Twin Cities Mortgage And Real Estate News

Minnesota mortgage -the interest deduction

Tue, 07 Feb 2012 21:46:28 -0500

 

 

 

Choose Your Deduction

 

One third of all U.S. households, 75% of households with more than $75,000 income and most homeowners itemize their deduction on their federal income tax returns. It makes sense because the interest paid on their mortgage and their property taxes probably exceeds the allowable standard deduction.

 

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However, with interest rates as low as they have been in the last two years and the price of homes having come down considerably, it is possible that the standard deduction may be the better choice.

 

Each year, the taxpayer can compare the total of the itemized deductions to the standard deduction to select which method will result in the most benefits. The 2011 standard deduction is $11,600 for married couple filing jointly and $5,800 for single filers.

 

The Housing and Economic Recovery Act of 2008 allows homeowners to take the standard deduction and the lesser of their actual property taxes of $1,000 if filing their return married jointly. For more information, see Schedule L found on www.IRS.gov and consult your tax advisor.

 

Edina Mortgage rates

Tue, 07 Feb 2012 21:40:26 -0500

 

Risk Determines Rate

 

Regardless of what a lender quotes on mortgage rates, the actual rate paid by a borrower is based on a number of variables. Lenders determine whether to loan money and at what rate based on the risk involved with the transaction.

 

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Factors that increase the risk that the loan will be repaid will proportionately increase the interest rate charged to the borrower. If the risk becomes too high, the loan will not be approved.

 

• Loan amounts - conventional loans for more than the conforming limits set by Fannie Mae are considered jumbo loans and generally have a higher interest rate.
• FICO score - the lowest interest rate is reserved for the highest credit scores; the lower the score, the higher the rate borrower will pay.
• Occupancy - borrowers occupying a home as their principal residence are considered a better loan risk than second homes and investment properties.
• Loan purpose - purchase transactions generally have the lowest interest rate while refinancing a home is generally higher.
• Debt-to-Income ratio - a borrower's monthly liabilities divided by their gross monthly income develops a ratio that helps lenders to assess the borrower's ability to repay the mortgage.
• Loan-to-Value ratio - the lower the percentage of the loan to the appraised value of the property will generally lower the interest rate.

Any combination of these factors could limit a borrower's ability to secure a mortgage at the rate initially quoted. Being pre-approved by a trusted mortgage professional is the best way to know what rate you can expect to pay.

MN mortgage and Twin Cities Real Estate perspective

Wed, 25 Jan 2012 16:58:13 -0500

Here is our latest TV show talking about mortgage and real estate opportunities as we see them today.

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MN Transfer of real estate in a divorce

Thu, 08 Dec 2011 09:57:34 -0500

  Recently I met with one of our resources-attorney Leslie Kimes. We discussed divorce and real estate and the disposition of real estate to of of the spouses. I was not aware of the use of the summary real estate disposition judgement. What a unique tool!. Leslie wrote the following to share with us-call her for any of your legal needs: Use of Summary Real Estate Disposition Judgments in Divorce Cases   As a family law attorney, I use Summary Real Estate Disposition Judgments (SREDJ) instead of Quit Claim Deeds to transfer title to property in marriage dissolution (divorce) cases to reduce costs and avoid the recording of Judgment and Decrees with the Recorder's Office. The SREDJ serves the same purpose as a Quit Claim Deed, and actually exceeds the scope of a deed by serving to convey title to all parcels of real estate owned by the parties, even if they are in different counties. The SREDJ is drafted by the attorney and submitted to the judge for signature after the Judgment and Decree has been entered. After the SREDJ has been signed by the judge, a certified copy is obtained and recorded at the appropriate Recorder's or Registrar's Office to effectuate the transfer of title. If more than one parcel has been transferred in the Judgment and Decree, the appropriate number of certified copies are ordered and recorded in each county. This way, only one recording fee is paid for each parcel and the Judgment and Decree does not need to be recorded. There is a lot of private information in a Judgment and Decree that does not need to be on file at a Recorder's Office! On the other hand, when a Quit Claim Deed is used, there must be a deed for each parcel, the former spouse needs to sign each deed, and a Judgment and Decree needs to be recorded with each deed. Obviously, the client is then paying twice the certified copy and recording fees as with a SREDJ. In short, a Summary Real Estate Disposition Judgment is a much more cost-effective way to convey title in marriage dissolution cases and saves time in streamlining the signature process (judge vs. former spouse). Leslie L. KimesAttorney at Law7714 Brooklyn BoulevardSuite 102Brooklyn Park, MN 55443 (763) 561-9197; Fax (763) 560-7053 www.lkimeslaw.com     Visit our Minnesota Mortgage Broker website at http://www.VentureLoanApp.com and John's Minneapolis St Paul real estate site at http://www.MinneapolisStPaulHomes.com or Search for Twin Cities homes NOW   Reality Based Real Estate InvestingPromote Your Page Too [...]

