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| © 2004 - 2007 Optimus Home Mortgage Minneapolis, MN 55404 Phone 612-872-1686 Fax 612-872-1168 |
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| Minneapolis Mortgage | About Us | Contact Us | Apply Now | Loan Programs | Your Credit | Tools / Info | Testimonials | Site Map | Loan Application | Privacy Policy | Credit FAQs | Free Credit Report Minneapolis | Minneapolis Mortgage Blog | Related Resources | Fair Lending Notice | Minnesota Home Ownership Accelerator Loan |
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Minneapolis Mortgage Information Condensed |
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Looking for a Minneapolis mortgage?
Apply online for a Minneapolis home loan at Optimus Home Mortgage Minneapolis. We
are a brokerage located near downtown Minneapolis. We are known for having
the best rates, best service and best programs. We have been called the
"credit rescoring professionals". Even though we are a Minneapolis Minnesota mortgage
broker -our loan products come from local and national wholesale funding
companies. We shop these lenders for the best rates and programs for our
clients- saving them hundreds at closing and thousands over the life of
their mortgage. For a Minneapolis mortgage or Minnesota refinance.Call us if you are looking for a jumbo mortgage or bad credit mortgage in Minneapolis. We are able to lend on residential homes, investment properties, multi-family and 2nd homes in the state of Minnesota for both purchases or refiances. Broker / Owner Jeremy Heimer has over nine years experience in loan origination for FHA, conventional, VA and B/C credit loans. Prior to opening Optimus he managed offices for a real estate company and a small mortgage brokerage. Superjumbo loans are one of our specialties. For residential home loans with low closing costs and low rates call Optimus Home Mortgage. Free mortgage information and resources including rate quotes, mortgage calculators, credit reports and other tips on repairing your credit. Free pre-approvals and Minneapolis Realtor recommendations available. |
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Minneapolis Mortgage News |
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| June 25, 2007 Optimus Home Mortgage is now approved and certified for the Minnesota Home Ownership Accelerator Loan. "Use your mortgage as your checking account and become the Bank of You!" What is the Home Ownership Accelerator? The Home Ownership Accelerator makes one simple change in your financial life. It combines your checking account with your home loan. So you flow all of your personal cash against your loan balance. Why is this a big deal? The money currently in your checking account earns close to nothing. In the Accelerator account, your money will "earn" your home loan rate (a much better return) and can pay off in half the time. This concept is popular in Australia and they are called offset loans in the UK. Further explanation here :Homeowners opt for balancing act with offset loans |
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| January 31, 2007 Bad for mortgage consumers or good? As stated in a recent article in the Star Trib= "Taking out a loan? You might want opt out of unwanted marketing pitches." Loan applicants may borrow annoyance along with the cash. "The practice is known in the industry as "trigger leads." It's legal so long as Equifax, Experian and TransUnion sell the data to lenders who present a "firm" offer of "pre-approved" credit. Trigger leads become illegal if the marketer engages in deceptive or unfair practices, such as pretending to be "taking over your loan" or working with the company that first sought your credit score. " My position on triggers is that it is another good idea in theory, but bad in practice. I am all for consumers being able to shop and find a great deal. The problem is by the time we are ready to pull credit, most often our clients have already done the shopping and have chosen to work with us. If one does not opt out they may be barraged with more lender calls they do not want. Bad for the entire mortgage industry I say. Here is the link to the site to opt out of prescreened offers- OptOutPrescreen.com |
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| November 30, 2006 This is not good... Twin Cities Home Foreclosures At Near Record High. "Home foreclosures in Minneapolis, St. Paul and other communities around the state are rising at a rate that is beginning to alarm some officials worried about destabilized neighborhoods. In St. Paul, foreclosures are on a pace this year to be three times higher than they were in 2003. In Minneapolis, they're up by about 79 percent compared with last year. And in Dakota County, there were more foreclosures by Sept. 1 than in all of 2005." Unfortunately, this is due in part to people who have purchased houses using mortgage products that they didn't fully understand. Is this financial illiteracy due to "Minnesota Nice" and not asking enough questions of the loan officer or shady lenders who do not have the best intentions of the customer in mind? It is probably both. I know there has been a huge influx of new loan officers due to the recent refinance boom. To them a quick sale was more important than the long term financial health of the borrower. Sad. |
