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Mortgage Loans in Minneapolis

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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 Minneapolis

Minneapolis  is a city in the U.S. state of Minnesota and the county seat of Hennepin County. Abundant in water, with thirteen lakes, wetlands, the Mississippi River, creeks and waterfalls, Minneapolis has its origins in timber and as the flour milling capital of the world. It lies along both banks of the Mississippi River and adjoins Saint Paul, the state capital of Minnesota.

The city, inhabited by the Dakota Sioux prior to settlement, got its start due to the construction of Fort Snelling in 1819 eventually spurring growth along Saint Anthony Falls. With 429,954 inhabitants as of 2020, Minneapolis is the most populous city in the state and the 46th most populous city in the nation.

Minneapolis has one of the nation’s best park systems, and many of these parks are connected by the Grand Rounds National Scenic Byway. Biking and walking trails, some of which follow old railroad lines, run through many parts of the city, such as the historic Mill District by Saint Anthony Falls and around the lakes of the Lowry Hill area. Minneapolis has cold, snowy winters and humid summers. Some large corporations have their main headquarters in Minneapolis. The city is home to the Guthrie Theater as well as the First Avenue nightclub. Minneapolis is also the host to four professional sports teams.

The main campus of the University of Minnesota is in the city limits along with a few other institutions of higher learning. The downtown area of Minneapolis is served by a light railsystem. The city has some highly rated hospitals.

Minneapolis has been a Minnesota Democratic-Farmer-Labor Party (DFL) stronghold for 50 years. The city uses a mayor council government system. Jacob Frey (DFL) has been mayor since 2018. The May 2020 murder of George Floyd, a Black man, by Derek Chauvin, a white officer of the Minneapolis Police Department in the city sparked global protests and put Minneapolis and racism in the national and international spotlights.

Source: https://en.wikipedia.org/wiki/Minneapolis

Climate of Minneapolis

Minneapolis experiences a hot-summer humid continental climate (Dfa in the Köppen climate classification), typical of southern parts of the Upper Midwest, and is situated in USDA plant hardiness zone 4b, with small enclaves of Minneapolis classified as being zone 5a. Minneapolis has cold, snowy winters and hot, humid summers. As is typical in a continental climate, the difference between average temperatures in the coldest winter month and the warmest summer month is great: 60.1 °F (33.4 °C).

According to the NOAA, the annual average for sunshine duration is 58%.

Minneapolis experiences a full range of precipitation and related weather events, including snow, sleet, ice, rain, thunderstorms, and fog. The highest recorded temperature was 108 °F (42 °C) in July 1936 while the lowest was −41 °F (−41 °C) in January 1888. The snowiest winter on record was 1983–84, when 98.6 inches (250 cm) of snow fell, and the least snowy winter was 1890–91, when only 11.1 inches (28 cm) fell.

Source: https://en.wikipedia.org/wiki/Minneapolis

Economy of Minneapolis

As of 2020, Minneapolis–St. Paul area is the second largest economic center in the Midwest, behind Chicago. During the city’s formative years, millers had to pay cash for wheat during the growing season and then hold it until it was needed for flour. This required large amounts of capital, which stimulated the local banking industry and made Minneapolis a major financial center. The economy of Minneapolis today is based in commerce, finance, rail and trucking services, health care, and industry. Smaller components are in publishing, milling, food processing, graphic arts, insurance, education, and high technology.

Source: https://en.wikipedia.org/wiki/Minneapolis

Parks and Rec in Minneapolis

In his textbook The American City: What Works, What Doesn’t, Alexander Garvin writes that Minneapolis built “the best-located, best-financed, best-designed, and best-maintained public open space in America”. More than a century after the Minneapolis Park system was designed, in its 2020 ParkScore ranking, The Trust for Public Land reported that Minneapolis had the best park system among the 100 most populous US cities.

The parks are governed and operated by the Minneapolis Park and Recreation Board, an independent park district with broader powers than any other parks agency in the country. Foresight, donations and effort by community leaders enabled Horace Cleveland to create his finest landscape architecture, preserving geographical landmarks and linking them with boulevards and parkways. The city’s Chain of Lakes, consisting of seven lakes and Minnehaha Creek, is connected by bike, running, and walking paths and used for swimming, fishing, picnics, boating, and ice skating. A parkway for cars, a bikeway for riders, and a walkway for pedestrians runs parallel along the 52-mile (84 km) route of the Grand Rounds National Scenic Byway. Theodore Wirthis credited with developing the parks system. Approximately 15% of city land is parks, in accordance with the 2020 national median, and 98 percent of residents live within a half mile of a park.

