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A word from our CEO, Tim Wilson:
Today, on June 19th, communities across the country are taking time to reflect and honor Juneteenth. For those who do not know, Juneteenth recognizes June 19, 1865, when Union Major General Gordon Granger read the federal orders that stated all enslaved people in Texas were free. With it, a day to celebrate the emancipation of the last remaining enslaved African Americans in the United States was established.
Each company, organization and individual will honor today in different ways. We feel it’s important for us not only to reflect on Juneteenth’s historic importance, but also to embrace our opportunity to look forward and determine how we can be part of a more positive future.
While some companies have elected to honor Juneteenth by making it a company holiday, we are in the position of having hundreds of homeowners who are counting on us to help make their dreams of homeownership come true today.
While we are unable to make today an official company holiday, Edina Realty Mortgage will be honoring Juneteenth by making donations equal to the cost of providing a paid company holiday. Our donation will be divided and sent to various urban organizations, HUD Counselors, Habitat for Humanity Chapters, and other homeownership focused partners across the United States whose missions align with our own.
It’s important to understand that our contributions are not a one-time event. ERM has been investing in our communities for years and will continue to invest in the years to come. We are building deeper relationships with organizations we have partnered with in the past and establishing new partnerships with organizations that share our common objective of promoting fair and equitable housing for all communities and people.
It is our daily mission to provide homeownership opportunities to all members of our wonderful and diverse communities.
Over $11.3 Million in Fees Waived for Active Military and Veterans
Since launching its VA Home Loan Advantage program in 2014, our company has saved active-duty military members and veterans over $11.3 million in origination fees and appraisal credits. As a full-service mortgage banker, we have funded over $2.5 billion and closed 7,544 VA home loans since 2014.
“We believe in supporting the brave men and women who serve our country in the military,” said Tim Wilson, president and CEO of Prosperity Home Mortgage, parent company of Edina Realty Mortgage. “That’s why we are delighted to help lower the upfront cost of buying or refinancing a home for service members and veterans using a VA home loan.”
The VA Home Loan Advantage program continues to be offered to all Edina Realty Mortgage clients purchasing or refinancing a home using a VA loan. The program waives the company’s standard origination fee and provides eligible clients with a lender credit to pay for the cost of a home appraisal.1
“We are thrilled to have funded over $2.5 billion in VA loan volume as a company since the program’s inception,” said Harris Laskey, Senior Vice President, Divisional Sales Manager of Prosperity Home Mortgage, parent company of Edina Realty Mortgage. “We are very proud of the hard work that each of our mortgage consultants has put forth to make homeownership a reality for military service members and veterans, and it’s because of that ongoing commitment that we remain among the top lenders in the nation.”
Wilson added to Laskey’s thoughts. “We are in the business of financing homeownership and the American Dream, and our VA clients are a very important part of our business,” Wilson said. “We have employees, friends and family who have served in the military, and it is imperative to us that we support those who have served our nation.”
Prosperity Home Mortgage, LLC dba Edina Realty Mortgage is not affiliated with any government agencies.
1. Borrowers are eligible for a lender credit toward closing costs on the Closing Disclosure on a new purchase, secured by a first mortgage or deed of trust (New Loan), subject to qualification, approval and closing with Prosperity Home Mortgage, LLC dba Edina Realty Mortgage. Loan must close within 90 days from the date of loan application. Lender credit may not exceed $450.00 for appraisal. This offer must be presented at time of application and all eligibility requirements met no later than 2 days prior to the New Loan closing date. This lender credit is void where prohibited and is non-transferable, subject to the terms herein, and valid on all complete applications received on or before 11/30/2020.
All Incentive offers valid on complete VA home loan applications received between 10/01/2019 and 11/30/2020. Loan must close within 90 days from the date of loan application. Only one discount permitted per New Loan.
We are delighted to share that several of our outstanding mortgage originators have been recognized by Mortgage Executive Magazine. In its Winter 2020 edition, the industry publication honored the Top 1% of Mortgage Originators in America. Seven members of the Edina Realty Mortgage team were named to this exclusive list.