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| October 30, 2006 It's that time of year again... The Twin Cities Loft and Condo Living Tour. In their words- "Explore the Twin Cities newest lifestyle trend on the third annual Twin Cities Loft and Condo Living Tour! With 47 loft and condo developments in downtown Minneapolis and St. Paul and urban areas throughout the metro, it's the largest tour yet. Tour everything from restored warehouses to remodeled historic apartments to innovative new construction - each with unique architecture and design." We checked out a few lofts last year and plan to do more this time around. Especially this one - Reflections at Bloomington Central Station |
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| July 24, 2006 According to the Downtown Journal... The Nicollet swaps sales team . Edina Realty has taken the reins from Financial Freedom Realty as the new sales company for The Nicollet condominium building, a 56-story project planned for South tenth Street and Nicollet Mall. Financial Freedom has been selling units for The Nicollet for more than a year and sales have been slow recently, 48 of the building's 357 units are sold and 65 are reserved, according to a June report from Hunt Associates. The Nicollet is scheduled to open in the fall of 2008. For more information about the project, go to www.TheNicollet.com |
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| May 23, 2006 Luxury living or glorified apartment? Heres a good article from the Minneapolis Star Tribune about Mineapolis Condos and Lofts. Turns out those luxury condos are not so luxurious after construction. Strib article here. "As the pace of condo, loft and townhouse construction continues unabated, some buyers are discovering myriad problems with their "carefree" homes..." I had this same impression after viewing a few new loft developements! |
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| April 3, 2006 Sexton's Phase two Condos SkyWay NEWS article. The downtown Minneapolis 25-story tower at the corner of South 8th Street and Portland Avenue is supported by the Elliot Park Neighborhood Association. Like the existing Sexton building, penthouses grace the top floor. 90 percent of the units will sell for less than $300,000. The smallest are 500-square-foot studios in the lower $140,000 range. One-bedroom units step up to almost 700 square feet for $180,000. Get pre-approved for your minneapolis mortgage now. Call 612-872-1686. |
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| March 04, 2006 Credit score FAQ's By Jeremy
Heimer I have been originating home loans since 1996 and am now the owner of Optimus Home Mortgage, a Minneapolis-based mortgage brokerage. Over the years my clients have asked many of the same questions about credit scores. Here are some of the most commonly asked questions and their answers. Q: What is a "good" score? A: Credit scores range from 300-850 and you get a score from each of the three credit bureaus. Most often the middle of the three scores is used in qualifying for a home loan. A score of 660 or more is considered "good" and 700+ is "excellent". Q: How often do scores change? A: They can change daily. The important thing to remember is that your score is a snapshot of your credit at the moment it is accessed. Because your credit file is constantly changing, so is your score. Q: What factors are considered in a score? A: Payment history, amounts owed, length of credit history, new credit and types of credit are all factors in a score (see side chart for how these factors are weighted). Items such as race, color, religion, age, salary, employment history, where you live or rates on your credit cards are not factors. Q: How do inquiries affect score? A: Anytime anyone checks your credit report it creates an "inquiry" which can lower your score. The amount that an inquiry affects a score is relative to the composition of your overall credit. If you have a "thin" file or one with very little credit, an inquiry will have a greater impact than it will on one with a larger credit history. Auto and mortgage related inquiries that occur 30-days prior to scoring have no affect on score. Outside this 30-day period, auto and mortgage related inquiries that occur within any 14-day period are treated as a single inquiry. Q: Are there any "quick fixes" for raising a score? A: Yes! Credit re-scoring is the process by which (with proper documentation) a tradeline is updated, and a new report and score is obtained. This process can take as little as two to three days. Credit re-scoring is expensive and should only be done with a lender that has experience in that area. If done improperly it can actually lower your score. If you are considering buying or refinancing a home in the next 5 months, it's better to call now and check on your credit report. If you wait, you may have to re-score at the last minute or worse, be stuck with a higher rate loan as the only option. You can always request a free copy of your credit report. Congress has passed the Fair and Accurate Credit Transactions Act, part of which mandates that consumers have a central place to obtain a free copy of their report from each bureau once every 12 months. For the Midwest this will be available on March 1, 2005. Call Optimus Home Mortgage Minneapolis at 612.872.1686 for more information on the three ways to get your free reports or follow the links at www.optimushomemortgage.com Optimus Home Mortgage Minneapolis is located at 1801 10th Ave S, Minneapolis, Minnesota 55404 |
