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Mortgage Home Loan

How the process works

1

Documentation

There are a few critical documents we will need to verify to start your process.  Learn More
2

Appraisal

The appraisal insures the home you are buying is worth the price that is being offered. Learn More
3

Initial Underwriting

The Underwriter will verify that all information is accurate and authentic. Learn More
4

Conditional Approval

Conditional Approval is granted when the Underwriter approves the loan under certain conditions. Learn More
5

Clear To Close

The Underwriter verifies that all documentation has been provided and all conditions have been met. Learn More
6

Closing

Signing the final documentation and receiving the keys to your new home! Learn More

Documentation:

Appraisal:

Underwriting:

Conditional Approval:

Clear to Close:

Closing:

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All about Edina

Edina is a city in Hennepin County, Minnesota, United States and a first-ring suburb of Minneapolis. Edina began as a small farming and milling community along Minnehaha Creek in the 1860s and became one of Minneapolis’s first incorporated suburbs in 1888. Edina has garnered a reputation as a predominantly wealthy community. In 2019, the population was estimated to be 52,857.

After years of being a streetcar suburb, Edina grew into a prototypical post-war suburb in the 1950s. The city was largely built to be car-centric and plays host to the nation’s oldest indoor mall, the Southdale Center.[10][9] The object of white flight from Minneapolis, Edina embraced sundown laws and racial covenants to keep the community white and wealthy.

Edina has been a center of conservative sentiment in traditionally liberal Minnesota. However, since 2000, Edina has become increasingly diverse and progressive. No longer a Republican stronghold, the city is represented at the state and national levels by DFLers. Major corporations, such as Dairy Queen, Great Clips, Edina Realty, and Caribou Coffee, have made their headquarters in Edina, and the city today is known for its shopping, parks, and high quality of life.

Source: https://en.wikipedia.org/wiki/Edina,_Minnesota

Early Settlement of Edina

Edina began as part of Richfield Township, Minnesota. By the 1870s, 17 families, most of them immigrating as a result of the Great Famine of Ireland, had come to Minnesota and claimed land in the southwest section of what was then Richfield Township. They were followed by settlers from New England and Germany, who claimed additional land near Minnehaha Creek. The Baird and Grimes neighborhoods (which are both listed on the National Register of Historic Places) and the Country Club District (then known as Waterville Mills) in the northeast part of Edina were among the first areas to be established. The area then known as the Cahill Settlement, at West 70th Street and Cahill Road, was also an early community center and the home of Cahill School.

In 1888, the residents of the township held a meeting to consider founding a new village, thus separating themselves from Richfield Township. The idea was favorably accepted by those within the community and a committee was established to oversee the transition.

Source: https://en.wikipedia.org/wiki/Edina,_Minnesota

Geography of Edina

According to the United States Census Bureau, the city has a total area of 15.97 square miles (41.36 km2), of which 15.45 square miles (40.02 km2) is land and 0.52 square miles (1.35 km2) is water. Residential areas comprise the largest portion of the City, which is now more than 95 percent developed.

Within Edina are many different neighborhoods; Highlands, Indian Hills, Morningside, Country Club District, Cahill Village, Chapel Hill, South Harriet Park, Interlachen, Rolling Green, Presidents, Sunnyslope, White Oaks, Parkwood Knolls, Braemar Hills, Birchcrest, Dewey Hill and Hilldale.

Source: https://en.wikipedia.org/wiki/Edina,_Minnesota

Demographics of Edina

As of the 2010 Census, there were 47,941 people, 20,672 households, and 12,918 families residing in the city. The population density was 3,103.0 inhabitants per square mile (1,198.1/km2). There were 22,560 housing units at an average density of 1,460.2 per square mile (563.8/km2). The racial makeup of the city was 88.1% White, 3.0% African American, 0.2% Native American, 6.1% Asian, 0.7% from other races, and 1.8% from two or more races. Hispanic or Latino of any race were 2.3% of the population.

There were 20,672 households, of which 29.4% had children under the age of 18 living with them, 53.7% were married couples living together, 6.4% had a female householder with no husband present, 2.3% had a male householder with no wife present, and 37.5% were non-families. 33.1% of all households were made up of individuals, and 18% had someone living alone who was 65 years of age or older. The average household size was 2.31 and the average family size was 2.98.

The median age in the city was 45.2 years. 24.2% of residents were under the age of 18; 4.5% were between the ages of 18 and 24; 21% were from 25 to 44; 29.6% were from 45 to 64; and 20.7% were 65 years of age or older. The gender makeup of the city was 46.6% male and 53.4% female.

According to 2012-2016 estimates, the median household income was $91,847 and per capita income was $65,245. The median value of owner-occupied housing units was $424,500.

Source: https://en.wikipedia.org/wiki/Edina,_Minnesota

Commuting in Edina

The Dan Patch Line and successor Minneapolis, Northfield and Southern Railway operated interurban service through Edina until 1942. Although in poor condition and rated for speeds less than 35 mph, the tracks are still used by freight trains. Under the Dan Patch Corridor proposal, commuter trains would operate between Minneapolis and Northfield with a station in Edina. A feasibility study was conducted in 2000 and found that ridership would be high but there would be a significant cost to upgrade the corridor for commuter trains. Due to this and strong opposition from residents living near the rail line, the proposal was put on hold until other commuter rail lines could be built.

In 2002 a legislative gag order was placed on the project, which forbid the Metropolitan Council, MnDOT, and county rail authorities from discussing, studying, and building commuter rail on the Dan Patch Line. In 2017 the Edina City Council conducted a study on the pros and cons of passenger rail on the Dan Patch Line. The conclusion was to not pursue passenger rail at that time (as of 2018).

Source: https://en.wikipedia.org/wiki/Edina,_Minnesota

Tyler Mulcahey Peters

Senior Mortgage Advisor  //  NMLS #1243885

Licensed in MN & WI

Tyler Mulcahey Peters is a Minnesota-native who is originally from southern Minnesota but has lived in Minneapolis since 2013. He and his husband, Andrew, purchased their first home together in 2017 and currently live in the Southwest Minneapolis Armatage neighborhood with their two spoiled Chihuahuas, Bentley & Piper.

A mortgage and loan professional since 2013 and having helped over 800 individuals, couples, and families become homeowners, he has the knowledge and experience to help you through the loan process, find the terms that are right for your budget, and make sure all the legalities are competently handled so that the closing goes smoothly and you can take possession of your new property on-time (and often-times, early).

tyler.peters@preferredrate.com(507) 837-9775
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