Minneapolis St Paul Homes

8 Tips For Finding Your New Home

A solid game plan can help you narrow your homebuying search to find the best home for you.

House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process.

1. Know thyself
Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?

2. Research before you look
List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.

3. Get your finances in order
Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.

Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.

4. Set a moving timeline
Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.

5. Think long term
Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.

6. Work with a REALTOR®
Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality.

Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.

7. Be realistic
It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.

On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues—like noise levels—that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.

8. Limit the opinions you solicit
It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.

G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

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4 Tips to Determine How Much Mortgage You Can Afford

By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget.

Here are six surefire ways you can get your finances in order before you buy a home.

Homeownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget.

Instead of just taking out the biggest mortgage a lender qualifies you to borrow, consider how much you want to pay each month for housing based on your financial and personal goals.

Think ahead to major life events and consider how those might influence your budget. Do you want to return to school for an advanced degree? Will a new child add day care to your monthly expenses? Does a relative plan to eventually live with you and contribute to the mortgage?

Still not sure how much you can afford? You can use the same formulas that most lenders use, or try another of these traditional methods for estimating the amount of mortgage you can afford.

1. The general rule of mortgage affordability
As a rule of thumb, you can typically afford a home priced two to three times your gross income. If you earn $100,000, you can typically afford a home between $200,000 and $300,000.

To understand how that rule applies to your particular financial situation, prepare a family budget and list all the costs of homeownership, like property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care costs.

2. Factor in your downpayment
How much money do you have for a downpayment? The higher your downpayment, the lower your monthly payments will be. If you put down at least 20% of the home’s cost, you may not have to get private mortgage insurance, which costs hundreds each month. That leaves more money for your mortgage payment.
The lower your downpayment, the higher the loan amount you’ll need to qualify for and the higher your monthly mortgage payment.

3. Consider your overall debt
Lenders generally follow the 28/41 rule. Your monthly mortgage payments covering your home loan principal, interest, taxes, and insurance shouldn’t total more than 28% of your gross annual income. Your overall monthly payments for your mortgage plus all your other bills, like car loans, utilities, and credit cards, shouldn’t exceed 41% of your gross annual income.

Here’s how that works. If your gross annual income is $100,000, multiply by 28% and then divide by 12 months to arrive at a monthly mortgage payment of $2,333 or less. Next, check the total of all your monthly bills including your potential mortgage and make sure they don’t top 41%, or $3,416 in our example.

4. Use your rent as a mortgage guide
The tax benefits of homeownership generally allow you to afford a mortgage payment—including taxes and insurance—of about one-third more than your current rent payment without changing your lifestyle. So you can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment.

Here’s an example. If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership.

However, if you’re struggling to keep up with your rent, consider what amount would be comfortable and use that for the calcuation instead.

Also consider whether or not you’ll itemize your deductions. If you take the standard deduction, you can’t also deduct mortgage interest payments. Talking to a tax adviser, or using a tax software program to do a “what if” tax return, can help you see your tax situation more clearly.

G.M. Filisko is an attorney and award-winning writer who’s owned her own home for more than 20 years. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

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Two Special Twin Cities Home Buying Programs

One program is called FPP-Foreclosure Partnership Program, and the other is NSP2 Homebuyer Assistance Program.  Both programs offer incentive money for a purchase.  I can use these financing programs with one of our mortgage investors.  Consider checking them out to see if they’d work for you.

HennipenCounty-Non-forclosedHomes-overview

HennipenCounty-Nsp2-overview

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Rebuilding Credit To Get A Mortgage

Often, especially in this market due to the recession, we find potential home buyers who have had a life event or “bump in the road” that affects their ability to obtain a new loan. If you want to buy a home, you will have to have a certain number of reporting trade lines and for certain length of time. MOST mortgage programs require 3-5 trade lines and a minimum of two years of reporting. The other criteria is the actual credit score-which generally has to be 620, 640 or even 660 as it is all lender dependent. A manual underwriting where they use alternative credit such as rent payments, cell phone bill, utility bills, and the cable bill might be able to be used-but only with a few certain programs and lenders. So, the best bet is to re-establish credit as quickly as possible. HOW ABOUT NOW!! Don’t wait-it will only extend the time until you are going to be eligible. I have put together a list of resources that might be helpful. This list is only a starting place for your research. If you find another good resource please post it in the comments below so that the list can be expanded upon.

TOP IDEAS FOR CREDIT RE.doc

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Buying Rental Property In The Twin Cities

Have you ever wanted to own rental property, but were unsure where to start? I teach a class on the topic. I’ve decided to make the outline into a PPT. I cover the information in my class in much more depth and breadth, but this will give you a lot of useful information. If you are interested in discussing purchasing a rental property as an investment, just give me a call and we can set up a time to meet and review how I can help you become a “real estate mogul”.

