Edina, Minn. April 1, 2015 – On April 1, Edina Realty Mortgage will roll out a “Second Opinion” campaign, in which borrowers who are already pre-approved for a mortgage can receive a $50 reward card when they speak to an Edina Realty Mortgage loan officer and provide their good faith estimate or preapproval letter from a non-affiliated lender for a comparison of loan products and rates.
Joe Brown, president of Edina Realty Mortgage, said, “Even if someone is already pre-approved for a loan, we are happy to process a pre-approval request so they can ensure that they are receiving the best home loan product and terms for their situation.” The offer runs through May 15. Restrictions apply.*
After a chilly winter, the real estate market is heading into a very busy spring as buyers in the 13-county metro area are coming out of hibernation in droves. Over 3,800 purchase agreements were signed in February – nearly 22 percent more than in February 2014 and the highest number in the month of February over the last nine years, according to the Minneapolis Area Association of REALTORS® (MAAR).
Following the foreclosure crisis and Great Recession, metro area home sales prices have seen three full years of year-over-year price gains, according to MAAR. The median sales price was $202,000 in February, up 10.4 percent from last year, and the strongest sales price gain since last February.
Edina Realty president Barb Jandric said that conditions are great for first-time homebuyers, with the availability of new low down-payment loan products and historically low interest rates. Lower interest rates are important, especially to first-time buyers, because even a small increase in rate can have an impact on a borrower’s buying power.
While saving for a down payment can be one of the largest hurdles in achieving home ownership, there are several down payment assistance programs for first-time buyers. Homes that qualify for down payment assistance display an icon on the property page on EdinaRealty.com.
Edina Realty Mortgage offers mortgages that require as little as 3 percent down for qualified homebuyers. Federal Housing Administration (FHA) offers government-backed loans for as little as 3.5 percent down and recently reduced annual mortgage insurance premiums by half of a percent.
For more information about the special offer to get a second opinion and compare rates from Edina Realty Mortgage, visit www.EdinaRealty.com or call Edina Realty Customer Care at 952-928-5563.
* Present your current (within 10 business days) good faith estimate or preapproval letter at the time of your request for your preapproval. If you have a current lock-in agreement, this is not an inducement to transfer your loan. Minnesota Residents: If you have entered into a rate lock agreement with another lender or broker for the purchase of a home or refinance of your mortgage, you are not eligible for this promotion under MN law. This promotion may not be combined with any other offers, discounts or promotions. A preapproval is based on our preliminary review of credit information only and is not a commitment to lend. When applicable, we will be able to offer a loan commitment upon verification of all application information, satisfying all underwriting requirements and conditions, and providing an acceptable property, appraisal, and title report. Preapprovals are subject to change or cancellation if a requested loan no longer meets applicable regulatory requirements, there are changes in your credit report and/or credit score or your current financial status or application information changes or cannot be verified. Preapprovals are not available on all products. See a mortgage loan officer for details.
Edina Realty is an affiliate of HomeServices Lending, LLC, dba Edina Realty Mortgage. Please speak to your real estate agent for more information on this affiliation.
HomeServices Lending, LLC, dba Edina Realty Mortgage does not offer loans in all states.
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Edina Realty is a Berkshire Hathaway affiliate and a wholly-owned subsidiary of HomeServices of America, Inc. It is one of the nation’s largest real estate companies with approximately 60 real estate offices and 2,300 REALTORS® throughout Minnesota and western Wisconsin. Edina Realty's family of companies includes Edina Realty, Edina Realty Title, and Edina Realty mortgage. Edina Realty closed nearly 29,000 real estate transactions and more than $6.9 billion in sales volume in 2014. For more information, visit www.edinarealty.com or find us on Facebook: facebook.com/EdinaRealty; and Twitter: twitter.com/Edina_Realty