Misconception: Forbearance = Forgiveness

May 11, 2020

Molly

Forbearance is designed to help the customer through a financial hardship by reducing or suspending their mortgage payment while they get back on their feet financially. Forbearance does not mean payments are forgiven. The borrower is still required to eventually fully repay the forbearance, but they may not have to repay it all at once – unless they are able to do so. The mortgage servicer will present the customer with a waterfall of repayment options based on their financial situation at the end of the forbearance period. Property taxes and insurance are still required and may have penalties if not paid on time.

If an applicant is IN forbearance on housing (rent or mortgage) they are not eligible for mortgage financing. Unless new lending guidelines are adopted, an applicant will need to have 12 months of on time housing payments to be eligible for pre-approval of a new mortgage. If buying a home is in your future, then forbearance could cause a timing delay.  We are here to help answer your questions, so you are an informed buyer.

For more information, click here to watch a short video from the consumerfinance.gov.

In light of the COVID-19 pandemic, the CARES Act provides mortgage forbearance options for those experiencing financial difficulty. Wondering what this means for you?  Join us for a Zoom webinar to understand the possible impacts and what we don’t know yet.

You are invited to a Mortgage Forebearance Zoom webinar with Molly Nadeau

When: May 13, 2020 02:00 PM Central Time (US and Canada)
Topic: Mortgage Forebearance Webinar / Molly Nadeau Team at Waterstone Mortgage

Click here to register in advance for this webinar. After registering, you will receive a confirmation email containing information about joining the webinar.

If you have additional questions about forbearance or anything else related to your current mortgage or applying for a new loan, please contact Molly Nadeau.

 

Molly Nadeau-Peterson
Branch Manager
NMLS #308436
17205 Yale Street Northwest, Suite D Elk River, MN 55330
O: 612.567.1471 F: 952.314.1515
Email: mnadeau@WaterstoneMortgage.com

 

Posted in Better Living Group team /Real Estate News, Updates & Trends /

So you’re going to close on your new home

March 30, 2015 closingonhome

Congratulations! Whether you’re a first time homebuyer or buying a home to down size, everything must come to an end in real estate and this is called closing.

All title work is done prior to the closing to determine legal ownership of the property and if there are any liens or tax assessments on the property.  Closing often happens at the office of the title company and the buyer generally gets to choose the location. Consumers get to elect whether or not they would like their Realtor to arrange for closing or if they would prefer to do so.

The typical closing takes about an hour for the buyer(s) and seller(s) to sign the paperwork and hand over the keys! Closings are such an exciting time for both sellers and buyers, especially if both parties attend the closing. It can be a great way to learn about the previous owners and the home, as well as learn about your new neighbors and neighborhood. If, for whatever reason, you cannot make it to the closing, you can pre-signand there are also “mail away” closings as well.

The large pile of documents you sign at closing have to do with the new home, the loan and the agreement to pay back the loan. You may leave with a sore hand after having to sign the array of closing documents!

Although we all strive for a smooth transaction and closing, sometimes closings can be delayed for a few hours or potentially a few days. The closing date is simply a goal that may sometimes need to be adjusted.  There are many reasons closing can be delayed, we typically find it has to do with us receiving the HUD and having time to review.

As we mentioned, this is such an exciting time for all parties! The buyers getting in to their new home and the sellers moving on to their next adventure. Even though things may come up, we always do everything in our power to make this time as exciting and stress free as possible. No matter what happens, remember, take a deep breath and trust that your REALTOR will guide you thru any hiccups that happen along the way!

If you or someone you know is thinking about buying a home and/or selling your current home, contact the Better Living Group today! We are here to provide you with information on purchasing a home and a free market analysis for the home you are considering to sell. The Better Living Group are Real Estate professionals in the Twin Cities and Greater Metro areas who are ready and able to assist with all of your Real Estate needs and goals and to provide only the best Real Estate service to all of our clients past, present and future.

