Minnesota Loan Guide

As long as you have a credit score of 680 or better, there has never been a better time to get a home mortgage loan. Federal and state governments have put plans in place that meant to help distressed homeowners avoid foreclosure and get new home buyers into the home of their dreams. Interest rates are down and so are home values, and when those two things are put together it means you could be living in home that doubles in value over the course of only a few short years.

Minnesota Home Loans

Unless you are planning to either sell or refinance in a few years, avoid Adjustable Rate Mortgages. They may look very appealing at the start, but after a few years, the rising interest rates could force your family into financial distress.

Minnesota Refinancing and Restructuring

Refinancing is the easiest way to get out from under a mortgage with balloon payments. If you qualify, it might even be a good idea to take a look at loan modification options that have been put in place specifically to deal with the failure of companies such as Freddie Mac and Fannie Mae. In both types of restructuring, the key item is to transfer adjustable rates into stable fixed ones, even if it means extending the term of the mortgage by a few years.
Minnesota Home Equity Loans
Once your home has accrued 5% or more equity, you can apply for a home equity loan. It is not usually a good idea to take out a loan of any type to pay for a vacation, but you could use one to make repairs to the home or even put a down payment on an RV. The important thing to remember is that you should never take out a loan if you are not in a financial position to pay it back.

Minnesota FHA Loans

You may not be aware of it, but FHA loans and assistance may total as much as $10,000 for those who qualify. Another thing that you may not realize is that a large number of mortgage lenders are willing to work with you an FHA loan.

Minnesota Mortgage Tips

Take a close look at your financial situation before you apply for a loan. If you are not able to afford the home you are applying for, getting the loan is not going to solve any problems. One of the worst tragedies a family can make is to get into a home they can’t afford, and then have to fight to keep it only a few years later. A better idea is to settle for a little less than you wanted, and sell that property after a few years to pay for getting your family into the one they really want.

Minnesota Helpful Links

HUD Minnesota
Minnesota Housing Authority
Minnesota Down Payment and Assistance

Be Sociable, Share!

Tags: , ,

Refinance Rates
Purchase Rates
Refinance Rates,
   Product:                 Today        Last Week
Compare rates in your area:
Mortgage Rates
Refinance Rates
Purchase Rates
Purchase Rates,
   Product:                 Today        Last Week
Compare rates in your area:
Mortgage Rates