Frequently Asked Mortgage Questions

Do you have mortgage questions?

Discover answers to some frequently asked questions, industry updates, and other relevant news. If you can't find answers to your real estate and mortgage questions here, please ask us!.

Frequently Asked Mortgage Questions (FAMQ's):

FHA lowering Mortgage Insurance January 2017

Is FHA lowering Mortgage Insurance? (Update)

FHA lowering Mortgage Insurance – Not Anymore… UPDATE! HUD previously announced on January 9th, they would lower FHA Mortgage Insurance. Information below for reference. Shortly after the new President was sworn in on January 20th, the Trump administration halted the MI reduction. Mortgage Insurance will retain their previous premiums per the January 20th, Mortgagee Letter. FHA […]

Heat Wave equals Minneapolis Water Parks

Heat Wave = Free Entrance to Minneapolis Water Parks

Minneapolis Water Parks Just one more reason to love Minneapolis. Heat Wave = Free Entrance to Water Parks. Thank you Minneapolis! Even if it’s not a heat wave, Water Parks are a fantastic way to cool down in the summer. From the City of Minneapolis: ‘MPRB’s two water parks, Jim Lupient Water Park and North […]

1 Percent Down Payment - With Equity

Buy a Home with just 1% Down? Yes with the 1% Down Mortgage!

1% Down Mortgage Buy a Home with 1% Down! You have 1%, the lender contributes 2%, giving you 3% Equity at closing-Available w/No monthly Mortgage Insurance! See more First Time Home Buyer Programs – Including 100% FHA vs. Conventional or Purchase your home with just 1% MLS Mortgage Group is excited to offer the Conventional 1% Down (with […]

15 Year Mortgage Rates

REALTOR ® asks for 15 Year Mortgage Rates

REALTOR ® asks 15 Mortgage Lenders for 15 Year Mortgage Rates – Here’s what happened: I have to admit, we don’t go around calling other mortgage brokers to check their rates. That would be awkward. ‘Uh, hi, we’re another Mortgage Broker and I was just wondering how we compare to your mortgage rates.’ It just doesn’t happen. […]

15 Year Mortgage Rates Challenge Rules

15 Year Mortgage Challenge – The Rules

15 Year Mortgage Challenge – The Rules With Mortgage Rates as low as they are, we thought it would be a good time to create a 15 Year Mortgage Challenge. Would you be able to slash at least 5 off your loan term by refinancing to a 15? Here are the rules: Monthly payment must be the […]

how much house can I afford max qualify 5 worksheet

Conventional, FHA, VA or USDA?

It can be difficult to navigate the myriad of home loan options available today. Especially when different Mortgage Companies offer different mortgage programs. We just added a ‘How Much House Can I Afford Worksheet’ to our guide to help home buyers explore their home financing options. They can compare their personal budget versus Conventional, FHA, VA […]

Home Buying Checklist-Buying a house

Buying a House-Home Buying Checklist

Home Buying Checklist Trulia compiled a simple, stress-free, free printable to help prepare for buying a house! Download the Home Buying Checklist The checklist suggests to: Gather Financials Research Mortgages Explore Neighborhoods Make a Home Shopping List Find an agent Start House Hunting Read the entire post.  

New Who to Call Housing Help Replaces Old Minneapolis 311 Poster Minneapolis

Minneapolis 311 Poster – Who to Call Housing Help Poster

Minneapolis 311 Poster – Replaced by Who to Call Poster! The old Minneapolis 311 Poster has been replaced, effective immediately, by  the new, Who to Call for Housing Help Poster. Different cities in Minnesota have different Landlord-Tenant Laws. One requirement in Minneapolis (besides obtaining a Minneapolis Rental License), is to display the “Who to Call for […]

VA Home Loan Benefits

VA Home Loan – Mortgage Confession

VA Home Loan Are you familiar with the VA Home Loan Guaranty Program? I was shocked to discover (from a recent VA survey) that 1 out of 3 Veterans are not familiar with it. Only available to U.S. Veterans, the Federal Loan offers many benefits, including: No Down Payment Required! (100% Financing for Eligible Veterans) Favorable […]

Debt to Income Ratio

What is Debt to Income Ratio? (DTI) – How much House can I afford Series

How Much House Can I Afford? – Home Affordability Series What is Debt to Income Ratio? (DTI) The Summary: Debt to Income Ratio is your monthly debt payments divided by your gross monthly income (expressed as a %). In the case of a home purchase, you would also include your new proposed monthly housing payment […]

2016 FHA Loan Limits MN

FHA Loan Limits MN 2016 – Updated!

FHA Loan Limits MN FHA loan limits are one of the FHA Loan Requirements. Related: Low Down Payment Mortgage Options – Conventional vs. FHA 2016 showed an increase in the Twin Cities Metro area for Single Family Homes, Duplexes, Triplexes, and Fourplexes. Median Home Sales Prices have increased in 2016 for Minneapolis and Saint Paul […]