Minneapolis St Paul 203K loan

Fri, 27 May 2011 19:52:44 -0400

WE have an outlet for 203K's  Both full and streamline.  Watch this fun video to see the difference.  When you are ready to discuss your project or home buying needs, please give us a call.

203k Home Improvement Loans Part 2 of 2

FHA MIP vs Conventional PMI

Sat, 30 Apr 2011 13:22:14 -0400

FHA recently raised the monthly MIP (mortgage insurance premium) on 30 year loans to 1.15% if you put less than 5% down and 1.1% if you more than 5% down.  This is quite a dramatic change, as it was only a few years ago that it was .5%.   With the cost of mortgage insurance increasing, it might now be time to look at a conventional loan and the advantages of putting a little more down payment so that you can benefit from a lower private monthly mortgage insurance.  The private MI companies have come up with a comparison example.  Take a look:

http://www.homesminneapolis.net/insured-conventional-loan-vs-fha-which-is-better/

Certain Underwater Mortgages Eligible For Refinancing For 1 More Year-Program Extention

Mon, 14 Mar 2011 21:52:21 -0400

FHFA Extends Refinance Program By One Year

Washington, DC -- Federal Housing Finance Agency Acting Director Edward J. DeMarco has  announced an extension of the Home Affordable Refinance Program (HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to June 30, 2012. The program was set to expire on June 30 of this year. In addition, Fannie Mae and Freddie Mac will make the following adjustments to their programs: Freddie Mac will exempt HARP loans from their recently announced price adjustments and Fannie Mae will conform their eligibility date to May 2009.
 
The program expands access to refinancing for qualified individuals and families whose homes have lost value. HARP has grown over the past year. In 2010, Fannie Mae and Freddie Mac purchased or guaranteed more than 6.8 million refinanced mortgages. Of this total, 621,803 were HARP refinances with LTVs between 80 percent and 125 percent. This is up from 190,180 in 2009, when HARP began.
 
For more information on Fannie Mae and Freddie Mac refinance activity, see FHFA's Fourth Quarter 2010 Foreclosure Prevention & Refinance Report. Additionally, homeowners can visit www.MakingHomeAffordable.gov for more information on the program.

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.9 trillion in funding for the U.S. mortgage markets and financial institutions.

Having Trouble With A Bank?

Sun, 13 Mar 2011 14:55:14 -0400

 

I just found a government site that I wanted to share.  It is http://www.HelpWithMyBank.gov  It has resources for individuals who may be encountering difficulty with their bank.  It also has breaking news on banking related information such as regulations by the FTC.   It is definitely worth visiting and bookmarking for future reference. 

The big question I have, on a topically related issue, is the 27 page settlement offer over foreclosure deficiencies in their paperwork.  I believe it involves settling with some homeowners and offering a principal reduction.  Will the banks accept that?  Can you imagine the impact?  I can come up with a million different scenarios and responses from people who have and have not experienced a reduction in home value.   This is a big big big issue in my opinion.

Stay tuned for more-the government website I've listed will undoubtedly cover it as well.

List of Down Payment Assistance In The Twin Cities

Wed, 09 Mar 2011 22:43:35 -0500

Down Payment Assistance Synopsis   Where there is a will, there is a way.  There are many many programs today that are city specific.  So, the attached synopsis is a multi county foreclosure down payment assistance pool.  Basically, there is money available for purchasers of distressed homes.  If you want to buy a home and are flexible in which area you make your purchase, we can try to find you some programs.   

