Importance of using a Real Estate Agent

Real Estate Agents are important to use to help you find your home. They have access to all the homes listed on the market. Real Estate Agents can set you up on a search to be emailed to you or if you'd like to meet them in person, you are more then welcome. The search can be set up to email you right away when a home hits the market that is in your search criteria, daily, or weekly. It is a pretty smooth process. What a lot of buyer's do is drive by the house to see if it's in the location they prefer and a house they would like to see the interior, then they call the Real Estate Agent who sent them the information and set up a showing. As always, you should be pre-approved for a mortgage prior to receiving email alerts so you know how much your payments will be and what you are pre-approved up to.

If you have any questions, please feel free to contact Chris Kusch with Premier Mortgage Link Inc. at 763-862-3990 or 763-300-9510. You can also visit us on the web at www.premiermortgagelink.com or www.pmlink.biz.

Thank you!

Rates Drop!

Yesterday, the Feds dropped the Federal Funds Rate to 2.00%! This effected the Home Equity Lines of Credit (HELOC) by dropping Prime rate to 5.00%. Good news to a lot of people who currently have HELOC's or would like to get one. If you are interested in a HELOC, please contact Chris Kusch with Premier Mortagage Link at 763-862-3990 or 763-300-9510. You can also complete an application online by going to our website at www.premiermortgagelink.com or clicking on the link at the left of this page.

FHA 203(K) Loan

An FHA 203(k) loan allows a person to purchase or refinance a property and finance the cost of renovation with one closing. You can even finance up to 6 months mortgage payments into the loan! The minimun eligible improvements on the property is $5,000.

The mortgage must include one or more of the following;
structural repairs and alternations, improvement in the functionality or modernization, changes for aesthetic appeal, and the elimination of obsolescence, repair or replacement of plumbing, heat, air conditioning or electrical, installation of well and/or septic system, replacement of flooring or carpeting or tile, energy conservation improvement, major landscape work and site improvement, or improvements for easier accessibility to the handicapped.

These items can be included in the plan after the minimum $5,000;
new stoves, refrigerators and other free-standing appliances, painting or other cosmetic repairs, repair of a swimming pool up to $1500.

Any item that will not become a permanent part of the property are not eligible. Luxury items are not eligible. These items include, but are not limited to;
new swimming pools, exterior hot tubs, saunas, spas, tennis courts, and barbecue pits.

There are property eligibilities as well. Please contact Chris Kusch with Premier Mortgage Link for further information at 763-862-3990 or 763-300-9510.

Renovation Loans

Did you know that you can buy a home and have some extra money set aside to do some remodeling? Maybe the carpeting is warn and you need to put in some new carpeting. Give me a call about renovation loans and we can discuss your situation one-to-one. Chris Kusch with Premier Mortgage Link 763-862-3990 or 763-300-9510.

FHA Loan Limits

Did you know HUD raised the loan limits to further help people refinance or purchase a home? This helps a lot of people who did not qualify for an FHA loan due to their loan amount being too high. Please go to our website to learn more, or give Chris Kusch with Premier Mortgage Link a call at 763-862-3990 or 763-300-9510.

FHA & VA Refinance

Did you know that if you have an FHA or VA loan, you can possibly refinance it into a lower interest rate? If you have a higher rate on your FHA or VA loan, please give me a call at 763-862-3990 or 763-300-9510 so we can discuss your personal situation. On FHA, you can even take cash-out up to 95% LTV!

Prime Rate

The Prime Rate is now at 5.25%!!! This is great news for anyone who wants a Home Equity Line of Credit (HELOC) Loan. Some people might even qualify for a rate lower then the 5.25%. HELOC's have a variety of uses. You use the money to pay off credit card or other debt, add an addition on your home, remodel your home, or for whatever reason need be. If you would like additional information about HELOC's or any other type of financing available, please contact Chris Kusch with Premier Mortgage Link at 763-862-3990 or 763-300-9510.

Feds Cut Rates

Today, the Feds cut the federal funds rate by 0.75% down to 2.25%. If you would like a rate quote on a mortgage, please contact Chris Kusch with Premier Mortgage Link at 763-862-3990.

Feds Rate Cut

The Feds are expected to cut rates today. Stay tuned for further anouncements.