The Better Living Group

Realtors- GRI, ABR, CDPE

blghomesmn@gmail.com or 763-496-2911

Keller Williams Classic Realty NW

 

Posted in Real Estate News, Updates & Trends /

Update: Current Mortgage Rates

May 13, 2014

When purchasing a home there are many factors to consider. One major factor, is mortgage rates. Mortgage rates are constantly in a state of ups and downs with weekly, if not daily changes. This is something to keep in mind and consider when you are thinking about purchasing a home and/or selling your current home.

In a recent Freddie Mac Primary Mortgage Survey, mortgage rates, for the week of April 17th on a 30 – year fixed mortgage were at 4.27% compared to 4.34% the week prior – still up from 3.42% in 2013. For a 15 – year fixed mortgage, rates fell from 3.38% to 3.33% – still up from 2.64% in 2013.

Speaking with a mortgage lender prior to looking for a home is very important. They are able to give you all of the information needed to make an informed decision on the current interest rates and how they will effect your monthly mortgage payment. They are also available to answer any questions you have regarding the lending side of purchasing a home.

If you or someone you know is thinking about buying a home and/or selling your current home, contact the Better Living Group today! We are here to provide you with information on purchasing a home and a free market analysis for the home you are considering to sell. The Better Living Group are Real Estate professionals in the Twin Cities and Greater Metro areas who are ready and able to assist with all of your Real Estate needs and goals and to provide only the best Real Estate service to all of our clients past, present and future.

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Chelsea Knutson and the Better Living Group

Realtor- GRI, ABR, CDPE

Keller Williams Classic Realty NW

Posted in Community /Open House /Real Estate News, Updates & Trends /

3 most frequently asked questions from buyers

April 28, 2014

There are many questions that buyers have when purchasing a home. All relate to the entire transaction from start to finish. As your local Real Estate Economists, we ensure all of our clients know what the process is to purchase a new home, every step of the way. We hear many of the same questions from buyers who are in the market to purchase a home and here are the answers to those frequently asked questions.
What is earnest money and where does it go? When writing an offer on a home you put down, what is called earnest money. This is to let the sellers know that you are earnest about purchasing the property. This earnest money is put into the Listing Brokers trust account within 2 business days of final acceptance and goes towards your loan at closing.
How do you (my Realtor) get paid? When working with a Licensed Realtor many clients ask how we get paid. There is typically a commission payout amount that the seller has previously agreed to pay to the listing agent, as well as the selling (buyers) agent. The buyer does not pay the commission.
Is this home worth the list price? Prior to writing an offer we do a Current Comparable Market Analysis to make sure the home you are looking to purchase is priced appropriately. There are many things that go in to this analysis. This will give us the correct price range at which the market suggests it is worth and will better prepare you for the price you choose to offer.
If you are thinking about purchasing a home and/or need to sell your home, contact us today. We go over current market trends and have fantastic lender referrals available, all who are ready and able to assist you. My team and I are licensed Realtors in MN, working in the Twin Cities and greater Metro Areas. We’re dedicated to providing the very best service to all of our clients – past, present and future.

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Chelsea Knutson and the Better Living Group

Realtor- GRI, ABR, CDPE

Keller Williams Classic Realty NW

Posted in Community /Real Estate News, Updates & Trends /

Just Listed – Coon Rapids SF Home

March 21, 2014

Our team, the Better Living Group at Keller Williams Classic Realty NW in Maple Grove, MN has just listed this beautifully updated single family home in Coon Rapids! This home has many wonderful amenities including a fully updated and renovated kitchen with stainless steel appliances and beautiful granite countertops, as well as a large center island for plenty of counter space.

This home features 3 bedrooms and two bathrooms, both of which have been remodeled. There are new utilities: furnace, water heater and water softener. Beautiful hard wood floors accompany this home along with a new sliding glass door on the upper level leading to the deck, which over looks a large pond. This pond can be utilized as an ice rink in the winter and great for sitting on the deck and watching the ducks and geese in the summer.

If you are interested in purchasing a home in the Coon Rapids area, contact me today for a private viewing of this wonderful home – you don’t want to miss this!

The Better Living Group are licensed Realtors in MN, working in the Twin Cities and greater Metro Areas and we’re dedicated to providing the very best service to all of our clients – past, present and future. We know the current market trends and have some fantastic and reputable lender referrals available, all who are ready and able to assist you in purchasing your new home.

