Generate More Free Leads Workshop - Tuesday August 12th

Calling ALL Agents!

 Mark your calendars for Tuesday, August 12th for an AMAZING workshop hosted by Michael Tritthart. 

Marketplace Home Mortgage is hosting fantastic workshop called "Generate More Free Leads". Come learn from the amazing KW Tech Guru, Michael Tritthart, as he teaches you tips and techniques to increase the amount of leads coming into your websites. It is going to be workshop style - so bring your computer and get ready to generate leads ON THE SPOT!

Lunch and Happy Hour included :) 

Details:
When: Tuesday, August 12th from 9:00AM-4:00PM
Where: The Cedars Hall | 602 University Ave NE. Minneapolis, MN 55413
Cost: $22.50 - includes amazing BBQ lunch and Happy Hour afterwards 
Register: https://www.eventbrite.com/e/how-to-get-free-leads-with-michael-tritthart-tickets-11829521417

Before Making an Offer on Your Dream House

Finding your dream home is a HUGE success, especially in today's market. Houses are flying off the marketing within hours and people are losing their dream homes left and right. BUT before you get too excited about this accomplishment there are still a few others things you are going to want to do before making an official offer. 

1. Check for unpaid property taxes, liens
2. Determine offer price
3. Determine contingencies 

1. Check for unpaid property taxes. Since you hired the best real estate agent out there, they should have already done this for you. But if you agent doesn't mention this step, make sure you ask and check!

2. Determining the offer price is a key component in actually getting the house you want. And this is where you need to lean on your real estate agent's expertise to lead to the offer price that will win you the house. Not only will your Realtor help you make a competitive offer but their knowledge of the local market will help you save a lot of money by not overpaying for your home. During this step your Realtor will present to you a competitive market analysis (CMA) to help give you more insight on what you should offer. 

3. Contingencies are provisions in the contract that allows the contract to be dissolved if a specific occurrence happens, but they are not required. Again, this is where the professional expertise of your Realtor will be key. Consult with them if you want to add any to your offer. The most common contingencies for home buyers include an appraisal contingency and a financing contingency. BUT if you have a contingency, it makes your offer much less desirable to the seller. So make sure you are certain that you want to include a contingency and it is something your agent advises. 

Check back next week to learn more about making an actual offer on your dream home! This is a very important step to have down so that you can get your dream home without overpaying and without losing it to another offer. 

RED Day 2014

     RED Day (Renew, Energize, & Donate) is an annual event celebrated by all Keller Williams associates around the globe that represents the Keller William’s year-round commitment to improving local communities. RED Day occurs on the second Thursday in May each year. On that day each Keller Williams Market Center participates in a different project based on a need they see within their community.  Projects include rebuilding homes, cleaning up local parks, assisting food shelters, hosting blood drives, and much, much more.

The Keller Williams Premier Realty Lake Minnetonka office celebrated RED Day by helping the Big Woods in Wayzata. The Big Woods is 14 acres and is the last metro remnant of a forest that once covered all of central Minnesota.

The Wayzata office was roaring and ready to help out on RED DAY, May 8^th 2014, but unfortunately the weather was not in their favor. It rained in the morning and left the woods a giant mud puddle, so the Wayzata office was not able to get out and help that day. But to show their commitment to RED Day and to the community they rescheduled it for the following week and helped then instead. This goes to show that RED Day isn't just a one day event, but can be celebrated any and every day of the year!

So once they got out to the woods the office helped by pulling out Garlic Mustard weeds. Garlic mustard is an invasive species that is infecting the Big Woods. The Big Woods was once filled with trillium bloodroot, Jack-in-the-pulpits, ferns and other wildflowers, but these are disappearing as Garlic Mustard crowds them out and releases a natural herbicide into the soil. This is a problem not only because it is taking away the beautiful flowers and plants, but also because birds, butterflies and other wildlife depend on such native plants to survive.

So KW agents, dressed in red, got out there and pulled up as much of the weed as they possibly could. They worked all morning, only to stop for a group picture and a snack. Then they got back to work until lunch time. Marketplace Home Mortgage, Keller Williams Premier Realty's preferred mortgage vendor, brought in a delicious lunch from D’Amico & Sons for the troops. Even after full stomachs the team got back to pulling more Garlic Mustard.

In the end, the day was a huge success, the Big Woods was extremely grateful, the KW agents had fun bonding and team building, and the weather held up… the second time around. 

This was the 2^nd year that the KW office helped the Big Woods and we hope to be back there next RED Day to keep the tradition going and keep the woods clean! 

“RED Day isn't about cleaning up a park. It is a one-day expression of what happens 24/7 in the Keller Williams culture. It is seeing a need, discovering who can meet that need and then getting it done."