Good Faith Estimates

When you compare a Good Faith Estimate from one mortgage company to another, make sure you are making a correct comparison. If your loan amount is different from one comparison to another, so will your closing costs and possibly your interest rate, etc. If your loan-to-value changes, so might the costs and the interest rate. If you need help, don't be afraid to Chris Kusch for help. I am available to you via cell at 763-300-9510, office 763-862-3990, or email at chriskusch@premiermortgagelink.com.

Bank Owned and Foreclosed Homes

There are many great deals right now on foreclosed and bank owned homes. The first step in buying a foreclosed or bank owned home is to get pre approved for a mortgage. You need to know how much of a purchase price you qualify for and how much money you are required to put down on a home. There are also some programs available to buy HUD homes with as little $100 down and they can also give you $1500 credit at closing! This is very helpful to the buyer who has very little to put down or who wants to keep their money to fix the house up, put in new carpeting, etc.

The next step you would need to make is to chose a real estate agent who specialises in foreclosured homes and bank owned homes. We work with a network of real estate agents who specialize in this area who we can refer you to. They can help you every step of the way. You can also do a basic search of foreclosures and bank owned homes on our website at http://www.premiermortgagelink.com/Bank_Owned_and_Foreclosures.htm and the homes will be sent to your email.

These are the basics of buying a foreclosed home or bank owned home. I am more than happy to talk with you one-on-one to discuss this further. You can reach Chris Kusch with Premier Mortgage Link my office 763-862-3990, or mobile phone 763-300-9510. I can also be reached via email at chriskusch@premiermortgagelink.com.

President's Day

Happy President's Day everyone! We will remain open all day today so give us a call with any questions. Did you know that President's Day falls on the 3rd Monday of February each year? Originally, the celebration was set up to honor President George Washington's birthday which was February 22, 1732. The holiday was originally known as George Washington's Day. Then a year after President Abraham Lincoln was assassinated, members of congress celebrated his birthday. He was born February 17, 1809. Lincoln did not have an official Federal Day, but some states did celebrate this. The Federal Act was set up in 1971 and is now widely known as President's Day, where all President's in the United States are celebrated on this day.

$1500 Sales Allowance

Did you know you can purchase a HUD home and receive a $1500 Sales Allowance at closing? Call Chris Kusch with Premier Mortgage Link at 763-300-9510 for more information.

Super Tuesday

Today is Super Tuesday and time to vote for your candidate. You can find out where your election caucus in your area is by going to http://caucusfinder.sos.state.mn.us/.

Rate Cut

As stated earlier in my post earlier today, the Feds were possibly going to lower the rate. Well, the feds did lower the Federal Funds rate by 0.50% down to 3.00%! This is the lowest it's been since May 3rd, 2005. This is great news for all you with Home Equity Lines of Credit (HELOC) or wanting to get a HELOC because the banks prime rate is now at 6.00%. This is for the HELOC, not to be confused with a Fixed Rate mortgage. If you would like to discuss your situation on either a 1st or a 2nd mortgage, please contact Chris Kusch with Premier Mortgage Link at 763-300-9510.

Cold Weather

It is very cold out today. The temps in Minnesota were -14, with the windshield it was -32. Make sure you all dress warm and wear layers of clothing. Now would also be a good time to check your home for cracks or drafts and get the problem fixed so you can spend less on your heat bill. If anyone has any good suggestions about how to check your home and good remedies for cracks and drafts, please feel free to post them.

Rate Cut Expected Today

Many believe the Feds will cut the rate today 0.50% down from 3.50% to 3.00%. I'll keep you posted on what they decide.

Prime Rate

As stated in my previous post, the feds cut the rates which are tied to Home Equity Lines of Credit (HELOC). This is known as the Prime Rate which is now at 6.50%. Your rate could be higher or lower then this depending on your situation. HELOC's are like credit cards tied to your home. They are great to use to pay off debt, remodel your home or any other projects you are considering. If you'd like to learn more about HELOC's or would like to apply for one, feel free to contact Chris Kusch with Premier Mortgage Link at 763-300-9510.

