Jeremy Redlinger
Guardian Financial Inc
10900 73rd Ave N
Maple Grove, MN 55369
(763) 400-7531
jredlinger@gfihomeloans.com

More Than Just A Low Mortgage Rate… I Am Your Minnesota Mortgage Broker

 As a Licensed Mortgage Broker with Guardian Financial Inc based in Maple Grove, Minnesota it is my job to help you discover your mortgage options, pick the best mortgage program and mortgage rate solution and help guide you through the entire financing process.  We are currently experiencing historic low mortgage rates making right now a golden opportunity for home owners and home buyers to take advantage of savings that the Minneapolis housing market is currently offering.

If you are having a hard time obtaining a mortgage from your bank or a direct mortgage lender, working with a mortgage broker may open up some financing avenues that other mortgage lenders do not have.  A mortgage broker is a financial entity that has the ability to shop a number of different financial institutions such as Wells Fargo, US Bank, Bank of America and other not so well known mortgage lenders on a wholesale level and pass the savings on to you, the consumer.  PRC Funding is also capable of obtaining mortgages from FHA, VA, USDA and conventional mortgage lenders giving you even more selections for your Minnesota mortgage needs.

Minnesota Refinance Mortgage Options

Recent chatter about the Home Affordable Refinance Program II (HARP 2) has many upside down home owners in Minnesota looking to refinance their home.  HARP 2 is designed to remove some restrictions from the original HARP program but has not yet been fully enacted by lending institutions due to technology delays in automated underwriting systems.  However, the original Home Affordable Refinance Program is in full swing and allows for upside down home owners to refinance the Fannie Mae or Freddie Mac owned mortgages into a new mortgage up to 125 percent Loan to Value and 200 percent Combined Loan to Value.

Other restrictions for the original HARP include that you are current on your mortgage, have at least a 620 credit score, your mortgage must be originated before and do not carry Private Mortgage Insurance on your mortgage.  In other words, there are a few guidelines to meet but if you meet the general guidelines mentioned above you may qualify to refinance your underwater mortgage at today’s historic low mortgage rates.

Contact me for more details about the Home Affordable Refinance Program.

Minnesota Home Purchase Mortgage Options

According to the Minneapolis Area Association of Realtor’s latest weekly market activity report, February 2nd 2012, the home affordability index is at 248 which means that the median household income is 248 Click To Calculate Your Mortgage Affordability!percent of what is necessary to qualify for the median priced home under prevailing mortgage rates.  It is crazy how affordable housing is right now and for anybody thinking about purchasing a home you need to know what you need in order to qualify for a new home mortgage and what kind of down payment assistance help there is out there for you.

For starters, the FHA currently requires only 3.5 percent of the purchase price of a home as down payment to get yourself into a home and there are a number of down payment assistance programs out there that can make your portion of the 3.5 percent far less.  Down payment assistance programs are available from the State of Minnesota, county or local cities and vary from city to city and in some cases in Minneapolis and St. Paul from neighborhood to neighborhood.

Contact me for more details about down payment assistance programs and purchasing a home in Minnesota.

My promise to you is that I will put everything I have into making sure you receive the best mortgage program combined with the lowest mortgage rate that I can find to suit your financing needs.  I look forward to providing you with the level of service and professionalism you expect when trusting me with your mortgage financing needs throughout Minnesota.

    Record Low Mortgage Rates From Freddie Mac May 17, 2012

    Posted on May 17, 2012 by

    Freddie Mac joins Zillow Mortgage Marketplace and the Mortgage Bankers Association with announcing new record low mortgage rates this week.  Again, it is the financial crisis in Europe that has investors put their money into the safety of US Treasuries that has helped set these new record low mortgage rates.

    The 30 year fixed mortgage rates new record low averaged 3.79 percent on Freddie Macs Primary Mortgage Market Survey which is down from last week’s average of 3.83 percent.  Last year at this time the 30 year rate averaged 4.61 percent.

    The 15 year fixed mortgage rates new record low averaged 3.04 percent this week, down from 3.05 percent last week.  Last year at this time the 15 year rate averaged 3.80 percent.

