Leave a Comment
First, read the guide and learn how to purchase a Minnesota home successfully. Then, call me to set up an appointment to begin the process.
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Minnesota Mortgage Broker Can Outline Your Options
September 25, 2009 by Financemyhome · Leave a Comment
Minnesota Mortgage Broker Can Outline Your Options
Renters Have Much to Gain by Pursuing Home Ownership
By Patti Mazzara, Vice President
Venture Development Inc.
Edina, MN – Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages.
Yes, there are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting, and for obvious reason. If you are renting, you’re helping them make their mortgage payment.
The numbers are staggering if you look at it this way. If you are paying $1,000 per month for an apartment, and you know your rent will increase 5% every year, then over the next five years you will pay your landlord $66,309. If you are currently renting a house, you may be paying much more than that each month. Either way, you gain no equity by shelling out this monthly housing expense and you certainly won’t benefit when the property value goes up!
However, if you were to purchase your own home or condominium, you would be well on your way toward building equity within that same five-year period. By choosing a fixed-rate loan program, you can have the comfort of knowing that your monthly mortgage payment will never go up. In fact, you would have the option of refinancing to a lower interest rate at some point in the future should interest rates drop, and this would cause your monthly mortgage commitment to go down.
In addition to building equity, there are tax advantages that come into play with home ownership. Depending on your tax bracket, owning a home is often less expensive than renting after taxes. Interest payments on a mortgage below $1 million are tax-deductible, and your mortgage consultant should help you evaluate the tax advantages of various loan scenarios, and share this information with your tax consultant to glean feedback on your behalf.
To find the loan program that is right for you, your mortgage consultant will need to evaluate your monthly household income, current assets and savings, as well as any monthly obligations you may have for credit card payments, car payments, child support, etc. These prequalification factors, along with the report of your credit score, will determine how much house you can afford and what interest rate you will pay for financing. It is also important to let your mortgage consultant know what your future goals are, because this will help narrow down which loan option is the best fit for your long-term needs.
There are many different types of loan programs available, including “low” and “no” down payment mortgage programs. These types of programs require the borrower to provide less than 3 percent of the loan amount as down payment. FHA lenders rule that the mortgage payment, including principal, interest, taxes and insurance (PITI) should not exceed 31 percent of your gross income, and the PITI plus other long-term debt (car payments, etc.) should not exceed 43 percent of your gross income.
Housing is an expense that takes a big bite out of the monthly budget. If you are a renter and feel that “home” is more than just someplace to hang your hat, think about the advantages of purchasing real estate. It may be time to take the step into building your personal net worth as a home owner.
Patti Mazzara is with Venture Development Inc., a MN Mortgage Broker. We work with Minneapolis and Saint Paul Minnesota home buyers. Visit our website: www.ventureloanapp.com to see why we are the Twin Cities Mortgage Broker first time home buyers call.
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Government Regulation Clogs the Pipes
September 25, 2009 by Financemyhome · Leave a Comment
It’s no secret that many facets of lending and real estate have changed as a result of the credit crisis. In addition to tightened lending practices that resulted from rising mortgage delinquencies, Washington has been heavily involved in altering the way lenders do business today.
Two individual pieces of legislation impacting our business need to be taken into account when determining closing dates for purchase transactions.
Home Valuation Code of Conduct – The Home Valuation Code of Conduct (HVCC) went into effect May 1, 2009. Intended to shield appraisers from undue influence from loan officers and lenders, this legislation installed a “firewall” between those individuals directly involved in the origination of the loan from the selection of and contact with appraisers.
HVCC also requires that borrowers receive a copy of the appraisal a minimum of three days in advance of closing. Part of the kicker here is that “received” is considered, in effect, three business days after the appraisal has been mailed to the borrower.As HVCC requires a firewall between the originator and the appraiser, the time to receive an appraisal has increased, in some cases by as much as two weeks or more. While this may not always be the case, it is important to take into consideration when considering closing dates. Today, conservative closing dates are mandatory to properly manage expectations of all parties.
Housing and Economic Recovery Act – The Housing and Economic Recovery Act (HERA) amends and impacts several aspects of obtaining a mortgage, the disclosures required for borrowers, and the timing of their delivery. This impacts the minimum time required to close, and should any changes be made to a loan application that could impact the Annual Percentage Rate (APR), this could impact the closing date.
Other than paying for a credit report, lenders may not accept any additional fees from a borrower until four business days after disclosures have been provided to or mailed to a borrower. This has the potential to delay several aspects of the application process.