Rate Cut

As the stock market plunged downward today, the Feds ended up cutting interest rates. They cut the discount rate to 4.0% and also the Federal Funds rate to 3.5%. These rates do not effect the 30 year fixed rates, but are tied more to short term rates such as Home Equity Lines of Credit (HELOC). If you would like a free mortgage quote on your interest rate, please contact Chris Kusch with Premier Mortgage Link at 763-300-9510.

Reverse Mortgage

If you are 62 years old or older and have some equity in your home, chances are you qualify for a Reverse Mortgage. This mortgage allows you to convert your home equity into tax-free income. You do not have to repay the mortgage for as long as you live in your home, you actually receive money. You can use this money anyway you choose. Single-family homes and qualified condominiums, townhouses, manufactured homes, and 1- to 4-family owner occupied residences are eligible. If you have any questions on Reverse Mortgage's or are wondering if you qualify, please contact Chris Kusch with Premier Mortgage Link at 763-300-9510. You can also complete the "Apply Today" link at the left.

Minnesota Unemployment Rate

According to the Minnesota Department of Employment and Economic Development, Minnesota's unemployment rate went up in December to 4.9%. It was at 4.0% in November and 4.10% in October. I'll update you with Anoka, Ramsey and Hennepin Counties when they are available on their website.

Interest Rates

Rates are FALLING! Give Chris Kusch a call at 763-300-9510 for your one-on-one FREE consult about the best rate and program for your needs. Everyone's needs are different so let an expert like myself help you decide what's best for YOU! You can always visit me on the web at www.premiermortgagelink.com to complete a quick application as well. Hope to hear from you soon!

Minnesota Unemployment Rate

According to the Minnesota Department of Employment and Economic Development, the unemployment rate for 2007 in Anoka County was 4.00% in November and 4.20% in October. For Hennepin County it was 3.8% in November and 4.00% in October. And for Ramsey County the unemployment rate was 4.00% in November and 4.20% in October. It appears that the rates were much better then in September when Anoka County was at 4.8%, Hennepin County was at 4.7% and Ramsey County was at 4.9%. I'll keep you posted when I hear what December's unemployment rates are.

15 Year Fixed Pricing Special

We have a 15 year fixed pricing special at 5.25%, No discount points with 5.471% APR. Now is a great time to purchase or refinance your current home! Rates are subject to credit, loan amount and qualifying and subject to change at anytime. Call Chris Kusch for this great offer and many others at 763-862-3990 or 763-300-9510. You can also visit us on the web at www.premiermortgagelink.com.

Renting Your Home to Buy another Home

In today's market, selling your home could be a little difficult to get top price. You are competing with a lot of bank owned, foreclosures, and short sales. Why not try renting your current home? You would need to figure out what other homes in your area are renting for. You can do this by word of mouth or looking in the paper or online. Then you would need to list your home online and/or in the paper, at your place of employment, and tell your friends and family.

I would run a background check and credit check on a prospective tenant. You'll need to collect for a damage deposit that you feel is reasonable. Remember, fixing up some damage to your property can be costly, so make sure it is appropriate to your situation.

With renting your home, you can reap the benefits of finding a good deal on another property you can live in.

If you have any questions about renting your home or financing a new home, please contact Chris at 763-862-3990 or 763-300-9510. You can also visit our website at www.premiermortgagelink.com

Good Luck!

FHA Current Rate Special

Currently we are running an FHA rate special. 5.50% (APR 5.974%) paying zero discount points! Certain restrictions apply, rates subject to change at anytime. You may not qualify for this special. Please contact Premier Mortgage Link for more information at 763-862-3990. As always, you can visit our website at www.premiermortgagelink.com for more information.

FHASecure Program

Back on August 31, 2007, President Bush announced that HUD's FHA (Federal Housing Administration) would help people who's ARM (Adjustible Rate Mortgage) adjusted. This program is for people who have good credit strengths in the past and who were making their mortgage payments ontime up to the adjustment to refinance.

FHASecure has 5 criteria's to qualify according to HUD's website:
1. A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;
2. Interest rates must have or will reset between June 2005 and December 2008;
3. Three percent cash or equity in the home;
4. A sustained history of employment; and
5. Sufficient income to make the mortgage payment.

If you have any questions about the FHASecure program or want to know if you qualify for the FHASecure program, please contact Chris Kusch with Premier Mortgage Link at 763-862-3990 or 763-300-9510.