(PRWEB) April 01, 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 pre-approval 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 edinarealty.com or call Edina Realty Customer Care at 952-928-5563.