MGIC Has A New Program

Wed, 09 Mar 2011 22:40:11 -0500

Gifts and Grants can be considered towards borrowers funds on certain 3% down conventional loans   Yes, you read that right.  I just got an email today from a leading mortgage insurance company that is willing to underwrite this loan. You will need at 740 or better score.  But, what an opportunity.  In many ways, this is like FHA, but with a little higher credit threshold.  The KEY difference, besides credit score, is the lack of an upfront MI (mortgage insurance) premium and as well as a smaller required monthly premium.  This product could be a game changer for the MI company and conventional loans.  

Combination First & Second Mortgages For Purchasing Homes

Wed, 09 Mar 2011 22:29:38 -0500

Purchase 80/10/10 and 80/5/15 STILL exists!!!      

As of this post, the 80/10/10 and 80/5/15 can still be done.  While underwriting has allowed it, it has been very difficult to find a second mortgage product that would write a 5 or 10% second mortgage.  Well, after many phone calls, we have sourced two lenders who at this time are willing to offer the second mortgage.  One is a bank and the other is a credit union.  As with EVERY program, the rules can and do change at any given moment.  The key to both product is extremely high credit scores and a file that utilizes conservative ratios.  If you don't have at least a 700 score, this might not be something you can utilize at this time.  For the 80/10/10, you will need a 740 or better score.

If you are in search of PMI alternatives, this is an oldie but a goodie, and will take some research on your part.

Twin Cities Homebuyers

Wed, 02 Feb 2011 21:33:11 -0500

7 Tips for Improving Your Credit Here’s how to clean up your credit so you get the least-expensive home loan possible. Read Improve Credit Score with These Home Finance Tips How you manage your home ownership finances affects your credit score—and your ability to refinance later. Read How FICO Credit Scores Work Buying a house, refinancing it, getting a loan, getting a job—they’re all dependent on your FICO credit score. It pays to learn how it’s calculated. Read How Foreclosure Affects Your Credit Score Foreclosures—and how you handle them—may have long-term credit score implications. Read Visit houselogic.com for more articles like this. Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®     Visit our Minnesota Mortgage Broker website at http://www.VentureLoanApp.com and John's Minneapolis St Paul real estate site at http://www.MinneapolisStPaulHomes.com or Search for Twin Cities homes NOW   Reality Based Real Estate InvestingPromote Your Page Too [...]

Minneapolis Rental Property | St Paul Rental Property | Twin Cities Rentals

Wed, 12 Jan 2011 21:43:24 -0500

Buying real estate has been a winning proposition for many people.  With pricing rolled back 25-50% off of their peak, now may be the best time to consider becoming a landlord.   I have created a site for Landlords at http://www.MinnesotaLandlord.net and Tenants at http://www.MinnesotaTenant.com Both of these sites will give you a ton of useful information.  In addition, I teach a class on the issues involved in buying rental real estate through various community education classess throughout the Twin Cities.  I have just recently made the following powerpoint off of my class outline. 

 

 

 

 

If you want to discuss how I can help you build your own "rental property empire" just give me call.  If we meet, I'd be happy to give you a PDF of my book on investing in real estate called "Reality Based Real Estate Investing" which is available in paperwork at Amazon.