    The 5 year adjustable rate mortgage came in at an average of 2.83 percent which is actually up from last week’s reading of 2.81 percent.  Last year at this time the 5 year ARM averaged 3.48 percent.

    The 1 year adjustable rate mortgage came in at an average of 2.78 percent which is also up from last week’s reading of 2.73 percent.  Last year at this time the 1 year ARM averaged 3.15 percent.

    “The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week.  For instance, industrial production rose 1.1 percent in April — the largest gain since December 2010 – and consumer sentiment in May rose to its highest reading since January 2008, according to the University of Michigan,” stated Frank Nothaft,  vice president and chief economist at Freddie Mac.

    Nothaft added, “There was also good news in the home construction industry.  Housing starts rose to an annualized rate of 717,000 homes in April, well above the market consensus forecast, and construction on one-family homes increased to its strongest pace in three months.  Moreover, homebuilder confidence in May reached its highest reading since January 2008 according to the NAHB/Wells Fargo Housing Market Index.”

    If it wasn’t for the European crisis it is possible that new record low mortgage rates may not of happened this week and that we may of even seen a more than average spike in mortgage rates.  This week’s reports of record low mortgage rates is just a reminder of how volitale the market is and that mortgage rates are not just tied to the United States economy.

      Posted in 15 Year Fixed Mortgage Rate, 2012 Mortgage Rates, 30 Year Fixed Mortgage Rate, 5/1 Adjustable Mortgage Rate, Freddie Mac Primary Mortgage Market Survey, Maple Grove Minnesota mortgage rates, May 2012 Mortgage Rates, Minneapolis Mortgage Rates, Minnesota Mortgage Rates, Mortgage Rates | Tagged 15 year fixed mortgage rate, 30 year fixed mortgage rate, 30 year fixed mortgage rates, minneapolis mortgage rates, minnesota mortgage rates, mn mortgage rates, mortgage rate, mortgage rates, mortgage rates mn | Leave a comment

      Federal Open Market Committee Economic Report – Housing Market and Mortgage Rates Edition – May 16, 2012

      Posted on May 16, 2012 by

      US Federal Reserve

      Minutes of the Federal Open Market Committee were released today, May 16, 2012, in which members of the FOMC discuss the direction of the US economy and possible steps that need to be taken in the future to help expedite economical growth within the US.  The report confirms much of the same as it has for some time now but still gives insight to the conditions of the housing market and direction for mortgage rates in the upcoming months.

      FOMC staff review suggest that economic activity is still expanding moderately as payroll employment expanded at a faster pace than last year and the unemployment rate declining, although it is still at an elevated level.  The unemployment rate has declined to 8.2 percent in March but initial claims for unemployment insurance did rise moderately towards the end of the March 13th, 2012 period.  This information leads me to believe that employment opportunities are still on a rollercoaster, here today gone tomorrow sort of scenario which suggest that employers are still hesitant to risk their money on expanding their business in a shaky economy.

      The financial crisis in Europe has increased concerns for members of the FOMC as latest reports state that Spain may miss its fiscal target for year end and will need to make further budget cuts.  Investors have also grown concerned with the financial crisis in Europe as many investors are now moving their money into the safety of US Treasuries which has helped push US mortgage rates to historic lows.  The FOMC also agreed to keep the target range for the federal funds rate at 0 to ¼ percent through late 2014 which will help keep mortgage rates down.

      Getting a new mortgage may become easier as domestic banks have slightly eased their lending standard on core loans, including real estate, according to The Senior Loan Officer Opinion Survey on Bank Lending Practices that was conducted in April 2012.  Banks’ holdings of closed-end residential mortgage loans also expanded and consumer loans on banks’ books rose modestly in March as demand for residential mortgage loans in the first quarter of 2012 was somewhat stronger.

      Most FOMC participants believe that the housing sector is likely to recover but at a slower pace than anticipated.  Signs of improvements in the housing market are to the liking of all but still have some time to go before a full recovery can be confirmed.  The biggest sign occurring currently in the housing market is that home values across much of the country have began to stabilize but have not yet began to appreciate.