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Chelsea Knutson and the Better Living Group

Realtor- GRI, ABR, CDPE

Keller Williams Classic Realty NW

Posted in Community /Open House /Real Estate News, Updates & Trends /

Just Listed – Updated One ½ Story home in Roseville

February 6, 2014 Hurm - Porch

My Team, the Better Living Group at Keller Williams Classic Realty NW in Maple Grove, MN, has just listed this beautifully updated one ½ story home in Roseville, MN. This home includes over 1,800 sq ft of space including 4 bedrooms and 3 bathrooms, one on each level. The beautiful and original hard wood floors are sure to catch your eye!
Off the back of the home there is a beautiful 3-season porch, it stays nice and toasty when enjoying your morning cup of coffee and sitting by the fireplace! Also including a large deck with plenty of space to entertain throughout each season.
If you are interested in this property, are thinking about purchasing a home in the Roseville area and/or need to sell your home, contact us today! We know the current market trends and have some fantastic and reputable lender referrals available, all who are ready and able to assist you in purchasing your new home.
The Better Living Group are licensed Realtors in MN, working in the Twin Cities and greater Metro Areas and we’re dedicated to providing the very best service to all of our clients – past, present and future.

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Hurm - Ext Back Porch
Chelsea Knutson and the Better Living Group

Realtor- GRI, ABR, CDPE

Keller Williams Classic Realty NW

Posted in Community /Local Festivities /Open House /Real Estate News, Updates & Trends /

RE 2014 | Sellers No Longer In the Driver’s Seat

January 30, 2014 real_estate_picture

The real estate market seems to always be in a state of ups and downs – you may even refer to it as a rollercoaster ride of supply and demand. In 2013, we saw a low inventory of homes on the market, making it tough to satisfy all the Buyers who were looking to purchase. In turn, this created multiple offer situations for many Buyers looking to snatch the home they love. This has been ideal for residential sales as its been awhile since they had the pleasure of requesting the ‘highest and best’ offer for the property.
Most recently, we’ve seen a slight turn in inventory. More properties are beginning to come on the market and list prices are rising along with them. This combination is forcing Buyers to become more money savvy, taking a closer look at the costs they will incur for the home they want to purchase. Of course the rise in home prices is great for those looking to sell their home, and typically puts a positive spin on the equity issue many have been experiencing.
With all this in mind, and knowing that interest rates are expected to rise in 2014, Sellers still have work to do in order to compete in this market. Many Buyers aren’t looking to purchase the ‘fixer upper’, and if you’re one of the few and brave that are, you’re certainly not looking to pay top dollar. What to do to get top dollar? Clean it, stage it and price it right – this means price it in accordance with the market, not in accordance with what you’d like to get out of it. Also, Buyers are expecting a well cared for and mostly updated interior with a groomed and maintained exterior, and they’re willing to walk away if the home’s condition and price don’t match up.
This is just the beginning of our New Year, if you have questions about how to get the most amount of money out of your home, or are in need of assistance when it comes to purchasing a new one – the Better Living Group is here for you. Let us know how we can help make your 2014, the best one yet!

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Chelsea Knutson and the Better Living Group

Realtor- GRI, ABR, CDPE

Keller Williams Classic Realty NW

Posted in Community /Local Festivities /Real Estate News, Updates & Trends /

Update: Mortgage Interest Rates at Four Month Low

November 1, 2013

Due to the recent government shut down the mortgage industry has seen some changes, added with weak job numbers as a result of the shutdown, fixed mortgage rates are now at a four month low.

In July of this year we saw interest rates begin to rise with 30-year fixed rate mortgages go from 3.93% to 4.46%. This was the largest jump in interest rates at one given time since 1987. Now, since the shut down, we have seen rates drop from 4.28% to 4.13%. This is still quite a bit higher then last year, which was 3.41%, yet the rates are still low and affordable for many of us looking to purchase a new home.

If you are thinking about purchasing a home and/or need to sell your home, contact us today. We will go over current market trends and have some fantastic lender referrals available, all who are ready and able to assist you. My team and I are licensed Realtors in MN, working in the Twin Cities and greater Metro Areas and we’re dedicated to providing the very best service to all of our clients – past, present and future.