Refinance In Minneapolis| Refinance In St Paul

Sat, 08 Jan 2011 22:12:33 -0500

If Rates Are Heading Up, Should You Refinance Now? As the economy recovers, homeowners are faced with the good news/bad news prospect of a better real estate market with the likelihood of higher mortgage interest rates. For many, that leaves three choices - sell, refinance or sit tight with the mortgage they have now. Despite the average 30-year mortgage rate that stood at 4.8 percent in late December, the decision to refinance isn't always a great idea. In fact, it should be considered as part of an overall financial plan that is as individual as you are. It makes sense to confer with financial and tax experts before you make such a move because there are more questions to consider beyond "How do I get that low rate!" Among them: What are your current financial goals? If you're planning to stay in your home for the next 20 years, your outlook is far different than someone who wants to retire and move in the next five. Many people focus on paying off their mortgage instead of planning for retirement or education savings for their children. It's important to get advice on this question that fits your overall lifestyle and financial needs. The important question is when you'll get to breakeven on the cost of the refinance - generally 3 to 6 percent of the total loan amount. If your breakeven is at 12 months and you plan to stay in the home five years or longer, it will probably be worth doing. What's your current debt load? If you're swimming in debt, don't expect to get the lowest, most attractive rate available on the market. While the credit crunch is loosening, many mortgage lenders are being quite picky about whom they'll offer their most affordable loans to and many are still turning away borrowers in significant trouble. It's best to try and cut your level of credit card and other consumer debt before applying for any loan. When was the last time you checked your credit reports and credit score? You have the right to get all three of your credit reports - from Experian, TransUnion and Equifax - once a year for free. You can do so by ordering them at http://www.annualcreditreport.com/. Yet don't order all three at the same time. By staggering receipt of each of your credit reports at different points in the year, you'll get a continuous picture of how your credit picture looks. Also, you'll have the opportunity to focus on possible errors in a single report, which will give the other two credit agencies time to update their files. Consider biweekly payments on your current loan...  Your current lender might have sent you an offer for a biweekly mortgage loan program that will save you considerable money over the life of that loan. Discard their offer - many lenders make big fees off these programs - and see if you can do it yourself. Some lenders won't allow it, but see if you can break up your payments in a way that will equally divide the principal and interest payments so you're whole by the end of the month. Otherwise, they might apply the first half-payment to principal and still insist on the full monthly payment by the due date. ...or consider adding a 13th payment for the year: Either by adding the equivalent of 1/12th of what you typically pay per month to principal or simply double-paying your mortgage one month a year when you're flush, you'll pay your loan off faster. Fixed or variable? Given the recent uncertainty in the mortgage market and the current loan environment, it makes sense to try and go for a fixed rate since rates remain at historic lows. Higher rates mean higher payments if rates go higher. Second mortgages can be problematic: As many lenders have gotten stricter about doing business, they may not be as willing to take second-fiddle status [...]

All In For The New Year

Sun, 02 Jan 2011 00:23:59 -0500

I subscribe to various blogs and newsfeeds and today one of them posted the song below.   Besides being a great song, it speaks to all of us in what we do.  Are we going through the motions or are we really "all in"?  There is a very successful internet entrepreneur named John Reese who sold everything to travel the world for 6 months.  At the same time, he is chasing his dream of setting up a video game company.  Think about what you want to accomplish in life-not just real estate.  Are you committed?  Will 2011 be your best year?  Are you "all in"?

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Fix Your Credit or Re-establish Your Credit

Mon, 27 Dec 2010 23:23:59 -0500

Often, people will seek us out for ideas on what they can do to raise their credit score.  We are NOT in the credit repair business.  That being said, we do understand how various credit issues will affect your ability to get a mortgage.  The higher the credit score, the more mortgage options you will have available to you at your time of purchase.  An adequate amount of credit history-both in terms of number of active accounts as well as length of time they've been open will make a difference in your credit score.  Here is a list of credit providers that I researched and found within the marketplace that offer both secured and unsecured credit.  The terms under which they offer credit is for you to determine for yourself.  The information below is for informational purposes only and should be used for research purposes.  TOP IDEAS FOR CREDIT RE-ESTABLISHMENT Credit is granted and evaluated based upon just a few things.    The KEY is to try and re-establish a credit history as soon as possible.  Here is what I have found is most important: •·         The amount of open credit vs available credit. •·         The amount, type and payment history of all trade lines.  Preferably, you should have three to five  ACTIVE trade lines-mortgage, auto, installment, and revolving some of which are secured and unsecured. •·         The length of time the trade lines have been open and active.  TWO plus years is best. How do you get unsecured revolving trade lines? Ox Publishing sells E-books and requires a deposit that you get to use for an initial amount of credit towards your E-book purchases. Ox Publishing http://www.oxpublishing.com/   Lines of credit are granted at 5-10K. Fingerhut http://www.fingerhut.com/   BillMeLater.com http://www.BillMeLater.com _________________________________________.__________________________________ How do you get secured credit cards?  Your credit line is determined by your deposit.  Usually it is a $300-500 minimum.  These are some of the best.  Always read the terms and conditions. Look these cards up online or call the phone number to begin an application: Patriot Savings Bank-issued by New Millennium Bank 1-800-768-9897 Public Savings Bank-1-800-599-7889 Merrick Bank 1-800-253-2322 CreditOne Bank 1-877-825-3242 AppliedBank 561-982-9111 Orchard Bank 1-503-293-4037 Legacy Card - www.FirstNationalcc.com WellsFargo/US Bank-both offer secured cards against a deposit Secured loan backed by a CD.  Everyone is approved!!! 1-5K. You borrow the money, then deposit it in one of their CD's.   It is called the Credit Builder. M&I Bank Jenni Blank or Teresa Hensel-Personal Bankers  651-770-4420     Visit our Minnesota Mortgage Broker website at http://www.VentureLoanApp.com and John's Minneapolis St Paul real estate site at http://www.MinneapolisStPaulHomes.com or Search for Twin Cities homes NOW   Reality Based Real Estate InvestingPromote Your Page Too [...]