      The housing market and mortgage rates are still very volatile and can still swing either way.  However, the Federal Open Market Committee is prepared to make necessary adjustments whether the economy makes a swing for the better or for the worse.

        Posted in Ben Bernanke, Federal Reserve Open Market Committee, Home Values, Jobless Claims, Mortgage News, Mortgage Rates, Real Estate News | Tagged ben bernanke, Federal Reserve, Financial Services, Government News, home values, Housing Market, Mortgage, Mortgage News, mortgage rate, mortgage rates, U.S., U.S. Economy, United States | Leave a comment

        Historic Low Mortgage Rates Update May 16, 2012

        Posted on May 16, 2012 by

        Minnesota Mortgage Rate

        The financial crisis in Europe continues to lead investors to put their money into the safety of US Treasuries and has pushed mortgage rates to their lowest levels in history.  Home owners are taking advantage of these historic low mortgage rates with programs such as the Home Affordable Refinance Program 2.0 as refinance applications increase on a week over week basis.  However, historic low mortgage rates have not pushed home buyers into a feeding frenzy as home purchase applications saw a week over week decrease.

        In the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association, overall mortgage applications increased by 9.2 percent from one week earlier with a big push from home owners looking to refinance their current mortgages.  The refinance mortgage application index increased by a whopping 13 percent while the home purchase application index decreased by 2.4 percent on an adjusted and unadjusted seasonal basis.  The four week moving average for the seasonally adjusted market index is up 1.77 percent with the four week seasonally adjusted purchase index up 1.57 percent and the four week refinance index is up 1.88 percent.

        Conforming, FHA and Jumbo 30 year fixed mortgage rates all reached historic lows on the Mortgage Applications Survey with the average contract interest rate for the 30 year Conforming coming in at 3.96 percent, down from 4.01 percent.  The new historic low mortgage rate for a 30 year FHA fixed rate mortgage dropped from 3.81 percent to  an average contract rate of 3.75 percent while the 30 year Jumbo decreased by 0.09 percent to an average contract rate of 4.20 percent.

        “A flare up of the sovereign debt troubles in Europe once again led investors to flee to the safety of US Treasury securities last week.  As a result, mortgage rates have reached new lows in our survey, and refinancing application volumes picked up substantially as a result,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.    “Survey participants indicated that this was not due primarily to HARP volume – the HARP share of refinances fell to 28 percent of refinance applications, down relative to last week and last month, when the share was just above 30 percent in April.  The increase in refinance activity last week was concentrated in the conventional sector, which was up around 14 percent for the week, while government refinance applications were up only 4 percent.”

        The average contract interest rate for the 15 year fixed rate mortgage also hit a new historic low by dropping from 3.29 percent to 3.26 percent.  Additionally, the 5 year adjustable rate mortgage, which did not hit a new historic low, fell from 2.83 percent to 2.80 percent.

        As long as the financial crisis continues to loom in Europe it is very possible to continue to see historic low mortgage rates.  However, if you have an opportunity to refinance your home or purchase a new home I would not hold out as the market can swing on a dime.

          Posted in 15 Year Fixed Mortgage Rate, 2012 Mortgage Rates, 30 Year Fixed Mortgage Rate, 5/1 Adjustable Mortgage Rate, HARP 2, Home Affordable Refinance Program 2, Maple Grove Minnesota mortgage rates, May 2012 Mortgage Rates, Minneapolis Mortgage Rates, Minnesota Mortgage Rates, Mortgage Bankers Association Mortgage Rate Survey, Mortgage Rates | Tagged 15 year fixed mortgage rate, 30 year fixed mortgage rate, 30 year fixed mortgage rates, HARP 2, minneapolis mortgage rates, minnesota, minnesota mortgage rates, MN, mn mortgage rates, mortgage rate, mortgage rates, mortgage rates mn | Leave a comment

          30 Year Fixed Mortgage Rate Update May 15, 2012

          Posted on May 15, 2012 by

          The 30 year fixed mortgage rate reached a new historic low for the second consecutive week according to the latest Zillow Mortgage Market Place mortgage rate survey released today.