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Mortgage Insurance May Still Be Deductible For Some Buyers

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Is There An Opportunity Right In Front Of YOU

I just watched an amazing video which I’ve posted below called the Money Tree. There are so many different interpretations. One that struck me was that people are oblivious to opportunity that is right in front of them. How many of us are looking for something that we already have or is within our reach? How many people are NOT buying real estate today when they could be looking at this as an incredible wealth building opportunity for what it is over the long term-assuming properties rise again in value? I was showing homes this past weekend. It was incredible to see townhomes in great communities selling for 40-60% less than they had sold for just as little as 5 years before. Luckily for my client, we are going to make an offer and ACT. Watch this video and don’t let the opportunities in your life pass you by. Don’t let life pass you by. Happy New Year and may 2011 be your best yet!

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December Is The Time To Reflect

Are each of us doing all we can to make the world a better place? Many of us have our favorite charity and organizations we support. RE/MAX is a very large sponsor of Children’s Miracle Network. Many people don’t realize how much has been given. Each time I sell a home, I automatically donate a portion of my commission to this organization. Other RE/MAX agents like myself contribute from their commission checks as well. Together, with RE/MAX we have collectively given over 100M. I would encourage everyone to consider finding an organization they believe in and make giving a part of their life. Just imagine what the world could look like?

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Getting Ready to Sell Your House

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HUD Has A YouTube Channel-Here Is There Vid On Buying A Home

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Google lets you create cool templated websites

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Can Home Ownership Contribute To Your Wealth?

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Minnesota Foreclosure And Distressed Home Fact Sheets PLUS Twin Cities First Time Buyer Special Programs

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Twin Cities Foreclosure Update

Here is our latest newsletter that has updates on foreclosures in the Twin Cities.

Also, watch the video below

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Minnesota First Time Home Buyer Tips

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Top Seven Tips For Home Buyers

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Data.gov – A Cool Site With Lots Of Great Info

http://www.Data.gov I just found this site and wanted to share it.  It has a ton of info and reports.  If you have a project or just an “inquiring mind”, this is sure to be a hit.  Check it out and get the data you need.

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Facts About the Twin Cities and Minnesota When Relocating to Minneapolis Or St Paul MN

By John Mazzara

Minnesota is known as the “Land of 10,000 Lakes” and sometimes called the North Star State. Saint Paul is the capital of Minnesota and the largest city is none other than Minneapolis. The popular symbol of Minnesota is the Common Loon, which is the MN state bird that lives in the northern parts of the state. If you have decided to relocate to Minnesota, it would probably be a correct step to have a new life in a new place and experience new culture. Generally, the people in Minnesota are very friendly and helpful. Being as a new resident is definitely scary but with the warm wishes and welcome from the local residents, I am sure you will be able to cope with a new lifestyle in a new neighborhood without any problem.

The famous Twin Cities is made up of Minneapolis and Saint Paul located in the center of the state. Minneapolis is the most populated city in Minnesota. It is a quite attractive location for people who are looking for experience in a big city. Minneapolis is a sleek and majestic city with the most amazing skylines. As for Saint Paul, it is known for its rich architecture and history. There are many attractions in the Twin Cities MN and you can spend all the time you have once you have relocated to the Twin Cities and to explore the cities and have fun.

Minneapolis is named as one of the best American cities to live. Minneapolis is also named as one of the most cultural communities in the US. It is being rich in history and amenities for the 400,000 residents in the city. Minneapolis is a budding metropolis and any prospective newcomers who come to this city will find the pleasure of living in such a diverse and cultural city.

This city has all types of spacious apartments, duplexes, single-family homes and condominiums. You can find your dream home here without any trouble at all. There are simply too many properties here in Minneapolis and there is definitely at least one property that is suitable for you.

On the other hand, Saint Paul is a scenic and historical city. As the host to more than 300,000 residents in the city, Saint Paul has many to offer. The city distinguish from Minneapolis by many aspects and because of this, Saint Paul is more likely to attract older population than Minneapolis. Apparently, many people feel that Saint Paul is a more satisfying city to settle down and raise a family.

The economy of Minneapolis is definitely one of the many reasons that attract many people to relocate. The economy is bright, education opportunity is great, healthcare is top of the world, location is beautiful and scenic and crime rate is the lowest make it more appealing than any other cities.

Entertainment in Minneapolis is unbelievable. I am sure you will find the satisfaction of being in Minneapolis better than anywhere else. Night life is never boring in Minneapolis. You walk up to any bar or disco and you will expect to have a great time hanging out there. You can hang out alone without a partner and still have an enjoyable night out. Daily life in Minneapolis is always exciting and there are more things to expect than you can imagine. Everyday you will get surprises and you don’t even know it. However, I can assure that Minneapolis is the right place for you to settle down so you can raise your kids in a safe, happy and natural environment without having to worry about anything else.

The city of Saint Paul is just like Minneapolis. It offers never ending entertainment and night life to those who have been living in the city for years or newcomers. You will find that even though Saint Paul is more traditional than Minneapolis but the amount of entertainment is on the same par or perhaps even more for some of you. Of course, it depends on the individuals but Saint Paul will never disappoint you. Living is about enjoying and fulfilling destiny and if you find your way into Saint Paul, perhaps your destiny lies in a Saint Paul home and you will have to find out yourself.

