Preferred Rate - Minneapolis

The types of loans available to home buyers will differ based on their financial situations, certain programs the government is offering at the time, and what type of house they are looking to buy. Here are a few of the different loans we offer: https://preferredrate.com/loan-options/

While the ideal situation would allow for you to save a large amount of cash for a large down payment, that isn’t always possible. Save what money you can, but aside from that, you can begin getting your affairs in order so as to prove who you are, that you are employed, and that you have sufficient cash to close.

There are many things we take into consideration when evaluating a loan application. One main determining factor is your debt-to-income ratio. The debt-to-income ratio is exactly what it sounds like: it’s the amount of debt you have compared to your income. For example, say you and your partner make $7,000 a month before taxes (your gross income), but you have student loans, a credit card payment, and a car loan that equates to $1,000. That makes your current debt-to-income ratio would be 14.

In order to determine if you are qualified for a loan, you should start the application process! You can do that with one of our helpful loan officers either in person or over the phone, or you can apply online at www.PreferredRate.com.

You put in an offer! First, though, you should be preapproved. The preapproval letter is a great way to show the home seller that you’re serious and that you can back up your offer. Depending on the real estate market in your area, getting preapproved before you find a home may be a good idea.

Depending on the terms in your offer, the seller usually has a short window of time to respond to your offer, either with a counteroffer, declination, or acceptance of your offer. Your real estate agent is your advocate in this transaction and will negotiate on your behalf, or decline a counteroffer for you. Getting your offer accepted is just one of many steps in the home-buying process.

If you’ve already completed the application, had your offer accepted by the seller, and are now in underwriting, you are still under scrutiny. Your credit, employment, and finances are being watched, and they will be checked until you close your loan. During this time and until the loan has funded and you’ve signed the papers, do not:

here are three steps in the closing process: 1. Going to signing, where those who are purchasing the home and the sellers sign all of the documents. 2. Those are sent back to the lender, who then agrees that it’s good to go and funding is approved. 3. Your loan records with the county/state. Funding is the actual act of the lender wiring the loan amount funds to the title company, who will then release the funds to the seller. Once this happens, the purchase will be recorded with the county. Once that is done, the buyer receives the keys.

This will depend on the seller’s terms. There are situations where this can be negotiated, but the keys are normally given to a buyer after the loan has funded. If you are trying to occupy your home before the loan funds, you will need to get that included in the contract. Talk to your real estate agent about early occupancy if you need to move into a home before it can close.

All Preferred Rate offices are open! However, we ask that you kindly call ahead to make an appointment ahead of your visit.

A mortgage loan is a loan offered to purchase real property or to place a lien on a property to raise funds, often called a second mortgage.

Yes, there are many types of mortgage loans available. Preferred Rate offers several options which you can learn more about at https://preferredrate.com/loan-options/.

Preferred Rate offers various loans including 30-Year Fixed Rate, 15-Year Fixed Rate, Adjustable Rate, FHA, USDA, Jumbo, VA, Reverse Mortgage, Bridge, Renovation, Fannie Mae HomeStyle, and Freddie Mac Home Possible Advantage.

You should save what you can and get your affairs in order to prove your identity, employment, and financial readiness to close the loan.

The debt-to-income ratio compares your monthly debt payments to your income and is a key factor in loan evaluation. A lower ratio improves your chances of qualifying.

You begin by applying either in person, over the phone, or online at www.PreferredRate.com to have your qualification determined by a loan officer.

Preferred Rate offices are open Monday through Saturday from 8:30 AM to 6:00 PM and are closed on Sundays and major holidays such as November 11, Thanksgiving, and Christmas.

Preferred Rate - Minneapolis is located at 7760 France Ave. South, 11th Floor, Office #1144, Minneapolis, MN 55435.

Nearby options include Tessa Mullen - Zachary Realty, Ben Meador - Mortgage Loan Officer, Midwest Division at CrossCountry Mortgage, and several other mortgage brokers and real estate agents close by for additional assistance.

Yes, nearby financial services include Kaley Financial Group, AMEC Insurance Agency: Allstate Insurance, Aaron Abed, and Executive Title for various financial and insurance needs.

Nearby services include Viking Contractors LLC for roofing and home improvement, Air Seal Tech for insulation installation, and Professional Home Cleaning for home cleaning services.