 |
If you are buying a new home, your salesperson probably told you to consider going with the builder's preferred lender. Oftentimes builders have special relationships with lenders and will offer to pay for closing costs if you use their lender. Before you do, compare the different Minneapolis, Minnesota mortgage rates to see if you can find a lender with a better rate.
Use calculator to compare mortgage rates
While you may be better off using your builder's preferred lender, do the math first. If you are going to save $2,500 off closing costs but it will cost you $5,000 more money to pay the higher real estate mortgage interest, then you will lose out. Ask a lender to help you figure out how much it will cost you in interest whether you choose a 15, 30, 40 or even 50-year real estate mortgage.
Real estate mortgage facts and figures
You can look online to compare a variety of lenders. You will need to know the rate they are offering, the points, the APR, how many days they will lock in the rate and estimated closing costs. In Minnesota, the rates have been hovering around 6.0 for the last year. A 30-day lock-in is fairly typical, and means the lender promises to give you the agreed upon rate as long as you close within 30 days. If you are building a home, make sure your home is close to being completed before locking in on a rate. Strive for a loan with zero points. Most lenders will negotiate the points as well as the interest rate.
Get pre-qualified for real estate mortgage
Whether you are buying a new or existing home, you should be pre-qualified for a Minnesota real estate mortgage before you go house shopping. When you get pre-qualified for a real estate mortgage you learn exactly how much you can afford. You also find out how much money you need to come up with as a down payment. If a bank feels comfortable you can afford a certain monthly payment, that's a good sign. But it doesn't mean everything. A bank does not know all of your spending habits. Be honest with yourself about what you can afford. Just realize a lower real estate mortgage will give you more buying power, which means you can afford a more expensive home. When it comes to comparing mortgage rates, it's probably the most important homework assignment you will ever do for yourself.
|
|
|
|
|
|
|
Get a Quality MN Real Estate Agent |
|
|
|
Please enter your contact information below and a live
Minnesota real estate agent will contact you within
24 hours or sooner.
|
|
|
| Sample Heading Here |
|
| It looks remarkably simple; it catches your attention, delivers the punch at the right |
|
|
|
|
 |
|
|
|
Minnesota Real Estate News
Investors Real Estate Trust Declares Regular Quarterly Common Share Distribution, and Declares Series A Preferred ...
Fri, 03 Sep 2010 13:30:00 -0700
MINOT, N.D. -- Investors Real Estate Trust announced today that its Board of Trustees has declared a regular quarterly distribution of 17.15 cents per share/unit payable on October 1, 2010 to common shareholders and unitholders of record at the close of business on September 15, 2010. Inland Real Estate Corporation Announces Joint Venture Acquisitions of Farnam Tech Center and Copps Food Center
Thu, 02 Sep 2010 05:30:00 -0700
OAK BROOK, Ill.----Inland Real Estate Corporation today announced the acquisitions through its joint venture with Inland Real Estate Exchange Corporation of the Farnam Tech Center in Omaha, Nebraska and a free-standing Copps Food Center store in Sun Prairie, Wisconsin. Wolf killings set to expand
Sun, 05 Sep 2010 18:15:34 -0700
Wolf killings set to expand By MATTHEW BROWN The Associated Press Updated Sep 6, 2010 03:36PM MDT Billings, Mont. • Government agencies are seeking broad new authority to ramp up killings and removals of gray wolves in the Northern Rockies and Great Lakes, despite two recent court actions that restored the animal’s endangered status in every state except Alaska and Minnesota. Various proposals ... Weekly Planner business calendar
Sat, 04 Sep 2010 22:10:29 -0700
University of Minnesota New Alumni Association. Football Returns to Campus: How TCF Bank Stadium is Engaging Our Community. 11:30 a.m., McNamara Alumni Center, 200 Oak St. S.W., Minneapolis. $35-$28. carlsonschoool.umn.educ/firsttuesday YOUR PLACE TO CALL HOME: Who does your Realtor work for?
Mon, 06 Sep 2010 01:03:38 -0700
You walk into an open house on Sunday afternoon and talk to the Realtor there about the home you are viewing. When you start to share information about your housing needs, the Realtor stops you and says, "We need to talk about agency."
|
|
|