When it comes to crime rate, be assure that Minneapolis and Saint Paul has a quite low rate. However, crime happens everywhere so as long as you are careful and take great care of yourself, your family and tighten the security level, you are safe. The police department is doing a great job and you can be assured that your safety is their priority in Minneapolis and Saint Paul. You will find that the security level in both cities are very tight and you feel safe even when you are walking on the street and thus you don’t have to constantly worry about everything, which makes living a painful experience, if you have too many worries.

Education and literacy is definitely high quality in both cities, offering the best of what they have. You will be assured that your children receive the finest education in their life with the opportunities to further their studies in any areas of interest and at anywhere they desire. You can benefit from the many scholarships and bursaries given out to the bright students. This is to help you lighten your burden to finance your children’s education.

While it may seem that relocating to the Twin Cities is difficult. Basically, when you want to relocate to another city or a country, there are many things involve such as property and the delivery of your furniture and household items. However, to make things easier, you can find that there are many relocating services available to help you out in times like this. When you want to relocate, it is best to get someone to help you so you don’t feel burned out. On the same subject, it is best to get to know a Minnesota mortgage broker to help you with the mortgage process. This is to ensure that you get the financing you need for your new home while waiting for the old home to be sold off to someone else.

Minnesota Realtor and Minnesota mortgage broker-John Mazzara-Sells and finances homes throughout the Twin Cities metro area. John works throughout the Twin Cities and lives in Edina, MN. I service the entire 7 county metro area. If you are looking for relocation resources visit our site at http://www.TwinCitiesRelocation.com . We would be happy to provide relocation information about housing and schools for communities in and around the metro area. You can begin your Minnesota real estate MLS home search immediately online through the links at http://www.MinnesotaRelocation.net We provide a number of useful links, reports and demographic information about Minneapolis homes, St Paul homes, and MN real estate. On our mortgage website you can apply for a mortgage. We broker loans only in MN. Our mortgage products include FHA, VA, rural loans, conventional loans, lines of credit, and reverse mortgages. If you are relocating to MN or even just moving across the city or state of MN you will find our sites useful. Minnesota provides a wonderful quality of life-low crime, excellent schools, and major attractions such as lakes, shopping, and entertainment.

Article Source: http://EzineArticles.com/?expert=John_Mazzara
http://EzineArticles.com/?Facts-About-the-Twin-Cities-and-Minnesota-When-Relocating-to-Minneapolis-Or-St-Paul-MN&id=1747936

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In Love You Will Fall, With Saint Paul

By Chrissy Barton

The city of Saint Paul is the capital and second most populous city in the US state of Minnesota. Nestled on the north bank of the Mississippi River and downstream of the river’s confluence with the Minnesota River, Saint Paul is an aesthetically pleasing city and is ideal for a family getaway.

Its positioning right near the city of Minneapolis, has earned it their title, “Twin Cities”. This close proximity makes it the ideal place to base yourself if you wish to explore one of the country’s largest metropolitan areas. It offers a wealth of attractions and activities for tourists or those wanting to escape the demands of everyday life.

1. Como Park Zoo and Conservatory

Located in the historic and beautiful Como Park, this zoo and conservatory is the perfect place to visit to mark the beginning of your holiday in Saint Paul. The zoo is most famously known for its Californian sea lion exhibit, but the cat display, gorillas and giraffes are equally enjoyable. Walking through the zoo will also allow you to discover the African Hoofed Stock, the Aquatic Animal Building and the Tropical Encounters exhibit.

Once you have visited the animals, take a stroll down to the conservatory where you will be transported into a whole other world. The indoor and outdoor gardens will simply take your breath away and will leave you in awe of the true beauty of nature.

2. Minnesota Children’s Museum

If you are on a family trip, make sure you make time in your schedule for a visit to the Minnesota Children’s Museum. This completely interactive museum allows the kids to explore their world through climbing, touching and splashing exhibits that will open their minds and arouse their curiosity. Discover permanent galleries such as Earth World, Our World and the Rooftop ArtPark. These galleries offer diverse perspectives that will enrich the lives of your children and broaden their learning abilities.

3. The Saint Paul Gangster Tour

Known as the ‘local crooks tour’, the Saint Paul Gangster Tour offers an interesting, somewhat crooked insight into Saint Paul’s past. This tour allows you to explore the sites of nightclubs, kidnappings and gun battles associated with the 1930′s gangsters like John Dillinger, Ma Barker and Babyface Nelson. Discover the most infamous gangster hideouts and uncover just how famous Saint Paul truly is.

The tour takes approximately 2 hours and is the ideal way for history buffs to spend an afternoon.