The Taste of Chaska

The Taste of Chaska is an annual event held in the City Square Park of Downtown Chaska and is hosted by the Southwest Metro Chamber of Commerce. It is a highly publicized community event that attracts almost 1,000 residents each year - fun for all ages! This year the sun was shining, the "Decades Band" performed and there was a Beer & Wine Tasting Tent (for the first time ever!) Restaurants like Buffalo Wild Wings, Culvers, Domino's, Qdoba and many more fed the hungry crowds. There were lots of business vendors as well - Allstate Insurance, i9 Sports, Mosquito Joe, SouthWest Transit, just to name a few. 

Our very own Tammy Shade, Realtor at Keller Williams Premier Realty - Lake Minnetonka, hosted a booth this year! She got help from her trusty Mortgage Lender friends Jeff Chrast & Eric Schmoll, from Marketplace Home Mortgage, who helped host an extremely successful Taste of Chaska booth! Their booth was always crazy busy with kids and adults alike. For the kids, they had a giant wheel to spin where contestants could win squirt guns, glow sticks, squishy balls, bubbles, play-dough and lots of other fun prizes! For the adults, the trio passed around Twins Baseball schedules and Chaska & Chanhassen market updates. They also had a drawing to win a pair of Twins Tickets for a game at the end of June (hopefully it will be warmer then!) 

It was a huge success and I know Tammy, Jeff & Eric can't wait to do it again next year! 

   

Find Your Dream Home

Congratulations! You are on THE most exciting step of the home buying process – Step #9 - Find your dream home! It took time, research, probably some hard times and tough decisions but with the help of your real estate agent and mortgage lender you found a house you both love and can afford for years to come AND will give you a high ROI if you ever need to sell in the future. This is a huge commitment, so if at this point you are still unsure or unsettled about the home you chose, make sure you address these issues with your agent.

Before you make an offer you need to make sure you DO NOT do a few things. You can really hurt your chances of getting a mortgage loan if you do any of these things:

• Open a credit card
• Make a major purchase (car, boat, new appliances, expensive electronics, etc.)
• Make a big career change 

Your mortgage lender will have more information on these things, but they are going to tell you how to manage your finances during this very important time in the home buying process. So make sure you listen to their advice and don’t make any major purchases until you are completely closed on the house, because if you do you could end up not getting the mortgage loan and losing the house… we don’t want to risk that! So just keep your finances in line, pay everything on time and you will be good to go to make an offer in a little bit! If you have any questions make sure you get in contact with Jeff Chrast, Eric Schmoll, or Julie Mikolai of Marketplace Home Mortgage! They are experienced Mortgage Consultants that know the best way to manage your finances during this pressing time. 

This is a very exciting time, but don’t get too excited yet, because there are a few other tasks you need to accomplish before you make an offer. So make sure to check back in to learn about these tasks you need to do before making an offer! 

   

The Road to Home Ownership - Get Pre-Approved!

Now that you know how much you can afford it’s time to move onto the next step – Step #5 – Get Mortgage Loan Pre-approval This process involves finding a mortgage lender that you trust and are excited to work with, submitting the financial documents, and calculating the total cost of the entire transaction.

So why might you be doing this step before you've found a home or even a real estate agent? This is a very valid question! The answer is simple though – pre-approved buyers are seen as more attractive. This is the case because being a pre-approved buyer quickens the closing times as well as proves that you are a serious buyer when you do want to make an offer on your dream home. Also, in a market where there are more buyers than sellers, it’s important to secure a firm commitment on mortgage financing.

The process of getting a mortgage loan pre-approval is threefold:

1.       Choose a mortgage lender. Ask for referrals from your friends and family or if you already have a real estate agent, ask them who they would recommend to you. And then make sure you do some research on different lenders – find the one that best fits your needs and someone you want to work with.

2.       Submit the necessary financial documents to your mortgage lender. Your mortgage lender will let you know specifically what you need to send them in order to start your application. Marketplace Home Mortgage has a great system in place called the Market Wise 5-Day Commitment. In order to get approved in 5 days you need to present these items at or before your application:

1.       Most current pay stubs (30 days)

2.       2 months of current bank statements (all pages)

3.       Copy of driver’s license

4.       2 years of W2s and/or 1099s

5.       One year of Federal Tax  returns (all pages)

6.       Most recent quarterly statement for retirement/investment accounts

3.       Calculate the total cost of the home-buying transaction. You should include down payment, closing costs, and escrows for taxes and insurance costs.

Then your mortgage lender will (hopefully) get you pre-approved to make an offer on the house you love and can afford. They will contact you after the application to guide you through the loan process and help you select the best program and interest rate.

Marketplace Home Mortgage is a preferred vendor of Keller Williams Premier Realty – Lake Minnetonka. Jeff Chrast, loan officer, is their loan officer. He is very recommended by the agents in the Wayzata KW office and if you are looking for a professional in the mortgage lending industry who has built a reputation by providing outstanding service to his clients, make sure you reach out to Jeff today and get pre-approved!

Jeff Chrast

Mortgage Planner | NMLS #400101

jchrast@marketplacehome.com

763-482-9369

Apply online @ www.MNRDLOANS.com 

Next, it is time to move onto the “Home Search”. Make sure to check back in soon to learn about the next step in the Road to Home Ownership – finding a real estate agent!