Marketplace Lofts Condo-New Listing In Hopkins

Sat, 25 Dec 2010 14:11:11 -0500

Watch the Obeo tour here: http://www.obeo.com/Public/Viewer/Default.aspx?ID=640724

This is an outstanding condo in the heart of Hopkins. I will come back and put up a postlets listings with the photos.

Clients Everywhere Are Noticing Rising Property Taxes

Sat, 25 Dec 2010 13:49:59 -0500

Property Taxes Keep Rising Even Though Home Values Have Dropped

By Rob Minton & John Mazzara

Want to save some money next year? Consider petitioning to have the value of your home reassessed for your property tax valuation.

Turns out that property tax rates are set based upon the budgets of each local government, not based upon property values. Many local governments have dramatically increased their property tax rates because it's their only option to generate more revenue in this sagging economy.

As an example, property tax rates in Northern Jersey have increased 12% while property values have fallen. If you have a few minutes, check out an article by Charles Hugh Smith at the link below. It almost makes you worry about what property tax rates will be in the next year or two...

http://www.dailyfinance.com/story/real-estate/property-taxes-keep-rising-as-home-values-keep-falling/19766378/

The only way to turn the trend around is through growth in our economy. 

True Love And Inspiration

Sat, 25 Dec 2010 13:47:40 -0500

I've seen this before on Youtube but wanted to share it here today.  At this time of year, we all need to be reminded of what life is really all about.

Team Hoyt - a Father & Son Inspirational Story!

By Rob Minton & John Mazzara

I don't have a market update for you this week. Instead I have something even better, the story of Dick Hoyt and his son. From TeamHoyt.com:
 
Rick was born in 1962 to Dick and Judy Hoyt. As a result of oxygen deprivation to Rick's brain at the time of his birth, Rick was diagnosed as a spastic quadriplegic with cerebral palsy. Dick and Judy were advised to institutionalize Rick because there was no chance of him recovering, and little hope for Rick to live a "normal" life. This was just the beginning of Dick and Judy's quest for Rick's inclusion in community, sports, education and one day, the workplace.

The story continues...

In the spring of 1977, Rick told his father that he wanted to participate in a 5-mile benefit run for a Lacrosse player who had been paralyzed in an accident. Far from being a long-distance runner, Dick agreed to push Rick in his wheelchair and they finished all 5 miles, coming in next to last. That night, Rick told his father, "Dad, when I'm running, it feels like I'm not handicapped."

This realization was just the beginning of what would become over 1,000 races completed, including marathons, duathlons and triathlons (6 of them being Ironman competitions). Also adding to their list of achievements, Dick and Rick biked and ran across the U.S. in 1992, completing a full 3,735 miles in 45 days.

Today Dick and his son participate in Ironman Competitions. Dick pulls his son through the water in a raft during the swimming course. He carries him through the transition areas, rides with him on his bike, and pushes him through the marathon using a specialized running wheelchair. 

It's one of the most inspiring stories I've heard in a long time and makes me want to work a little harder. If Dick Hoyt can do this for his son, what can you and I accomplish? Take some time to check out their story and make sure you watch the video. Here's the link to their site: http://www.TeamHoyt.com.

