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Mortgage Loans in Minnetonka

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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 Minnetonka

Minnetonka is a suburban city in Hennepin County, Minnesota, United States, about 9 miles (14 km) west of Minneapolis. The name comes from the Dakota Sioux mni tanka, meaning “great water”. U.S. Highway 12 is the city’s main road.

As of the 2020 census, the population was 53,781. The city is the home of Cargill, the country’s largest privately owned company, and UnitedHealth Group, the state’s largest publicly owned company.

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

Geography of Minnetonka

According to the United States Census Bureau, the city has a total area of 28.22 square miles (73.09 km2), of which 26.93 square miles (69.75 km2) is land and 1.29 square miles (3.34 km2) is water. Part of the city includes the eastern tip of Lake Minnetonka, one of the largest lakes in Minnesota. The outlet of Lake Minnetonka is Minnehaha Creek, which winds through south Minneapolis and flows over Minnehaha Falls and into the Mississippi River. Minnetonka is located 8 miles (13 km) west of Minneapolis, in Hennepin County.

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

Economy of Minnetonka

The headquarters of Carlson are in Minnetonka. The headquarters of Cargill are located in Minnetonka and are in the Wayzata Post Office area. Founded in 1865, Cargill is the largest privately held corporation in the U.S. in terms of revenue. Other companies based in Minnetonka include Digital River, Radisson Hotel Group, and the uniform companies AmeriPride Services and G&K Services.

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

Demographics of Minnetonka

As of the census of 2010, there were 49,734 people, 21,901 households, and 13,619 families living in the city. The population density was 1,846.8 inhabitants per square mile (713.1/km2). There were 23,294 housing units at an average density of 865.0 per square mile (334.0/km2). The racial makeup of the city was 90.0% White, 3.7% African American, 0.3% Native American, 3.1% Asian, 0.7% from other races, and 2.1% from two or more races. Hispanic or Latino of any race were 2.4% of the population.

There were 21,901 households, of which 25.9% had children under the age of 18 living with them, 52.1% were married couples living together, 7.3% had a female householder with no husband present, 2.8% had a male householder with no wife present, and 37.8% were non-families. 31.1% of all households were made up of individuals, and 11.9% had someone living alone who was 65 years of age or older. The average household size was 2.25 and the average family size was 2.85.

The median age in the city was 45 years. 20.8% of residents were under the age of 18; 6% were between the ages of 18 and 24; 23.2% were from 25 to 44; 33.3% were from 45 to 64; and 16.7% were 65 years of age or older. The gender makeup of the city was 47.5% male and 52.5% female.

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

History of Minnetonka

In 1869, a flour and grist mill were constructed and operated until the late 1880s. In 1874, Charles H. Burwell came to manage the Minnetonka Mill Company, and he built a Victorian home on the north bank of Minnehaha Creek (Minnetonka Boulevard at McGinty Road East) for his family. The Charles H. Burwell House is now on the National Register of Historic Places and is owned by the city. There were two other mills in Minnetonka. The St. Alban’s Mill, which was less than 1 mile (2 km) downstream from Minnetonka Mills on Minnehaha Creek, operated as a flour mill from 1874 to 1881. A grist mill built on Purgatory Creek was washed out in a flood shortly after construction. Minnetonka Mills, with its post office and port for Lake Minnetonka, was the principal business and trading center for a large area until the 1870s.

Between 1883 and 1956, the area within the original 36-square-mile (93 km2) township grew smaller as Wayzata, Hopkins, Deephaven, Woodland and Saint Louis Park incorporated or annexed portions of then-Minnetonka Township.

The Minnetonka Town Hall, built in 1906, is on the National Register of Historic Places.

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