   

The Road to Home Ownership - How Much Can I Afford?

Congrats! You are now on Step #4 on The Road to Home Ownership! It may seem like a long and sometimes hard road, but keep up the good work and continue to stay on the straight and narrow and you will be more than satisfied with the end result – your very own home! And not just a home that you love both inside and out, but one that you can afford and will hopefully not bring you any undesired financial stress. That is why this step, Step #4 - Estimating How Much You Can Afford, is such an important one!

Don’t make the mistake of buying a house that is more expensive than you can afford. If you make this mistake you will surely find yourself in a bad situation, one that will lead not only to financial stress but stress with your spouse, stress at work, etc.

But don’t let that scare you! Just make sure you factor in the cost of a few other things and you will have no need to worry! Because the truth of the matter is that the true cost of a house is not just the mortgage payment it also includes homeowners insurance, utilities, property taxes, maintenance costs, and HOA dues if applicable.

There are some great calculators out there on the web that might be able to help you figure out what EXACTLY you can afford when it is all said and done. These calculators also include your monthly debts that you have to pay on top of your new mortgage payment – such as minimum monthly required car payments, credit card payments, student loans, etc.

In the end, make sure you are being smart and thoroughly going over your finances and monthly payments so that you don’t find yourself in hot water with your new home.

After this, you only have one more step, Step #5 – Get Mortgage Loan Approval, and then you can begin the "fun" part! The part where you find an amazing, fun and knowledgeable Real Estate Agent that will take care of your needs and find you the perfect house for you and your family without too much hassle.

Make sure you check back next time to learn more about getting a mortgage loan approval and finding the right mortgage lender!

   

The Road to Home Ownership – Research Loan Programs

“Now that I have pulled my credit score and I qualify for a mortgage loan what do I do next?!” That’s a great question! The best place to start is with doing some more research. It is always best to be informed before you make any more big decisions. That brings us to your next step on the road to home ownership: Step #3. “Research Loan Programs”. You want to make sure you get the help you need to make your home buying dreams come true and there might be a loan program out there that could help!

                Below is more information about different loan programs. Make sure you get in touch with your mortgage professional to learn more and see what their specific company offers.  Jeff Chrast, with Marketplace Home Mortgage, is extremely knowledgeable and works harder than ever to get you a loan that best fits your specific needs. Get in contact with Jeff himself, or your own Jeff, and ask some follow up questions regarding the following:

                FHA-insured loan: FHA stands for Federal Housing Administration. FHA-insured loans are a type of federal assistance that permits lower income Americans to borrow the money they need for the purchase of a home that they would not have otherwise been able to afford.

                VA loan: A VA loan is a mortgage loan that is available to American veterans or their surviving spouses guaranteed by the U.S. Department of Veterans Affairs. The loan allows veterans to purchase a home with no down payment.

                Rural development programs: Rural Housing loans are easy to quality for and allow for less than perfect credit. If you have past credit problems it is possible that you will still quality for a Rural Housing loan. Most programs, including one offered through Marketplace Home Mortgage, offers financing to low income Americans who are buying in rural areas with no down payment and lowest monthly mortgage insurance available.

                These are some great options to continue researching further and to ask follow up questions to with your Loan Officer. After you know what loan or program you qualify for you can move onto the next step – Estimating How Much You Can Afford! Check back later to learn more about step #4 on the Road to Home Ownership! 

   

The Road to Home Ownership - Get Your Credit Report

Congrats! If you are onto this next step you have decided that you are absolutely ready to buy a home! Still you are probably concerned and a little worried about what lies ahead on your journey to home-ownership and if you can actually do it, but don’t be afraid – we got the next steps covered for you!

So you have decided that you are both emotionally and financially ready to buy, but there are a few things you need to make sure that are in line before you can actually be a home-owner. This brings us to: #2. “Get Your Credit Report”

Before you go any further you must check your credit score to ensure that it will be approved for a mortgage loan. You score should be 650 or higher to qualify for financing (this is a recommended credit score not a rule). The score your lender will accept for conventional loans is determined by a multitude of factors – salary history, payment history, your current wage, etc. But if you have a score of at least 650 you will most likely qualify (remember it differs from lender to lender on what they will accept). Your credit score is a big factor into what your  interest rate is, so that is why you want it to be above 650, so your interest rate is better.

So what if your credit score isn't 650+? There are a few things you can do on a monthly basis to improve your score.

1.       Make sure you pay your bills on time

2.       Pay down your credit balances

3.       Continually check your credit score on a regular basis for errors  

If you do these three things you can work on getting your credit score where it needs to be to qualify and get a better interest rate.

If you are worried or are having issues with your credit score make sure you get in touch with your preferred Loan Officer who will be more than willing to help you figure out the confusing role of a credit score. Jeff Chrast, of Marketplace Home Mortgage, is a great resource with this step!

Once you got your credit score you are ready for the next step – researching loan programs. Check back later to learn more about step #3 on your road to home-ownership!