“It’s quite an honor to see that so many of our mortgage consultants have been recognized as some of the top in the nation by Mortgage Executive Magazine,” said Tim Wilson, CEO of Prosperity Home Mortgage, LLC, parent company of Edina Realty Mortgage. “I’m proud of not only their hard work and achievements, but that of our entire sales organization. We’re committed to providing personalized and focused service to every client, and it’s because of that ongoing commitment that we are among the top lenders in the nation.”
To be eligible for Mortgage Executive Magazine’s list of Top 1% of Mortgage Originators in America, a loan originator had to personally produce at least $30 million in 2019. According to NMLS Mortgage Industry Report, there were more than 414,408 federally registered mortgage loan originators as of September 30, 2019. Below are the team members who were recognized:
- Jennifer Hanna, White Bear Lake, Minnesota
- Breah Jawor, Woodbury, Minnesota
- Enda Moore, St. Paul, Minnesota
- Michelle Moore, Lakeville, Minnesota
- Keith O’Brien, Edina, Minnesota
- Kathleen Quandt, Rochester, Minnesota
- Chris Wright, St. Paul, Minnesota
Congratulations on your success!
We guarantee on-time closing or pay the home seller $10,000!
Worried about closing on your new house on time? Now, we will guarantee an on-time closing, and if we miss that deadline due a lender issue, we’ll pay the seller $10,000 for the inconvenience. Dubbed the Seller Closing Guarantee*, the program is now available in the markets we cover across the country.
The first step in the closing guarantee program is for the home buyer to receive a pre-approval commitment letter from us. This is more than your typical pre-approval letter, all conditions are collected upfront and the loan is reviewed and signed off on by an underwriter. This is called the “Buyer Advantage”. While a loan commitment letter can set a home buyer apart from other offers a seller may be considering, that may not be enough to land the deal. Our Seller Closing Guarantee provides an added incentive that can be used by qualified clients. In this competitive real estate environment, a home buyer coming to the table with this new program can make an offer that stands out in multiple offer situations, at no additional cost to them.
“The Seller Closing Guarantee is just one of the many innovative programs that our team offers to home buyers,” said Tim Wilson, CEO and president of Edina Realty Mortgage. “Our mission with the Seller Closing Guarantee is to streamline the mortgage process and guarantee an on-time closing - putting our clients in a more competitive position with the seller.”
*Edina Closing Guarantee is only available on Buyer’s Advantage-designated, conventional, FHA and VA loans approved by Edina Realty Mortgage in writing prior to execution of fully ratified sales contract. Edina Closing Guarantee is NOT applicable on renovation loan products, loans for the purchase of cooperative housing units, or loans involving any sort of bond, down payment assistance mortgage credit certificate, or any other municipal or housing authority program. For loans from Veterans Affairs (VA loans), acceptable appraisal must be received and approved by Edina Realty Mortgage at least 10 business days prior to closing or loan is not eligible for Guarantee. The Commitment Agreement has an expiration date. The Loan must close on or before the expiration date contained in the Commitment Agreement, unless the Borrower(s) qualifies for and is approved for an extension in writing. The Commitment Agreement issued to the Borrower(s) contains conditions that must be satisfied prior to closing. Subject to acceptable appraisal of property value at or above contract sales price. This Edina Closing Guarantee is subject to the satisfaction by the Borrower(s) of all Loan conditions identified in the Commitment Agreement as determined by and in the sole discretion of Edina Realty Mortgage. The Guarantee is not valid if either Borrower(s) or Seller terminate the purchase contract or otherwise choose not to consummate the transaction for any reason whatsoever. The Edina Closing Guarantee is invalid if there is a substantial change in the Borrower(s)’ financial condition or to the terms of either the Loan or the purchase contract between Borrower(s) and Seller. This offer is void where prohibited and is non-transferable, subject to the terms herein, and valid on all complete applications received on or before 06/30/2020.
As interest rates go up or down, a lot of attention is paid to the effect changing rates can have on the housing market. While interest rates do play an important role in your monthly mortgage payment, they are not the only factor to consider.
