I keep hearing from people that they think that the banks have stopped lending money to prospective home buyers. This is simply not true! The loan officers I work with regularly have no problems approving my clients, though credit & income is looked at more intently than in the past.
In addition, I’m seeing most loan officers quoting 5.75% - 6% today, which is down from 6.75% a couple days last week. Rates around 6% have been the norm for the last few months but historically are still extremely low.
If you are a buyer who has been turned down for a loan or worries about qualifying, please give me a call and I will set you up with one of my loan officers to see if we can get you set up. Not everyone can qualify, but the vast majority of buyers out there can still get loans.
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An Important Message from Todd Johnson,
President and CEO of Edina Realty Mortgage
To Our Customers,
The dramatic events taking place in the financial services industry and economy are historic in scope and proportion. You may be asking yourself, “What does this mean for me as a home buyer or home seller? When I want to obtain a mortgage, will there be funds available?” The answer is simple: at Edina Realty Mortgage, it’s business as usual. Yes, we continue to originate mortgages for home purchases and refinances. Our wide product range features FHA, VA, MHFA, Conventional, Jumbo, Relocation, Renovation, and Reverse Mortgages. We are committed to helping as many customers as possible enjoy the personal and financial benefits of homeownership. We provide competitive, fully disclosed, and responsible and fair pricing for all borrowers.
A Solid, Stable and Secure Lender
We want to assure you that we remain a solid, stable, and secure mortgage lender. We are a well-capitalized company, and we hold fast to our long-standing responsible lending principles. Edina Realty was one of the first real estate companies to offer integrated mortgage services more than twenty-five years ago. For over ten years, Edina Realty Mortgage has been a joint venture between Wells Fargo Home Mortgage (a division of Wells Fargo Bank, N.A.) and HomeServices of America, a Berkshire Hathaway Affiliate. Wells Fargo Bank, N.A., is the only bank in the United States, and one of only two banks worldwide, to have the highest credit rating from both Moody’s Investors Services “AAA,” and Standard & Poor’s Rating Services, “AAA.”
We Are Committed to Your Successful Closing
We stand by our word. Our exclusive On-time Closing Guarantee (1) ensures that you will close on time AND for the amount quoted on the Good Faith Estimate, or you will get money back. Are you already working with another lender? We will be happy to review your Good Faith Estimate and Truth-in-Lending Disclosure Statement. This no-obligation second opinion from us takes just few minutes, and we may be able to provide reductions in interest and/or closing costs. (2)
As a responsible lending leader, we work closely with our customers to help you reach your personal and financial goals through homeownership. Our team works hard to know you, understand your needs, and listen to you. We put you at the center of everything we do.
Thank you for trusting us with your business.
Todd Johnson
President and CEO
October 2008
1. Available on all qualified purchase transactions. Other terms and conditions apply. See a Home Mortgage Consultant for details.
2. If you have a current lock-in agreement with another lender, this is not an inducement to transfer your loan.
All first mortgage products are provided by Homeservices Lending, LLC Series A dba Edina Realty Mortgage. Edina Realty Mortgage may not be available in your area. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. ©2008 Edina Realty Mortgage. All Rights Reserved.
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As I recently purchased a new home, I’ve been making a lot of trips to Home Depot as of late. Here are a couple tips I’ve learned:
- Home Depot will take Lowe’s coupons. I’ve used a couple “$10 off a purchase of $50+” in the last couple weeks with no problems. I like some of what HD has better than Lowe’s so this is great.
- Behr paint is drastically cheaper in the 5 gallon pail. If you are using more than about 3 gallons of paint you might as well buy the 5 gallon and have extra for touch-ups, more rooms, 2nd coats, etc.
- In partnership with Xcel Energy, Home Depot has reduced the price on a lot of their fluorescent bulbs by $1-$4 per package. This means 60 watt bulbs are now under $1 each… a bargain considering that each bulb can save $30 or more over its lifetime. If you use a bulb 2 hours a day and your electricity is $.08/kw, then you save $.22/bulb/month in electricity costs. This means in a little under 5 months the bulb is paid for and you’re saving real money. Multiply $.22/bulb by replacing your 20 most commonly used bulbs and suddenly you are saving $50/yr!
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Star Tribune has an article discussing how Sheriff’s Sales in Minneapolis might be peaking. The article gives several possible reasons for the peak in activity and discusses some of the things that are being done to help address the problem.
We’re far from through this crisis, but it seems like every few weeks there is a new data point that shows we’re finding fundamental levels and once we know where are boundaries are, I believe we’ll all feel more comfortable with the future of the housing markt.
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