          “Rates reached a new low on concerns that a disorderly departure of Greece from the euro zone might trigger turmoil in other European economies, pushing more investor demand away from European debt and towards the relative security of U.S. mortgage backed securities and Treasuries,” said Erin Lantz, director of Zillow Mortgage Marketplace.

          The 30 year fixed mortgage rate fell from its historic low last week of 3.65 percent to new historic low territory of 3.59 percent.  Zillow began tracking mortgage rates in April of 2008 and collects their data based on rates that borrowers were quoted on the Zillow Mortgage Marketplace website.  Additionally the 15 year fixed mortgage rate averaged 2.91 percent and the 5 year adjustable rate mortgage came in at 2.57 percent.

          “Headlines out of Europe will determine rate trends this coming week. We expect rates to remain at or slightly below this historically low level as Greece tries to form a new ruling coalition and European policymakers work to prevent worries about Greece from spreading to more systemically important countries,” added Lantz.

          Want to keep up with 30 year fixed mortgage rate in Minnesota?  Receive daily or weekly mortgage rate updates directly in your email.

          Zillow Mortgage Marketplace 30 Year Mortgage Rate Chart

            Posted in 15 Year Fixed Mortgage Rate, 30 Year Fixed Mortgage Rate, 5/1 Adjustable Mortgage Rate, May 2012 Mortgage Rates, Mortgage Rates, Zillow Mortgage Marketplace Mortgage Rates | Tagged 15 year fixed mortgage rate, 30 year fixed mortgage rate, 30 year fixed mortgage rates, minneapolis mortgage rates, minnesota, minnesota mortgage rates, mn mortgage rates, mortgage rate, mortgage rates, mortgage rates mn, zillow mortgage rates | Leave a comment

            Minneapolis Housing Market Update May 15th 2012

            Posted on May 15, 2012 by

            MinneapolisMinneapolis home buyers waiting for the Minneapolis housing market to bottom out may have missed their opportunity to snag a home at its lowest possible value as the Minneapolis Area Association of Realtors Weekly Market Activity Report shows year over year gains in home values across the region.  Additionally, traditional home sales are on their way up which is another sign the Minneapolis housing market has begun a recovery.

            With the lack of new listings throughout the Minneapolis housing market it has become more competitive for homebuyers looking to cash in on a great value on the purchase of a new home.  New listings have fallen 6.7 percent on a 3 month total when compared to last year, and with pending home sale consistently on the uptick, up 23.6 percent on a 3 month total, home sellers are beginning to see more money for their homes as the inventory of homes for sale continues to dwindle, down 25 percent on a 3 month average.  The lack of new listings combined with the uptick in pending home sales has brought the months supply of inventory in the Minneapolis housing market to just 4.7 months in April 2012, down 43.1 percent.

            In April 2012 the average number of days a home sat on the market was 135 days, down 15.1 percent from April 2011, which has helped push the median sales price of a Minneapolis home to $162,500, up 12.1 percent from April 2011 with 93.4 percent of sellers receiving their original asking price.  Cari Linn, President of the Minneapolis Area Association of REALTORS® state “traditional home sales now account for the majority of the market, which tends to drive up median and average prices since they tend to sell for more than foreclosure properties.”  In perspective, traditional prices fell just 2.2 percent to $198,500, short sale prices fell 4.4 percent to $129,000 and foreclosure prices jumped 15.9 percent to $119,900.

            “We’re impressed with the accelerating improvements,” said Andy Fazendin, MAAR President-Elect. “High-quality, move-in-ready inventory is limited. Those waiting for falling prices will likely be disappointed.”

            Even though mortgage rates remain at historic lows, the increase in Minneapolis housing market home values has worsened the housing affordability index from 252 in March 2012 to 238 in April 2012.  A housing affordability index of 238 means that the average household income is 238 percent of what is necessary to qualify for a median valued home at today’s mortgage rates.

              Posted in Affordability, Existing Home Sales, Foreclosure Information, Home Values, Minneapolis Home Values, Minneapolis Real Estate, New Home Sales Minneapolis, Pending Home Sales, Qualify for FHA mortgage, Real Estate News, St. Paul Real Estate, Twin Cities Real Estate | Tagged minneapolis housing market | Leave a comment