4. Minnesota State Capital

Take a drive along Dr Martin Luther King Jrr Boulevard and you will come to the masterpiece that is the Minnesota State Capitol. Take a scheduled tour of this grand structure to discover one of the country’s greatest artistic masterpieces. Built in 1905, this structure features stencilled ceilings, murals, marble and sculptures that will simply take your breath away. This is a great place to visit because essentially is a building of the people, by the people and for the people.

5. Minnesota Museum of American Art

The Minnesota Museum of American Art is housed in a beautiful historic building and is the perfect attraction for those who love art. The collection here includes over 3500 object that depict the 19th century of art. There is a strong focus on regional and Minnesota artists, ensuring you get a taste of the local arts scene.

If you are looking for a laid back city that focuses on the artistic and cultural side of life, you will be pleased to find Saint Paul. Full of exciting things to do, the city offers pleasant contrasts between fun and relaxation, ensuring you are always doing something that you can enjoy.

Chrissy Barton is a blogger and content writer for Jurnii Car Rentals, America’s new travel focused online rental car company. She writes frequently for the Jurnii Car Rentals Blog, and enjoys travel in the U.S and abroad.

Article Source: http://EzineArticles.com/?expert=Chrissy_Barton
http://EzineArticles.com/?In-Love-You-Will-Fall,-With-Saint-Paul&id=3731904

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Check Out Energy Rebates

EnergyStar.gov –  Check Out Energy Rebates

This is a government site that offers lots of energy saving tips as well as explains what energy saving grants or credits might be available.

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Foreclosure Trends Newsletter

Here is the latest issue of my foreclosure trends newsletter.  As you can see, the trend is not our friend, in the sense that the housing market has not recovered.  Until jobs come back and people are employed and feel safe in their employment, they will tend to avoid making a committment.

ForeclosureTrends.pdf

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Twin Cities Foreclosure Trends-From our MLS & Realty Trac

Besides the board of realtor sites:  http://theThing.mplsrealtor.com and market data posted elsewhere at http://www.MplsRealtor.com I have a subscription to Realty Trac.  My subscription gives me additional data about foreclosures and trends within certain zip codes.  This is in addition to my daily subscription to Finance & Commerce (a business newspaper that prints all the foreclosure information as well as very timely articles regarding the business community).  If you are looking for someone who has experience and access to information about distressed sales, we need to be working together.  Whether buyer or seller-I can help you understand the market we are in and the options and opportunities available to you.  Give me call today.

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Real Estate Information

These are a couple of my newsletters that have a ton of valuable information. Go check them out.

Foreclosure Market Trends Newsletter
http://www.realtytrac.com/MarketTrends/NewsLetter.aspx?guid=131bd355-1b69-4bd1-99cd-2f0c9a936810

Real Estate Cyber Space Tips
http://www.REcyber.com/cybertips/r11627

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Twin Cities

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Metro Lofts Condo For Sale

This outstanding loft is priced to sell.  Not a short sale or foreclosure-just a great deal.  Visit the link below and check out the virtual tour.

http://www.obeo.com/Public/Viewer/Default.aspx?ID=613257

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Outstanding Video-An Inspiration To All-Be The Best You Can Be!

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Twin Cities Home buyer book

Thinking about buying a home but don’t know where to start? Why not start by reading the home buyer hand book that we have provided below. It is a great place to start to get the information you need. When you’re ready, we would love to help you find and finance a new home.

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Open Source Documents-Unbelievable Resources-Find YOUR topic of Interest

If you’ve never visited http://www.Archive.org, you are missing a wonderful site.  From this site, you will find many resources that are out of copyright and you can download and use them as you wish.  You will find all the classics and some fun things as well.  Just for fun, I have the download of a book called “Little Gardens” which is a book about setting up a garden on a city lot.  This is just one of the MANY fun things you’ll find.  You can download and watch old music, movies, and cartoons as well.  Plan to spend some time on the site should you decide to visit, as it is very cool.  Click here to download the book Little Gardens

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Sell Your Home Faster-Learn The Home Selling Secrets Of Successful Sellers

Here is a special report that outlines over 450 ideas on how to sell your home faster.  This report is just one of the many home buyer, home seller, and investor reports that I can make available to you.  Read this report and call me to arrange a time to see how I can help.  Download Now

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Extension And Expansion Of Home Buyer Credit-4/30/2010

A Big WOW!!  The credit has been expanded to include homeowners who have owned their home for the past 5 years. No longer do you need to be a first time buyer.  The dollar limit is $8000 for first time buyers and $6500 for move up buyers.  This GREAT news.  Combine this with 50 year lows in interest rates, and you’d be crazy not to consider making a move.  If you feel secure in your job, think hard about buying  home at this time.  We can help you make the right move. Visit this site-which is from the National Association Of Home Builders  http://www.federalhousingtaxcredit.com/faq2.php This site give you all the rules and regulations as they now apply.

