Minneapolis Minnesota Real Estate Blog

Mortgages Defined: Information from Minneapolis Real Estate Professional Mike Weiland 

Unless you are one of the approximately four percent of the nation's condo buyers that pay cash, chances are you are going to need some kind of a mortgage. But before you start pulling credit and signing papers there are a few things that you should know, according to real estate expert Mike Weiland with The Weiland Group of Keller Williams Realty. Having a little info ahead of time can save you heartache- and money.

There are many different types of loans out there and the selection is changing all of the time. When you start the loan process you may want to consider sitting down with your bank and seeing what they can offer. If you have been a loyal customer they may give you special savings for giving them the opportunity.

Many people go online to shop for a mortgage. Although it is convenient to do so, it can be an aggravating situation. Online lenders typically work in another state which means you will be at the mercy of returned phone calls for answers. If they are in a different time zone then it creates a whole new set of problems. Plus, a broker in another state may not be completely familiar with the lending guidelines in Minneapolis.

In recent years, more than ever, your rating will be determined by your overall credit score. A high rating rewards you with better options from lenders. Make sure that you do not get in the habit of having your credit pulled repeatedly by different lenders while you shop. This could negatively affect your score.

Depending on how much you put down will determine which loans you qualify for. Financing more than 80 percent means you will have to pay for either mortgage insurance, the V.A., F.H.A. or another third party group. This is their way of insuring the loan against default. These are all good loans, but remember if you can afford to put more down you may be saving on that insurance each payment.

To get more tips on financing your condo purchase, contact real estate expert Mike Weiland at 612-735-6834 today.

There is a lot of free information available to you about buying, selling or investing in  Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com