Make Plan And Work The Plan

Sat, 25 Dec 2010 13:44:40 -0500

Short-Term Thinking Destroys Long-Term Results

By Rob Minton & John Mazzara

In almost every area of our lives, most people tend to think short-term instead of long-term. And thinking short-term tends to bring us to the wrong decisions with numerous long-term ramifications. Goals and discipline are the key ingredients of success.

Here are a few examples to show you what I mean:

• Do I buy the $3,000 flat screen TV on my credit card now, or save up and pay cash? Most people will go out and buy the new TV right now trying to get one of the big sale discounts. They would buy the TV on their credit card not thinking about the long-term ramifications of this purchase. Credit card interest rates have risen dramatically this year and you'll end up paying a great deal more for the TV with the interest added.

· Do I lease a new car right now, because I can get a new care for zero down or should I buy the car instead? Most people will take the zero down option and lease the car. Isn't this one of the reasons our real estate market crashed? Zero down-home loans. Notice any similarities? The best decision would be to buy the car, pay it off as quickly as possible and drive it until it dies. Short-term thinking gets us to go for the zero down lease to save money today; however, we end up paying significantly more over the long-term.

· Do I postpone saving for my retirement now because times are tough economically, or go make some extra income so I can continue to save?

• Do I stop investing in real estate today because the market is flat, or do I think long-term and buy as many properties at discounted prices to maximize my long-term wealth?

• Do I lace up my running shoes and head outside for a run, or sit here and read the newspaper?

• Do I eat this candy bar, or should I have an apple

The bottom line is that it's ALWAYS better to think long-term when making decisions and this is because the best short-term decisions usually have the worst long-term outcomes.

Start New Years Goals Before New Years

Sat, 25 Dec 2010 13:42:24 -0500

What You Measure Improves

By Rob Minton & John Mazzara

Believe it or not, one of the easiest ways to improve any area of your life is to measure where you stand on a consistent basis. For example, if one of your goals is to increase your net worth, you have to measure and track your net worth on a monthly basis. Otherwise, you're not paying attention and you're definitely not making any progress.

You've probably heard all of this before, but it's true.
What you measure improves.

Want to lose weight? Weigh yourself every single day. A recent study from Brown Medical School and Drexel University ran an experiment to determine whether consistent "weighing in" would affect weight maintenance. At the end of the year, the subjects who weighed themselves every day lost more weight and kept more weight off than those who weighed themselves less frequently. The key to their success was to consistently measure their weight.

Other things you might consider measuring on a routine basis might be:

- Your monthly passive income
- Them amount of debt you have
- How much you save each month for retirement
- Your monthly living expenses (are they increasing or decreasing)
- The number of books you read on a monthly basis

If you stop and think about it, tracking and measuring is super easy to do, but chances are your not doing it. To make progress in any area of your life, you have to monitor and measure where you stand consistently. The good news is won't cost you a penny and the potential return is enormous. You don't need any fancy software. All you need to do is make the time and follow through.

Life is about systems.  Successful people have more streamlined systems.  Think about it.  Chaos and "crisis" management doesn't work well.  Organization is the key.  Think about it, and plan to work differently in 2011.

Veterans Get An Extension To Remedy A Default On Their Loan

Sat, 18 Dec 2010 10:28:46 -0500

Great NEWS!!!  Please share with any Veteran who may be in trouble.  Looks like Freddie Mac has stepped up and is helping.  Won't apply to all veterans but it will help some.  Here is the news release. Freddie Mac Extends Foreclosure Protection for Service Members Through 2011 For Immediate Release December 17, 2010 Contact: corprel@freddiemac.com or (703) 903-3933   McLean, VA - Freddie Mac (OTC: FMCC) today instructed its servicers to delay initiating foreclosure for at least nine months for financially troubled service members who are released from active duty through the end of 2011 and have Freddie Mac-owned mortgages. Freddie Mac is one of the nation's largest investors in conforming, conventional mortgages. News Facts Freddie Mac's decision to extend the nine-month foreclosure stay will give lenders more time to work with service members that are having difficulty paying their mortgage. Freddie Mac is making this protection a requirement for servicing our mortgages although its original authorization in the Housing and Economic Recovery Act of 2008 (HERA) expires on December 31, 2010. The nine-month stay was originally authorized for service members under amendments to the Service members Civil Relief Act (SCRA) included in HERA.  News Quotes "Our military make sacrifices every day to protect our homes and families," said Anthony Renzi, Executive Vice President of Single Family Portfolio Management at Freddie Mac. "This small act will protect financially troubled service members when they return from active duty by giving them more time to work with their lender to stay in their home." Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.     Visit our Minnesota Mortgage Broker website at http://www.VentureLoanApp.com and John's Minneapolis St Paul real estate site at http://www.MinneapolisStPaulHomes.com or Search for Twin Cities homes NOW   Reality Based Real Estate InvestingPromote Your Page Too [...]