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Why Foreclosure Is Often Preferred By The Loan Servicer Instead Of Offering A Loan Modification

Have you ever wondered why a foreclosure occurs when a better solution might have been a modification?  Would you like to read the facts and figures and see how mortgages are bundled, sold and serviced?  You will soon see it is isn’t pretty, we are in the midst of a crisis, and it is likely to get worse before it gets better.  That being said, you can probably guess why-it’s about the money.  It is a little more complex than that-the report is 60 pages-but is explains the incentive and disincentives that are at conflict within the mortgage market today.  Once you understand how all the pieces go together, you can see that something “different” needs to be done.  I am a strong free market believer, but in this case, the government needs to have a mandate and rule that is guided towards keeping people in their homes.  Left to current industry solutions, the mortgage mess will continue to play out and get worse.  If you click on the link below, you will find the free report from the National Consumer Law Center.

http://www.consumerlaw.org/issues/mortgage_servicing/content/Servicer-Report1009.pdf

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Home Buyer Tax Credit Information Update

It’s now official!! The tax credit has been extended and expanded. YOU NEED TO HURRY! You now have until the end of April 2010. The following summary of the credit is provided by the National Association Of Realtors. The following two documents cover the changes in the new law. Now get out there and buy a home!!

NAR FAQ: Homebuyer Tax Credit Changes
NAR Issue Brief: Homebuyer Tax Credit Changes

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Minnesota Real Estate Newsletter Gives Access To Great Computer & Life Tips

I maintain a number of real estate sites, blogs, and newsletters. One newsletter that provides a number of computer tips to help you function better with a computer is http://www.REcyber.com/cybertips/r11627 The site is full of cyber space tricks and great places to visit. We have link to this site on the list of MN Real Estate links, but I wanted to highlight this particular newsletter because it different from what most agents provide. From this newsletter, you can also access all the back issues-from 2001 and beyond. It is really quite a useful resource-spend some time there if you have a chance.

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Make The Right Home Improvements & Increase Your MN Home Value

Are you ready to sell your Minnesota home for the highest dollar with the least amount of hassle? I have helped hundreds of MN homeowners get their home sold. Can I help you?

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Minnesota Home Seller Secrets

Are you ready to sell your Minnesota home for the highest dollar with the least amount of hassle? I have helped hundreds of MN homeowners get their home sold. Can I help you?

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Minnesota Home Buyer Secrets

First, read the guide and learn how to purchase a Minnesota home successfully. Then, call me to set up an appointment to begin the process.

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Twin Cities Lakes

The Twin Cities is a beautiful area. It’s also an area that has quite a bit of water around. Of course the cities are divided by the great Mississippi River, but there are a variety of different lakes that are in the area as well. There is a chain of lakes in the area, and there are five different lakes that are quite popular. Some of them include parks and recreational opportunities as well. The names of the five lakes include Lake Calhoun, Lake Nokomis, Lake of the Isles, Lake Harriet, and Lake Hiawatha. Here’s a closer look at these lakes and what they have to offer those in the Minneapolis and Saint Paul areas.

Lake Calhoun

You’ll find that Lake Calhoun is one of the lakes that makes up the Chain of Lakes in the area. It is a very popular place for a variety of different activities, including swimming, fishing, walking, roller skating, jogging, wind surfing, sailing, and even canoeing. It’s about 3.2 miles around the entire lake, great for people who want to run, walk, or cycle. There are also three beaches that are supervised on the lake as well. You can rent watercraft on the lake by going through the Wheel Fun Rentals company right there. There are also gondola services available as well. Right on the lake you’ll even find that there is a nice restaurant – the Tinfish Restaurant. Over the past 100 years, there have been quite a few great improvements to the area. Originally this lake was known as the Lake of the Loons, “Lake Medoza.” However, the name was changed to honor John Caldwell Calhoun, who was a United States Senator, then later Vice President serving with President Monroe.

Lake Nokomis

Another lake you’ll find in the Minneapolis park system is Lake Nokomis. This is a sailing lake, just like Lake Calhoun. The park along the lake offers a community center, ball diamonds for baseball, concessions, canoe racks, sailboat racks, paths to walk, and two different beaches that are well supervised as well. They now offer a special playground system that allows kids between the ages of five and twelve to play. This system is made to help kids become more agile, to help with coordination and balance, and to help with strength in the upper body as well. During the warm months, often there are sailboat races on the lake and people can rent watercraft as well.

Lake of the Isles

The Lake of the Isles is another lake that happens to be a part of the Chain of Lakes as well. Millions of people end up visiting these lakes every single year. People come to bike, picnic, enjoy the scenery, bike, canoe, and more. During the winter months, many people come to this lake to go ice skating. There is a dog park located by the lake as well where people can bring their dogs to enjoy some time out and about. This lake was engineered, and was made in the early 20th century. It was originally a very shallow lake but it was turned into a wonderful lake and a beautiful park as well. The area has been renovated and turned into a lovely park. Wetlands have been enhanced, the plants have been restored, and paths have been reconstructed. It is definitely a lovely place to enjoy if you love the water.