Parks are interlinked in many places and the Mississippi National River and Recreation Area connects regional parks and visitor centers. The country’s oldest public wildflower garden, the Eloise Butler Wildflower Garden and Bird Sanctuary, is located within Theodore Wirth Park. Wirth Park is shared with Golden Valley and is about 90% the size of Central Park in New York City. Site of the 53-foot (16 m) Minnehaha Falls, Minnehaha Park is one of the city’s oldest and most popular parks. The regional park received over 2,050,000 visitors in 2017.[247] Henry Wadsworth Longfellow named Hiawatha’s wife Minnehaha for the Minneapolis waterfall in The Song of Hiawatha, a famous, bestselling and often-parodied 19th century poem. The five-mile, hiking-only Winchell Trail along the Mississippi River, with its gorge views and access, offers a rustic hiking experience.

Made possible by Minneapolis’ climate, opportunities for winter activities such as ice fishing, snowshoeing, ice skating, cross-country skiing, and sledding are available at many parks and lakes between December and March. When there is sufficient snowfall conditions or the presence of snowmaking, a partnership between the park board and Loppet Foundation provides for the grooming of 20 miles (32 km) of cross-country ski trails between Wirth Park, the Chain of Lakes, and at two city golf courses. The City of Lakes Loppet cross-country ski race is part of the American ski marathon series. The park board maintains 20 outdoor ice rinks in winter and the city’s Lake Nokomis is host to the annual U.S. Pond Hockey ChampionshipsThe Medtronic Twin Cities Marathon is a Boston Marathon qualifier.

Source: https://en.wikipedia.org/wiki/Minneapolis

Sports in Minneapolis

Minneapolis is home to four professional sports teams. The Minnesota Vikings football team and the Minnesota Twins baseball team have played in the state since 1961. The Vikings were an NFLexpansion team, and the Twins were formed when the Washington Senators relocated to Minnesota. The Twins won the World Series in 1987 and 1991 and have played at Target Field since 2010. The Vikings played in the Super Bowl following the 1969, 1973, 1974, and 1976 seasons, losing all four games. The Minnesota Timberwolves brought NBA basketball back to Minneapolis in 1989, followed by the Minnesota Lynx in 1999. Both basketball teams play in the Target Center.

In recent years, the Lynx have been the most successful sports team in the city and a dominant force in the WNBA, reaching the WNBA Finals in 2011, 2012, 2013, 2015, 2016, and 2017 and winning in 2011, 2013, 2015 and 2017. The Lynx captains wore black shirts in 2016 in the wake of the killing of Philando Castile and Alton Sterling, among U.S. protests for social change by black athletes that began in 1968.

In addition to professional sports teams, Minneapolis is also home to the majority of the Minnesota Golden Gopher sports teams. The Gophers football team plays at Huntington Bank Stadium and have claimed claimed seven national championships, in 1904, 1934, 1935, 1936, 1940, 1941, and 1960. The Gophers women’s ice hockey team plays at Ridder Arena and is a six-time NCAA champion and seven-time national champion winning in 2000, 2004, 2005, 2012, 2013, 2015, and 2016. The Gophers men’s ice hockey team plays at 3M Arena at Mariucci and has won five NCAA national championships, in 1974, 1976, 1979, 2002 and 2003.  Both the men’s basketball and women’s basketball teams play at Williams Arena.

The 1,750,000-square-foot (163,000 m2) U.S. Bank Stadium was built for the Vikings for about $1.122 billion, with $348 million coming from the state of Minnesota and $150 million coming from the city of Minneapolis. Called “Minnesota’s biggest-ever public works project,” the stadium opened in 2016 with 66,000 seats, expandable to 70,000 for the 2018 Super Bowl. U.S. Bank Stadium also hosts indoor running and rollerblading nights, as well as concerts and events.

Major sporting events hosted by the city include baseball All-Star Games, World Series, Super Bowls, NCAA Division 1 men’s and women’s basketball Final Four, the AMA Motocross Championship, the X Games and the WNBA All-Star Game.

The Minnesota Wild of the NHL play at the Xcel Energy Center, and the MLS soccer team Minnesota United FC play at Allianz Field, both in Saint Paul. In other sports, six golf courses are located within city limits. While living in Minneapolis, Scott and Brennan Olson founded (and later sold) Rollerblade, the company that popularized the sport of inline skating.

Source: https://en.wikipedia.org/wiki/Minneapolis

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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