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Mortgage Loans in Hopkins, MN

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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 Hopkins

Hopkins is a small suburban city in Hennepin County, Minnesota, United States, located west of Minneapolis. Hopkins was the headquarters of Minneapolis-Moline, which was a large manufacturer of tractors and agricultural equipment in the United States until the 1960s. The southern end of town sits along the main line of the Twin Cities and Western Railroad.

The city is four square miles in size and is surrounded by the larger, west suburban communities of Minnetonka, Saint Louis Park, and Edina. The population was 19,079 at the 2020 census. U.S. Highway 169 and Minnesota State Highway 7 are two of the main routes in the area.

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

Geography of Hopkins

According to the United States Census Bureau, the city has a total area of 4.11 square miles (10.64 km2), of which 4.08 square miles (10.57 km2) is land and 0.03 square miles (0.08 km2) is water. There are several small ponds on the western side of Hopkins, and creeks to the north and south. One of these creeks includes Minnehaha Creek. The north branch of Nine Mile Creek has its headwaters in Hopkins at the intersection of 13th Avenue South and Excelsior Boulevard.

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

Real Estate in Hopkins

Hopkins has a much lower homeownership rate than neighboring communities. The city’s 39 percent homeownership rate is 22 percentage points less than the 61 percent of St. Louis Park, which has the next-lowest rate among Hopkins’ neighbors. Other west metro communities fall in the mid-70 percent range.

Housing also tends to be cheaper than most west metro communities. Hopkins’ $225,200 median value is the lowest among its neighbors. The median housing value for St. Louis Park, which is next lowest, is 6.75 percent higher at $240,400.

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

History of Hopkins

The first settlers of Hopkins arrived in 1852 as land around the growing Minneapolis–Saint Paul area was opening up and being explored by members stationed at Fort Snelling. However, the roots of the town began in 1887 with the building of the Minneapolis Threshing Machine Company, later called Minneapolis-Moline, to make farm equipment. At the time, Minneapolis Moline employed most of the Hopkins residents. In 1887, the West Minneapolis Land Company was founded and formed to build housing for the Minneapolis Moline factory workers. City of Hopkins has around 450 Hopkins residents employed for the government.

In 1893, residents of Hopkins sent the Hennepin County Board of Commissioners a petition signed by 41 residents, asking that a separate village be formed from unincorporated portions of then-Minnetonka and Richfield Townships. Following an election, the community was then incorporated as the Village of West Minneapolis with a population of 1,105. The original village consisted of about three square miles, and it has been enlarged by annexation to its present size of about four square miles.

The Hopkins train station, which determined the town’s eventual name, is now a student-run coffee house.

In 1928, the name of the village was changed to Hopkins after Harley H. Hopkins, who was among its first homesteaders and was the community’s first postmaster. Mr. Hopkins allowed the town to build the train depot on his land (now The Depot Coffee House) with the agreement that the train station would say “Hopkins” on it. People getting off the train assumed the name of the town was Hopkins and it stuck. On January 1, 1948, the village became the city of Hopkins, upon adoption of a council–city manager charter.

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

Demographics of Hopkins

As of the census of 2010, there were 17,591 people, 8,366 households, and 3,975 families residing in the city. The population density was 4,311.5 inhabitants per square mile (1,664.7/km2). There were 8,987 housing units at an average density of 2,202.7 per square mile (850.5/km2). The racial makeup of the city was 70.4% White, 13.5% African American, 0.6% Native American, 8.5% Asian, 3.4% from other races, and 3.6% from two or more races. Hispanic or Latino of any race were 7.9% of the population.

There were 8,366 households, of which 24.9% had children under the age of 18 living with them, 31.4% were married couples living together, 12.1% had a female householder with no husband present, 4.0% had a male householder with no wife present, and 52.5% were non-families. 43.4% of all households were made up of individuals, and 11.5% had someone living alone who was 65 years of age or older. The average household size was 2.07 and the average family size was 2.93.

The median age in the city was 34.4 years. 21.1% of residents were under the age of 18; 8.4% were between the ages of 18 and 24; 34.3% were from 25 to 44; 23.4% were from 45 to 64; and 12.6% were 65 years of age or older. The gender makeup of the city was 47.6% male and 52.4% female.

Source: https://en.wikipedia.org/wiki/Hopkins,_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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