Lake Harriet

Lake Harried is part of the chain of lakes and is very picturesque. There are 344 acres that are all water, as well as 67 land acres in the park as well. This lake is known for the great walking and biking trails, and many different water based activities take place. In the band shell located by the lake, various summer concerts take place as well. This is the 5th music facility to be put in this area. The first one that was built back in 1888 ended up being totally destroyed in a terrible fire. The trailers for skaters, bikers, and runners are almost three miles long. There is a small totlot available as well for young children. You’ll also find a concession building available and a well available where you can get water.

Lake Hiawatha

Last of all is Lake Hiawatha. This lake is beautiful and the park around it has beautiful trees to enjoy. The entire park is 234 acres, although the lake is only 52 acres large. Over the years this has been taken from a swamp to be a beautiful park that people in the area can enjoy. Some of the improvements that have been done in the past few years include adding boulders, ornamental trees, perennials, shrubs, and a special flagstone path as well. There is a playground that takes up eight acres, there is a beach, athletic fields, and even tennis courts. On one side of the lake there is a special golf learning center and a golf side as well.

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Twin Cities Minnesota

Interested in visiting the state of Minnesota? If so, you definitely won’t want to miss taking the time to visit the twin cities. These cities of Saint Paul and Minneapolis are two of the biggest and most visited cities in the entire state. So, you definitely won’t want to miss them. Of course there are those that are not entirely familiar with these cities, their long history, and how exciting they can be. Here’s a closer look at these two cities, what defines them, their history, and the cities as they are today.

The Twin Cities

So, you may be wondering what exactly the twin cities refers to. Well, the “twin cities” are comprised of the huge metro areas of both Minneapolis and St. Paul. Between the two cities there are many sporting events, cultural productions, and many different avenues of entertainment as well. Both of the cities in MN have many different museums that people can tour as well. The two cities come together and definitely make up a huge metro area that includes many things to do, for visitors and locals alike.

Separated by the Mississippi River

There is one thing that basically sets the twin cities apart – the Mississippi river. This river runs right in between the cities of Saint Paul and Minneapolis. Not only is the river the divider between the two cities in Minnesota, but the river is also a place where a huge amount of recreational activity takes place as well. Even the history of the two cities is based around the river, so the Mississippi river definitely plays an important part for both of the twin cities.

History of St. Paul

When it comes to the twin cities, it’s a great idea to take a look at the history of St. Paul. This city happens to be the second largest city that is in the state of Minnesota. This city was spurred off of the Fort Snelling, which was a military presence that was in the area. It was actually the first presence in the area for the U.S. military. It was located on the Mississippi River and was first established back in 1819.  The fort was actually established in the area so that the Americans could establish their own dominance over the fur trade on the Minnesota and the Mississippi rivers.

One bootlegger who was a retired fur trader decided to move his operation down the river a bit and he put it on the North bank. It eventually got the name of Pig’s Eye. Later the area would formally get the name Saint Paul, which was suggested by a priest in the area. The area is basically the gateway on the river towards the Midwest, and many steamboats found their way through the area. For some time the town was a railroad time as well and is often known as “The Last City of the East.”

History of Minneapolis

On the other hand, of the twin cities, you also have Minneapolis, which also has a rich history that originated in much the same way. It is the largest city in the state and it too originated from Fort Snelling. However, this city had a lot to do with Saint Anthony Falls as well, which gave the power needed for various flour and saw mills that were run. Once the land in the area was able to be settled, there were two different towns that were established. On the west side was Minneapolis, and on the east side was Saint Anthony. Later in 1872 these two towns would become one city. The industry in the area was mainly based on milling and soon the city was the top center of flour production. It earned the common name, “Mill City.”

It also began to become quite big in the railroad and banking industry as well. In fact, still today this city is a center in the banking industry. The area still has two of the biggest milling companies in the world, the Pillsbury Company as well as the General Mills company, although the two have now merged together.

The Cities Today

Today you will find that both of the twin cities, Minneapolis and Saint Paul, are growing cities. The skylines have definitely changed over the years, with tall buildings easily seen from the Mississippi River. There are now parks, museums, and various modes of entertainment to be found in both of the cities. However, as you cross the river, you will find the two cities to be quite different. In fact, you may even find that they are competitive. With the rich history and unique culture, they are definitely worth visiting if you venture into Minnesota.

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The Homeowner Affordability and Stability Plan

In the past few months, we have definitely seen the economy go down hill. The housing market has almost crashed and many people are looking for relief. With so many people having difficulty making home payments, the list of foreclosures is large and going up by the thousands every single day. Well, in order to try to help people dealing with this problem the Homeowner Affordability and Stability Plan has been created and will soon be started up. Of course many people are not even aware of all that this plan has to offer. So, here is a closer look at the plan, why it has been created, the components of the plan, how to know if you are eligible, and when it all is going to get started.