If you’re planning to purchase a home this year, be sure to understand each of the components that make up a mortgage payment, which can help you determine a monthly payment with which you are comfortable. Here are the parts of a mortgage payment:
Principal: The principal part of your monthly payment pays off the loan amount you initially borrowed to buy your home.
Interest: In return for providing the funds you need to buy a home, lenders charge monthly interest on the principal balance you owe.
Taxes: Property taxes may be collected by your lender on a monthly basis and held in an escrow account to be paid on your behalf as they come due. The good news is: property taxes are usually fully deductible at income tax time. Consult a tax advisor for details.
Homeowners Insurance: Homeowners insurance provides financial protection in the event of losses that are the result of fire, wind, natural disasters or other hazards. Most mortgage lenders require you to have a homeowners insurance policy and may also be collect these funds to hold in an escrow account to pay your insurance company.
Mortgage Insurance: Mortgage insurance protects the lender against financial loss if a customer fails to repay the loan.
- FHA-insured loans require a mortgage insurance premium (MIP)
- VA loans may require a funding fee
- Conventional loans can be insured with private mortgage insurance (PMI)
If mortgage insurance is applicable to your loan, that part of your payment is forwarded to the agency providing the insurance.
If you have questions, our mortgage consultants are always available to help you understand the home loan process! Please also check out our on-line resources such as our mortgage payment calculators!
This table is only to be used as a guide and does not include all loan types or loan features. Not all loan types are available to all borrowers. Borrowers will be subject to qualification and must satisfy all underwriting requirements and conditions. Not all borrowers will qualify. Speak with your mortgage consultant and carefully consider each of your home financing options so you can determine the home loan that is right for you.
As interest rates have dropped to near-historic lows, it’s clear that now may be the right time to buy a home or refinance your mortgage. According to Freddie Mac, the average interest rate on a 30-year fixed-rate mortgage is 3.60 percent as of August 8, 2019, down from 4.59 percent at the same time last year, and 4.94 percent from November 2018.1
If you’re looking to take advantage of today’s lower mortgage rates, keep the following in mind:
Buying a Home
Buying power. When interest rates drop, the true impact on a home buyer may be their buying power. While home values may not change, the cost to obtain a home goes down. This means that qualified buyers may be able to purchase a higher priced home than they realize.
Down Payment Options. If interest rates look attractive, but the down payment is keeping you from moving forward with the home buying process, remember that low-and-no down payments options may be available such as: conventional loans with 3 percent down, FHA loans with 3.5 percent down, and even USDA and VA loans with no money down.2
Refinancing a Mortgage
Refinancing to a mortgage with a lower interest rate can save you money, and it may also help you pay off your home faster or allow you to access your home’s equity. Try to remember these tips:
Don’t delay. Interest rates change daily, so if you’ve been wondering if refinancing your mortgage to a lower rate will benefit you, don’t hesitate to contact your mortgage consultant. They will be able to compare your existing mortgage to potential loan options, and they can analyze the costs of each so you can make an informed decision.
Be ready. If you decide to proceed with a refinance and your lender asks for information, don’t put it off. Have your documentation and financial information ready so that you can proceed in a timely manner. The last thing you want to do is plan to refinance your home when you’re going to be out of town on vacation, as this will most likely keep you from being able to get everything in place before you’re out of pocket.
If you’re unsure whether now is the right time for you to buy a home or refinance, contact a mortgage consultant near you. We will walk you through your home financing choices so that you can determine the right option for you.
1. Information is based on the Freddie Mac Primary Mortgage Market Survey® at http://www.freddiemac.com/pmms/
2. Low down payment options may not be the best option for all borrowers. Not all borrowers will qualify. Consult your mortgage consultant to review potential loan scenarios and financing options to determine the home loan that is right for you.
All first mortgage products are provided by Prosperity Home Mortgage, LLC dba Edina Realty Mortgage. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance. Licensed by the Delaware State Bank Commissioner. Also licensed in AL, AR, AZ, CO, CT, DC, FL, GA, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, MS, MT, NC, ND, NE, NH, OH, OK, OR, PA, RI, SC, SD, TN, TX, VA, WA, WI, WV and WY.
