Eric Bakke at Rate (NMLS #1549826)

Pre-qualification is an initial estimate of how much you may be able to borrow before submitting an application, while pre-approval is a more thorough process that involves an application and reviewing your financial information and gives you a conditional approval for a mortgage program.

Most conventional loans require a down payment of at least 3% to 5%, but some government-backed loans, like FHA or VA loans, may allow for lower or even zero down payment options.

A fixed-rate mortgage has the same interest rate and monthly payment for the entire loan term, while an adjustable-rate mortgage (ARM) has an interest rate that can change periodically, causing payments to increase or decrease.

Closing costs are fees paid at the end of the home buying process, typically ranging from 2% to 5% of the loan amount, and include expenses like appraisal, title insurance, and lender fees.

A higher credit score usually qualifies you for lower mortgage interest rates and more mortgage programs, while a lower score may result in higher rates, higher down payments, or difficulty qualifying for a loan.

Yes, some loan programs, such as FHA loans, are designed to help borrowers with lower credit scores, though you may face higher interest rates or additional requirements.

You’ll typically need recent pay stubs, W-2s or tax returns, and bank statements, but many of these documents can be automatically collected by linking your bank account and/or payroll website to our digital mortgage portal after you complete an application.

The mortgage process can be completed in less than 15 days, but timelines can vary based on loan type and individual circumstances. The closing date is negotiated between the buyer and seller and is listed on the purchase contact. This closing date is what sets when the closing will actually occur and this date is usually 20 to 45 days after the offer is submitted (depending on the seller's and buyer's preferred timeline).

As of 2025, the median home price in Minneapolis is around $350,000 and in St. Paul about $320,000, but prices vary by neighborhood.

Yes, Rate partners with Minnesota Housing Finance Agency and other state, county, and city programs to offers down payment assistance and special loan programs for first-time buyers in Minneapolis, St. Paul, and other Minnesota cities.

Property tax rates in Minneapolis and St. Paul typically range from 1.1% to 1.3% of assessed value, depending on county, city, and property type.

Depending on the location, size, and type of home you are looking for, winter can impact the inventory of homes on the market (the number of properties currently listed for sale). For example, if you are looking for a 5 bedroom home, a seller with children in school may prefer to plan their move during summer vacation and prefer to list their home for sale in the spring. However the seller of a 2 bedroom condo, a single level townhome in a 55+ community, or a 4-unit multifamily home, may not be impacted by the school calendar. A cabin or lake home may be less likely to be listed during the winter. This is why it is important to have an early conversation with a mortgage loan officer and local realtor so they can advise you on how winter impacts the inventory of your target property type and how to plan for your search during both winter and non-winter months.

Eric Bakke is a local loan officer at Rate in Wayzata, offering home purchase loans and refinances while simplifying the mortgage process.

Eric Bakke is available every day from 9:00 AM to 6:00 PM.

You can contact Eric Bakke at (763) 398-9087 or via email at eric.bakke@rate.com.

Eric helps with home purchase loans and mortgage refinancing services.

Eric Bakke's office is located at 305 Minnetonka Ave S, Suite 201, Wayzata, MN 55391.

A fixed-rate mortgage has a constant interest rate and payments throughout the loan term, while an adjustable-rate mortgage's rate can change periodically, affecting payments.

Yes, nearby mortgage brokers and lenders include Pam Dahm at Guaranteed Rate, Bryan Wernimont at Guaranteed Rate Mortgage, Ray Reinhardt at Guaranteed Rate, and Teddy Bagley at Guaranteed Rate.

Yes, there are financial agents such as Robert P MacMullan, Jeffrey E Gillis, and Dan Burfeind all associated with Morgan Stanley nearby.

Nearby you can find art galleries like The VaV Of Wayzata, the United States Postal Service, and salons like Salon Ma Jolie and Parlor of Wayzata for beauty and hair services.

Nearby places such as the US Post Office and local salons make it convenient to accomplish errands or enjoy services before or after your appointment with Eric.