Chelsea Knutson and the Better Living Group

Realtor- GRI, ABR, CDPE

Keller Williams Classic Realty NW

Posted in Community /Real Estate News, Updates & Trends /

Purchasing a New Home? Tips for Staying In the Know

October 24, 2013

When you are in the market to purchase a home, there are many things you’ll want to take into consideration. There are aspects of the home purchasing process you’ll need to understand, some more important than others.

First and foremost, start with preparing yourself with the wants and needs of your new home, as well as what sacrifices you’re willing to make – because there will be sacrifices, no house is perfect, not even new construction. Our team ensures our clients are as prepared as possible when they’re ready to move forward. It’s our sincere pleasure to see our Buyers find the house that they’re excited to call home.

Next, you’ll want to determine what type of financing is going to work best for you. There are many different options out there and each type of financing has it’s own rules and regulations to follow, some even have stipulations on the property’s overall condition. Lean on your Realtor and Loan Officer when it comes to knowing if the home you are looking at may cause a financing issue, they should be able to give you a good indication if the purchase will go through, prior to writing an offer.

Now we’re on to house shopping! You’ll want to keep an eye out for the condition of the major systems and mechanics of a home, i.e. the furnace/boiler, air-conditioner, water heater, roof, windows, etc. These are expenses that are more costly to replace, especially if you’re not prepared for them. When you’ve found a home that fits your needs, take a second look at these systems with your Realtor, write your offer accordingly and most importantly, get a home inspection. A home inspector will look at things that are not easily visible to you or your Realtor, you will need this inspection to understand how to care for your home and to determine if there are any items that should be discussed with the Seller.

Being an informed Buyer and aware of these few steps will make looking at homes much more enjoyable. While some properties may seem to be a great deal, they may also turn into a money pit if you don’t take the necessary precautions. On the other hand, many will be just what they seem to be – a not quite perfect yet fantastic home, at a fair market price.

Our Team looks forward to all of our clients finding the home of their dreams and we’ll be there to help with these and all the other steps in the home purchase process. We are here for the good, the bad, the ugly and everything in between.

If you are thinking about purchasing a home and/or need to sell your home, contact us today. We will go over current market trends and have some fantastic lender referrals available, all who are ready and able to assist you. My team and I are licensed Realtors in MN, working in the Twin Cities and greater Metro Areas and we’re dedicated to providing the very best service to all of our clients – past, present and future.

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Chelsea Knutson and the Better Living Group

Realtor- GRI, ABR, CDPE

Keller Williams Classic Realty NW

Posted in Community /Real Estate News, Updates & Trends /

Home Buyers | Credit Scores & Down Payment Requirements Ease

October 16, 2013

If you are thinking about purchasing a home and are concerned about getting a loan due to what you’ve heard about and/or previously experienced when it comes to getting approved for a loan, it’s time to take another look.

A recent study by Housingwire, says that lenders are starting to ease up on borrowers. Lenders are beginning to approve more loans for those who have credit scores under 700. This is great news for all homebuyers who have some debt or discrepancies that held up the approval process in the past. Whether it is higher student loans, credit cards or a past short sale or foreclosure, you may now have the opportunity to purchase your new home, depending on your current credit score. The fact that lenders are easing up on requirements will make it easier for homebuyers to come in and get a loan to purchase the home of their dreams.

The Housingwire study also stated that banks have started to lend larger amounts of money while requiring a lower down payment. The minimum down payment for a Conventional loan could be as low as 3 to 5% and FHA is 3.5%, which is a low down payment for those who have cash flow, however, want to keep some of their nest egg in the bank.

If you are thinking about purchasing a home and/or need to sell your home, contact me today. We will go over current market trends and set you up with some fantastic lenders who are ready and able to assist you. I am a licensed Realtor in MN, working in the Twin Cities and greater Metro Areas and am dedicated to providing the very best service to all of my clients – past, present and future.

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Chelsea Knutson

Realtor- GRI, ABR, CDPE

763-496-2903

the Better Living Group

Keller Williams Classic Realty NW

Posted in Community /Real Estate News, Updates & Trends /