NMLS #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2019 Prosperity Home Mortgage, LLC dba Edina Realty Mortgage. All Rights Reserved.
House-to-Home Renovation Loans Offer Options for Agents and Home Buyers
If you’ve been house hunting—or if you’re an agent with a listing that needs work—you’ve probably been there: A home has great bones or offers a lot of space for the money, but some aspects of its condition are likely to frighten most buyers away. With a unique financing option available for homes in need of renovation, however, the property might actually be more desirable than you think.
Our House-to-Home renovation program is designed to make mortgage financing for properties in disrepair more accessible by combining the estimated costs of repairs and the home's purchase price into a single loan. Renovation financing can help home buyers turn a house they like into a home they love, and our loan options may help real estate agents present possibilities in a property, leading to a sale.
The House-to-Home renovation program offers a number of advantages:
- The program offers a 30-year mortgage with a fixed interest rate that will remain the same for the life of the loan.
- Purchase and rate-term refinancing options are available.
- Unsafe homes can be made habitable, which can help improve the neighborhood.
- Buyers may be able to get more house for the money and cover improvement costs.
- The square footage of homes can be increased at a lower cost.
- Agents can offer a greater inventory and close more sales.
There are two types of renovation loans: The FHA 203(k) loan programs for properties that won't need structural repairs, and a conventional loan program for properties that do need structural work. Most types of home improvements are covered with the exception of "luxury" features such as swimming pools or landscaping.
If you choose to purchase, refinance, or market a home that may be eligible for 203k financing, having knowledgeable mortgage professionals to assist you is important. Whether you are a first-time home buyer or an experienced real estate professional, our renovation specialists can help you find the right renovation loan program for your needs.
Buying a home doesn’t have to be stressful. After all, finding and moving into that special home should be one of the happiest moments of your life. If you know what to expect—and you have a knowledgeable team of real estate and mortgage-lending professionals to assist you—finding and financing your first home can be an exciting and rewarding experience. Here are the basics of what you need to know:
Before you even begin to shop, obtain a mortgage preliminary approval. We recommend our Buyer Advantage preliminary approval! 1 We’ll need your most recent 2 years of W-2’s and tax returns, the last 30 days of pay stubs, and 2 months of bank statements. Qualified borrowers will receive a mortgage commitment letter upfront, subject to an appraisal. Some lenders only offer a pre-qualification letter, which doesn’t verify any of the information you provide. A mortgage commitment letter, though, is an important first step and will help you determine how much home you may be able to purchase and can strengthen your bargaining position with sellers.
Once you are issued your preliminary approval, you’ll work with your real estate agent to find the right home. It helps to determine your needs and create a wish list of desirable features. While you visit homes, take notes to be able to determine which homes may warrant a second visit.
Once you find a home you like, you’ll make a purchase offer. Your real estate agent will present your offer to the seller, who will then choose to accept, counter, or reject the offer. When a price is settled on, you and the seller will sign a Purchase Agreement, defining the terms of the sale.
The next step will be to complete the loan application process. If you have already obtained a mortgage preliminary approval, contact your mortgage consultant and let them know you have a contract on a home. They will update your loan application and help you to proceed with the home financing process. If you were issued a Buyer Advantage preliminary approval, most of the work is already completed!
Next, the home will be appraised. An appraisal is a formal, written estimate of the home’s current market value. Your lender will review the appraisal and note any conditions that may be required prior to closing on the loan. You will be provided a copy of the appraisal.
Once any remaining conditions are submitted including the appraisal, title insurance and homeowners insurance, we will issue a final commitment and finalize the details of your closing with your real estate agent and your settlement agent. Your closing documents will be prepared, and you will go to settlement. Make sure you talk to your settlement agent about how you should prepare the funds needed for closing. Today, a wire from your bank is the most popular way, but you may be able to provide a cashiers’ check or money order.
Congratulations, you become the proud owner of your new home!
We hope you have found this overview helpful; contact your local mortgage consultant for more details!