Why This Plan Has Been Created

So, you may be wondering why the Homeowner Affordability and Stability Plan has been created by the Obama Administration. Well, the plan has been developed to help the millions of families that will probably be facing foreclosure in the near future as well as people who are working hard to keep current on their mortgage. We are dealing with a real estate crisis as well as an economic crisis. In order to keep problems from going even lower as the foreclosures mount up, the administration hopes that this plan will help to stabilize the market and eventually start things back on an upward trend. The plan is supposed to help millions of people keep current on mortgage payments and to help prevent foreclosures from happening as well. It will work to help the housing market recover while helping workers pay on their mortgages to prevent a further crisis.

This plan comes with several different components. Here is a look at the three main components that make up this plan, how they work, and the goals of each component as well.

Component #1 – Offering Refinancing for Homeowners that are Responsible

The first component of the Homeowner Affordability and Stability Plan is to offer refinancing to homeowners that have proven to be responsible. This way they don’t continue to suffer because of falling home prices. Some people are having great difficulties dealing with their mortgage payments, since now their homes are worth far less than what they owe on their mortgage. This component of this plan will work to help those people refinance for lower rates and payments so they can continue to afford paying on their home without having to face foreclosure in the future.

Component #2 – Homeowner Stability Initiative ($75 Billion)

The second component of the Homeowner Affordability and Stability Plan is a homeowner stability initiative to the tune of $75 billion dollars. This will include a loan modification plan that will reach out to lenders to help them reduce payments and will also provide incentives to borrowers as well. This is expected to be helpful to 3-4 million people who own homes. Clear guidelines are laid out within the plan for the loan modifications that will take place as well. During bankruptcy people may be able to modify their home mortgages as well. It should also help out FHA loan programs and should provide more hope to those that own their own homes today.

Component #3 – Strengthening Freddie Mac and Fannie Mae

The third component of this plan is going to help strengthen the confidence in Freddie Mac and Fannie Mae, which should help to keep mortgage rates low. This component has several different steps to it. It will provide for responsible homeowners low cost refinancing if they are dealing with problems due to home prices that are falling. This will help them to reduce the payments that they are paying each month so they are more affordable. There is also money to help prevent foreclosures as well.

Who This Program Will Reach Out To

There are many people that this plan is attempting to reach out to. It is focusing on those who own homes and who are at risk of ending up in foreclosure. It provides loan modification to these people. It also reaches out to those who have not been missing their payments. For families that have a lot of debt, there are special provisions in this plan for them as long as they going into debt counseling that is HUD certified. It should provide protection to tax payers, will provide counseling as well as outreach, and will limit foreclosures in the future as well.

How to Know if You are Eligible

So, now that you know a bit more about the Homeowner Affordability and Stability plan, you may be wondering how you can know whether or not you are eligible for this plan. Usually you’ll need to have enough income to make a new payment and you’ll need to have a fairly good payment history as well. Of course not all of the eligibility details are out yet, and they will be announced when the program gets started.

When the Program Starts (March 4th)

Wondering when this program will get started so you can start benefiting? Well, you’ll find that the program is going to get started on March 4th, when you’ll be able to find out a whole lot more about it.

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New Homebuyer Tax Credit

Back in 2008, there was a $7500 tax credit that was enacted by Congress and it was to be a great incentive for those buying homes for the very first time. It was to help out the over supply of homes out there that are for sale. For the year of 2009, there have been some changes made to this tax credit. Wondering how the new Homebuyer Tax Credit actually works? Here’s a look at the changes that have been made, who will be eligible, and a lot more important information that you need.

How this Has Changed for 2009

Wondering how everything has changed for the year of 2009 when it comes to the Homebuyer Tax Credit? Well, while the credit used to be $7500, it has now been increased by Congress to $8000. For those that purchase in 2009, there is no repayment feature on this credit, like there was back in 2008. Homes that are purchased for more than $80,000 will get then entire $8000 tax credit. Those that are lower than that will get 10% of the cost of the home. So, someone purchasing a home for $70,000 would get a tax credit of $7000. The purchase must be between January 1, 2009 and must occur before December 1st of 2009.

The People Eligible for the Credit

Many people are wondering who is going to be eligible for this new Homebuyer Tax Credit. Well, only people who are purchasing a home for the very first time are going to be eligible. People qualify as a first time home buyer if they have not owned a home for the past three years. Of course the purchase of the home has to fall in the time frame as well, in order to get this credit.

How it All Works

So, how does this tax credit work? Well, the tax credit reduces the amount of income taxes that are paid. When you fill out your income tax return, you claim these credits on there. You figure out your income items, and then your exemptions, then you figure out the amount of your total tax. Once you figure this out, then the tax credits are going to be applied to what you owe. If you owe $10,000 to the government in taxes and you have the tax credit of $8000, then you’ll only end up owing the government $2000.

A Refundable Credit

There are times when you can get a refundable credit as well. This occurs if you are able to get this tax credit for your home, but you owe less than the $8000 on your taxes. In this case you can actually get money back in a refund from the government. If you only owe $3000 to the government and you have the tax credit of $8000, then you’ll end up getting a refund check from the government for $5000.