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| March 3, 2006 How to get a Free Credit Report. If you are considering buying or refinancing a home in the next 5 months, it's better to call Optimus Home Mortgage Minneapolis now and check on your credit report. If you wait, you may have to re-score at the last minute or worse, be stuck with a higher rate loan as the only option. Call us at 612.872.1686 to complete an application over the phone. You can always request a free copy of your credit report. Congress has passed the Fair and Accurate Credit Transactions Act, part of which mandates that consumers have a central place to obtain a free copy of their report from each bureau once every 12 months. For the Midwest this will be available on March 1, 2005. To get your free report: Call the FACTA center 877-322-8228 or by mail at: Annual Credit Report Request Service PO Box 105281 Atlanta, BA 30348-5281 Or on the Web: AnnualCreditReport |
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| March 2, 2006 Why work with a Minneapolis Mortgage Broker rather than a Direct Lender? If you are a reasonably astute shopper, you will do better dealing with a mortgage broker because they do not add any net cost to the lending process. They perform functions that would otherwise have to be done by employees of the direct lender. Furthermore, because brokers deal with multiple lenders -- they can shop for the best terms available on any given day. In addition, they can find the lenders who specialize in various market niches and loan programs that many other lenders avoid, such as stated income loans, jumbo pay option ARMS, loans with minimal or no down payment, and so on. Mortgage MinneapolisAs a Minneapolis Mortgage broker, we at Optimus Home Mortgage Minneapolis shop local and national lenders for the best rates and programs for our customers. Let us save you hundreds of dollars at closing and thousands over the life of your mortgage! We are able to lend on residential homes, investment properties, multi-family and vacation homes in the state of Minnesota for both purchases or refinances. Buying an Minneapolis area home? Buying a home can be one of the biggest events in your life. Get expert advice and guidance. Our pre-approvals are free and we can even recommend a Minneapolis area Realtor if you are not currently represented. Need to refinance your Minneapolis area home? Time to cash-out some of that equity to finish a home project, start a business, control credit card debt or take a vacation? We can close your new mortgage or home equity line of credit quickly. |
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| February 23, 2006 Why higher rates on jumbos Mortgage Minneapolis than on conforming loans? In part risk (jumbo loans are bought and sold on a much smaller scale than conforming). However, the difference between jumbo and conforming rates varies with the economy. When mortgage money is plentiful the spread decreases and when money is tight the spread is greater. For a more detailed explanation see this Congressional Budget Report. |
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| February 21, 2006 Beware of teaser rate quotes! The following information is needed to give an accurate rate quote. You CANNOT get a valid quote from the newspaper or a website. Call us- we will be happy to explain! Loan size, Appraisal Value, Credit Score, Cash-out or Rate/term, Occupancy Type, Loan program, Income Type, Lock Length, Points or no points paid. We have hundreds of different loan programs to choose from. The following is a partial list: Fixed Rate 30, 15, or 10 yr. terms , Interest Only Payment Loans,Pay Option ARM, Jumbo and SuperJumbo Loans, 7/1, 5/1, 3/1 LIBOR ARMs , No Money Down Loans, 80/20 Combo Loans, Investment Property Loans, Subprime, B/C Credit Programs. Refinance and close in your Minneapolis home. |
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| February 19, 2006 And now I have a good excuse why no mortgage calculators have been added to the tools section of the website. I have seen a few that are good- but its best to call us-heres why.....Buyers, beware of online mortgage calculators SNIP-It seems like a simple question: What is the most expensive Minneapolis home you can afford? Nearly every lender offers a calculator on its Web site. Enter your income, your debts and your savings, and learn the top of your price range. But the number on the screen may be misleading..... More at the Mortgage Minneapolis Blog |
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| February 18, 2006 Have you seen the article at the Kare11's website? It talks about the"Money" article that showed Mortgage Minneapolis homeowners pay too much in closing fees. ACK! Our costs are sooo low- how can this be. On behalf of all the reputable mortgage brokers in Minneapolis or Minnesota- I apologize for the few "bad apples" ripping off consumers. SNIP- When you take out a $522,000 loan for your home, you may not pay attention to every little charge. Robert and Beth Grommesh admit they didn't understand all the fees listed on their forms when they closed last year on their home in St. Louis Park...."Money" says Mortgage Minneapolis homeowners pay too much in closing fees. |
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| February 10, 2006 The 2006 South Minneapolis Housing & Home Improvement Fair Saturday, March 11, 2006 2006 South Minneapolis Housing & Home Improvement Fair . Entering its 12th year, the Housing and Home Improvement Fair remains one of the most successful and well-attended community events in the South Minneapolis area. Free and open to the public, the Fair promotes city living, home improvement and maintenance, and community involvement. The Housing and Home Improvement Fair features vendor displays and educational workshops designed to help current and prospective homeowners in the process of improving, maintaining, enlarging, purchasing or refinancing a home. Sponsored by Minneapolis Neighborhood Revitalization Program . |