1. Edina Realty Mortgage Buyer Advantage is not a loan approval. A Commitment Letter is based on information and documentation provided by you and a review of your credit report. The interest rate and type of mortgage used to approve you for a specified loan amount is subject to change, which may also change the terms of approval. The interest rate cannot be locked until your offer to purchase a property has been accepted. If the interest rate used for credit approval has changed, you may need to re-qualify. Information provided by you is subject to review and all other loan conditions must be met. After you have chosen a home and your offer has been accepted, final loan approval will be contingent upon obtaining an acceptable appraisal and title commitment. Additional documentation may be required.
If you’re in the market to buy a home, wouldn’t it be nice to have help winning a multiple-offer scenarios? Our new Edina Realty Mortgage Closing Guarantee can help you do just that!1
By now, you may have heard about the Edina Realty Mortgage Buyer Advantage program, which allows borrowers to complete much of the home financing process and obtain a commitment letter before searching for a home.2 A commitment letter can set your purchase offer apart from others a seller may be considering, but even that may not be enough to land the deal.
That’s why we’ve decided to take a BIG step and offer the Edina Realty Mortgage Closing Guarantee to our clients.
Here’s how it works:
- Qualified clients obtain a Edina Realty Mortgage Buyer Advantage commitment letter.
- Our clients find a property and submit the commitment letter along with the Edina Realty Mortgage Closing Guarantee certificate.
- When all loan program conditions are met, we guarantee an on-time closing,
- or Edina Realty Mortgage will pay the seller $12,500!
Consider these offers from a seller’s point of view:
Offer 1 — No mortgage pre-qualification letter
Offer 2 — A lender pre-qualification letter, signed by a Mortgage Consultant
Offer 3 — A fully underwritten commitment letter, signed by an underwriter (Edina Realty Mortgage Buyer Advantage)
Offer 4 — A fully underwritten commitment letter, signed by an underwriter AND a certificate with a seller closing guarantee for $12,500.
Offer 4 is a powerful proposition that may just help you land your dream home. To learn more, contact your local mortgage consultant to discuss your financing options, today.
1. Edina Realty Mortgage Closing Guarantee is only available on Buyer’s Advantage-designated, conventional, FHA and VA loans approved by Prosperity Home Mortgage, LLC dba Edina Realty Mortgage in writing prior to execution of fully ratified sales contract. Edina Realty Mortgage Closing Guarantee is NOT applicable on renovation loan products, loans for the purchase of cooperative housing units, or loans involving any sort of bond, down payment assistance mortgage credit certificate, or any other municipal or housing authority program. For loans from Veterans Affairs (VA loans), acceptable appraisal must be received and approved by Edina Realty Mortgage at least 10 business days prior to closing or loan is not eligible for Guarantee. The Commitment Agreement has an expiration date. The Loan must close on or before the expiration date contained in the Commitment Agreement, unless the Borrower(s) qualifies for and is approved for an extension in writing. The Commitment Agreement issued to the Borrower(s) contains conditions that must be satisfied prior to closing. Subject to acceptable appraisal of property value at or above contract sales price. This Edina Realty Mortgage Closing Guarantee is subject to the satisfaction by the Borrower(s) of all Loan conditions identified in the Commitment Agreement as determined by and in the sole discretion of Edina Realty Mortgage. The Guarantee is not valid if either Borrower(s) or Seller terminate the purchase contract or otherwise choose not to consummate the transaction for any reason whatsoever. The Edina Realty Mortgage Closing Guarantee is invalid if there is a substantial change in the Borrower(s)’ financial condition or to the terms of either the Loan or the purchase contract between Borrower(s) and Seller.
2. Edina Realty Mortgage Buyer Advantage is not a loan approval. A Commitment Letter is based on information and documentation provided by you and a review of your credit report. The interest rate and type of mortgage used to approve you for a specified loan amount is subject to change, which may also change the terms of approval. The interest rate cannot be locked until your offer to purchase a property has been accepted. If the interest rate used for credit approval has changed, you may need to re-qualify. Information provided by you is subject to review and all other loan conditions must be met. After you have chosen a home and your offer has been accepted, final loan approval will be contingent upon obtaining an acceptable appraisal and title commitment. Additional documentation may be required.