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Mortgage Loans in Richfield, 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 Richfield

Richfield is a suburban city in Hennepin County, Minnesota, United States near the confluence of the Mississippi River and the Minnesota River at Fort Snelling. An inner ring suburb of Minneapolis, it is bordered by Minneapolis to the north, Minneapolis–Saint Paul International Airport to the east, Bloomington to the south, and Edina to the west. Best Buy, the U.S.’s largest electronics retailer, has its headquarters in Richfield. The population was 36,994 at the 2020 census.

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

Early History of Richfield

In the 1820s, some small settlements developed around Fort Snelling. By the late 1830s, the fortress served as a destination for newcomers—lumbermen, missionaries, farmers, traders and travelers—migrating to the borderlands people were now calling “Minisota.” Minnesotan Franklin Steelefirst reached the area in 1837 where he worked as a sutler, selling goods to soldiers.

Fort Snelling’s garrison made up the bulk of the area’s population, along with Henry Sibley and Alexander Faribault’s seventy-five person American Fur Company operation. Other small settlements of traders, farmers, missionaries and refugees began to develop outside the walls of the fort, some with permission, some without. These residents built communities on land that would become known as Richfield.

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

20 Century Richfield History

In 1908 that Richfield became a village. From 1908 until 1950, Richfield’s local government consisted of a president, three trustees, and a city clerk. On November 7, 1950, residents voted for a city manager form of government, meaning the city had a Mayor, four council members, and one City Manager. This is still the form of government used today. Richfield’s first mayor was Clarence Christian, who began serving in 1951, but served as president under the old format dating back to 1948. By the late 1940s, the city’s population started increasing rapidly as farmland was sold to developers who were building homes for veterans returning from World War II. In 1955, the Richfield Chamber of Commerce was formed and has been deeply involved in the development, as well as the redevelopment, of the community since that time.

Over the years, populations of all nearby communities increased and after World War II, Richfield flourished with commuters to Twin Cities jobs. As of 2019, Richfield has a population of about 35,000 residents who live within seven square miles of neighborhoods, parks, and shops.

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

Geography of Richfield

According to the United States Census Bureau, the city has a total area of 7.01 square miles (18.16 km2), of which 6.87 square miles (17.79 km2) is land and 0.14 square miles (0.36 km2) is water.

Interstates 35W and 494 and Minnesota State Highways 62 and 77 are four of the main routes in the city. Other main routes include 66th Street.

The majority of the 10,000 single-family homes were constructed in the 1950s, and the 5,000 apartments date from the 1960s and early 1970s. The Richfield Rediscovered Housing Program has established an environment of change in the community as it encourages home remodeling, expansion, and reconstruction. The program is gradually changing the face of Richfield’s residential neighborhoods, upgrading them from small, post-WWII styles to larger homes.

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

Recreation in Richfield

Richfield has more than 450 acres (1.8 km2) of parkland, 23 neighborhood parks and a nature preserve. Wood Lake Nature Center is a 150-acre (0.6 km2) park operated by the city of Richfield that features wetlands, walking paths and an interpretive center. When the Nature Center opened in 1971, it was one of the first urban nature centers in the United States, and is currently home to more than 200 different kinds of birds and 30 mammals.

Richfield’s Ice Arena has two full-size indoor skating rinks. Hockey games, figure skating, broom ball games, open skating, and community events all take place in this facility. Located near the ice arena is Richfield’s outdoor pool. Renovated in 2003, the swim complex features a 50-meter competitive pool, wading pool, and a 28-foot (9 m) double waterslide.

2017-2019 brought a major overhaul of 66th street to improve the look of the city and increase recreation opportunities, with new, dedicated bike and walking lanes for pedestrians.

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