Income Restrictions

You will find that the new Homebuyer Tax Credit does come with some income restrictions that you need to know about. The restrictions are based on the amount of money that is claimed and the filing status on the income tax returns. Those who are single can only have an income of $75,000. However, married couples who are filing jointly can have up to $150,000 to quality for this tax credit.

Determination of Income

So, how is the income determined to figure out if you meet the restrictions or not? Usually this is figured out just like the Adjusted Gross Income on the 1040 tax return. This can include salaries, interest, pension, rental income, and many other things. It is this Adjusted Gross Income that you’ll want to look out to make sure that you meet the income restrictions on the tax credit.

The Principal Residence

The tax credit is only available for those who are purchasing a principal residence. So, what exactly is a principal residence? Basically this is the home where a person ends up spending 50% or more of their time. It also may be called housing that is “owner occupied” as well. This includes condos, single family housing that is detached, townhouses, and co-ops. In some cases manufactured homes and even a few houseboats may quality under this definition as well.

Financing Restrictions

For the most part you’ll find that various types of financing are going to be acceptable when you are trying to claim this credit. There were some restrictions in 2008, but the one that was applicable then was removed in Congress. So, you don’t have to worry about financing restrictions keeping you from being able to claim this tax credit.

Do These Credits Have to Be Repaid?

While last year the tax credit eventually had to be repaid, in 2009 there is no repayment on the tax credits that are being given. This is excellent for new homeowners, since they won’t have to worry about paying back the government in the future.

How to Get the Credit

So, how do you get the new Homeowner Tax Credit? Well, there is nothing really special you need to do. Simply claim this on your 1040 tax return this year. The credit will be on a 5405 form that you will attach and you can easily get this form at the IRS website so that you can make the claim and get that tax credit.

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Why Work with a Realtor?

Today there are many people who think about selling their home on their own. However, many of them end up going with a realtor for their needs. It’s definitely a great idea to decide to work with a realtor when you are selling your home or you are trying to purchase a new home. Many real estate agents are not actually realtors, and realtors have quite a bit more to offer consumers. Not sure that you should choose a realtor when you are selling or buying a home? Well, here is a look at some of the top reasons that you definitely should work with a good realtor.

They are Experts in the Real Estate Field

One great reason that you should definitely consider working with a realtor is because they are experts in the real estate field. Having an expert on your side is definitely a great idea. Many people out there today purchase or sell their homes with a realtor. Realtors come with a whole lot of experience and definitely will be able to use that experience to help you acquire a great home or to sell a home for a good price.

Realtors Know the Community

Another reason to go with a realtor when buying or selling is because realtors know the community. They are active in the community and they know the community that they are working in. This is important, whether you are purchasing or selling. You want someone on your side that really knows what is going on in the local real estate market.

They Can Offer You Protection

You’ll also find that a good realtor can offer you protection when you are selling your home or purchasing a home. They know the laws and the nuances of the real estate industry that are very important. Without a good realtor on your side, you could end up making a mistake that will cost you in the long run.

Realtors are Supposed to Be Honest

Realtors have a code of ethics, that states that they are supposed to be honest. This definitely benefits you. After all, you want someone on your side that is going to be honest with you, no matter what. Even if it is something that you really don’t want to hear, it’s great to have someone that will be very honest with you. This is something you can count on.

Required to Disclose Important Facts

According to the code of ethics, realtors are required to disclose any important facts to you as well. This means that any facts that you need to know, your realtor will let you know about. They’ll give you good advice along the way and give you the facts that you are going to need to make the right real estate decision.

They Have Your Interests at Heart

A good realtor will also have your interest at heart. This is one reason it is such a great idea to have a realtor on your side. They will help to make sure that you get the best deal and the best home for your needs. A realtor is committed to making sure that everything works out for you. This is definitely excellent for you.

Realtors Have Resources

Another reason to have a realtor help you with selling or purchasing a home is because they have many great resources available. If you are looking for a home, they have a variety of different resources they can turn to, in order to help you find the home that you want. You won’t have to spend time looking, but your realtor can do that job for you with the great resources that are at their disposal.

Help with Negotiation

Often in a real estate deal there is quite a bit of negotiation. This can include negotiation about the terms, financing, price, date of possession, repairs, equipment, and more. If you are not well versed in the art of negotiation, you may not get the best deal for you. With a good realtor to help you out, they can help you out with the negotiation so you get a deal that is totally fair to you.

Explanation of Financing

You’ll find that a good realtor can help you to understand the financing options that you have available to you. They can explain different options and lead you in the right direction. They also have access to many lenders and can help you to identify good lenders for the financing that you are going to need.

The Process is Smoother

Going through a real estate deal is not always a smooth ride. Some times things crop up along the way. Using a realtor can help you to make sure that this process is much smoother. They’ll help to ensure that everything works out very smoothly so that you get through the deal as soon as possible without any problems.

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