Determine your risk tolerance

Wed, 08 Dec 2010 01:01:01 -0500

What's Your Risk Tolerance? Going into a New Year with hopefully better economic and market prospects, it's a good time to start researching investments. With that, it's also a good time to review how much risk you're willing to take on when making those critical decisions. It's reasonable to assume your risk tolerance has changed in recent years. Assessing one's risk tolerance goes beyond your instinctive willingness to say "yes" or "no" on a particular financial move. It goes beyond one's instincts.  It means re-examining the realities of what you need in life and how you're going to serve those who depend on you. It also means taking into account the economic turmoil of the past few years to determine what an effect those pressures have had on you. There's been plenty of theoretical work done on risk tolerance and what kind of people choose various investments or simply choose not to participate at all. In 2008, TransAmerica released its CURE retirement study (CURE standing for Change, Uncertainty, Risk and Expectations) in which it revealed four basic investing personalities: ••       Venturers take a "nothing ventured, nothing gained" attitude with their money, but their potential pitfall is that they're overconfident in their level of preparedness. ••       Anchored individuals always "stay on the safe side," but extreme risk aversion might leave them unprepared. ••       Pursuers will "try anything once" but their continual efforts to grab at new directions might leave them without a clear plan. ••       Adapters take investment situations "as they come" but may not be realizing their full potential as investors. Whether one of those personalities resonates with you or not, the best way to start planning your finances or to revisit your current financial plan is to meet with a qualified financial expert. If you've never worked with a financial planner before, one of the first steps in the process will be reviewing or filling out a risk analysis questionnaire. Why is risk analysis important before you make decisions with your money? Risk tolerance is an important part of investing - everyone knows that. But the real value of answering a lot of questions about your risk tolerance is to tell you what you don't know - how the sources of your money, the way you made it, how outside forces have shaped your view of it and how you're handling it now will inform every decision you make about it in the future. Here are some of the questions you might be asked as a formal starting point with a planner: •1.    What's important about money? •2.    What do you do with your money? •3.    If money was absolutely not an issue, what would you do with your life? •4.    Has the way you've made your money - through work, marriage or inheritance - affected the way you think about it in a particular way? •5.    How much debt do you have and how do you feel about it? •6.    Are you more concerned about maintaining the value of your initial investment or making a profit from it? •7.    Are you willing to give up that stability for the chance at long-term growth? •8.    What are you most likely to enjoy spending money on? •9.    How would you feel if the value of your investment dropped for several months? •10.  How would you feel if the value of your investment dropped for several years? •11.  If I had to list three things you really wanted to do with my mone[...]

Twin Cities Landlord Software Tool

Fri, 26 Nov 2010 12:27:25 -0500

Besides maintaining a website for landlords with lots of resources at http://www.MinnesotaLandlord.net, I've just found this property management software tool.  It looks nice, and it is free for small users.  So, for the 1-4 property landlord, it looks like a neat tool.  I would recommend you take a look at it.  I don't receive anything financially for recommending it, it just sends me a notice with your contact info if you check it out. 

World's easiest Property Management Software.

Minneapolis Mortgage | St Paul Mortgage| Minnesota Mortgage

Thu, 25 Nov 2010 23:47:57 -0500

As a Minnesota mortgage broker, we broker loans for properties all throughout MN.  We have just created our latest show about the current real estate and mortgage market that we are in today.  We are located in Edina and work throughout the Twin Cities and Greater MN.   If you have any questions about rates or programs-just give us a call.

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