Finally, upon making application, a borrower is provided a Truth in Lending (TIL) statement, detailing the total expected costs that could be incurred over the life of the loan. Should anything change in the loan application that could change the APR by more than .125%, a new TIL must be reissued to the borrower a minimum of 3 business days before closing. Items impacting the APR could include a borrower accepting a higher interest rate than initially qualified by floating their rate at application, a change to the loan amount, a change in product, a change in closing date, and any changes to fees.
Minnesota Mortgage Broker, Patti Mazzara, recommends that purchases are ideally allowed no less than 45 days to complete the transaction. If you are looking to buy a home in the Twin Cities, MN – visit www.VentureLoanApp.com and ask to work with the Patti Mazzara. We also help Minnesota home owners refinance their current adjustable rate mortgages into fixed rate mortgages.
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Minnesota Mortgage Broker Discusses Life After Bankruptcy – Is It Possible?
September 25, 2009 by Financemyhome · Leave a Comment
Edina, MN – Bankruptcy is an uncomfortable subject for a variety of reasons. The most obvious is the potential havoc it can wreak on your finances when obtaining a mortgage loan. Running a close second is the negative stigma which is often attached to the process. This negativity is important to mention because strong emotions can sometimes lead to unsound financial decisions with devastating results.
Bankruptcy becomes a viable option for someone who is “upside down” in terms of cash flow. In other words, when a person has more money going out each month than coming in, bankruptcy should be considered if no reversal of this negative cash flow is within sight. The longer someone waits to explore the various options available, the more serious his or her situation may become.
One of the worst things people can do in this situation is to borrow more money to try and pay off their debts. On paper, this is clearly an unwise financial decision. In the real world, however, it is very common for individuals to pursue this strategy in an attempt to buy time and hold off on filing for bankruptcy. On the surface, this is certainly a noble notion; however it can often compound the problem and serves only to delay the inevitable.
For many homeowners in the midst of this upside down cash flow, speaking to a qualified mortgage professional like Venture Development http://www.ventureloanapp.com is a much better option. An experienced loan officer can objectively look at your finances and help you determine if restructuring your mortgage would not only help, but possibly even alleviate any need for bankruptcy. Please visit our web page to learn more about debt consolidation http://www.ventureloanapp.com/debt_consolidation.html
If bankruptcy is the only option, seek out a reputable bankruptcy attorney and credit counselor. A qualified mortgage specialist can provide references for you as well, as he or she works with these professionals on a regular basis. Reliable references are essential in this case because experienced professionals greatly increase the odds of a successful bankruptcy experience. It’s that simple.
When filing for bankruptcy, be completely honest and accurate regarding every aspect of your financial situation. This includes any changes to your income which may occur throughout the process. Bankruptcy is a federal procedure, adjudicated by real judges, and scrutinized by representatives who coordinate with the Department of Justice, the FBI, and the IRS.
Here are some additional steps you can take to make the bankruptcy process as painless as possible:
•Save all paperwork regarding your bankruptcy, and keep it organized. This will prove beneficial after your bankruptcy as you now have all of the pertinent information in one place. Also, be sure to write down your discharge date or keep a copy of the discharge paper that is stamped and dated. It’s surprising how many people forget to do this. Keep these records available in the event that you will you will be required to show the bankruptcy documents for a future home purchase or refinance.
•Establish a household budget. This can be accomplished in many ways, but there are several inexpensive computer programs available which do an excellent job.
•Throughout the bankruptcy, do your best to not only live below your means, but to save as much cash as possible. You never know what you may need it for once the process is completed.
•Be prepared for a barrage of junk mail. There will be sharks on the loose who are hoping to capitalize on your need for credit.
Tips for Rebuilding Credit:
•If you must buy a car, focus on transportation as opposed to style. Buy an inexpensive, used car, and try to get a loan for it. It’s a good idea to figure out what your budget allows in terms of a dollar amount first. This means obtaining financing prior to looking for a car.
•Get a secured credit card. Secured credit cards allow for the cardholder to deposit a said amount of money into an account, thus establishing the spending limit of the card. Missed payments result in deductions from the account. Some of these cards will reward responsible borrowers by upping the limit without an additional deposit. Some will even convert the account into a traditional credit card. (Be wary of offers of “easy credit” or any card which asks you to call a 900 number. You will be charged for the call.)
•Meet with a credit repair specialist. Not only can they help you clean up the damage to your credit report, they can advise you on specific ways to rebuild the credit you lost as well.
While it does take time, there is definitely life (and credit) after your MN bankruptcy. Some mortgage lenders will even lend to you within a year or so after a bankruptcy. If you’re in serious financial trouble, the trick is to get the help and advice you need from professionals you trust.
Call us – Your Twin Cities Mortgage Broker! We help people in Chapter 13 purchase and refinance in Minnesota.
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