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Mortgage Loans in Saint Louis Park, MN

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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 Saint Louis Park, MN

St. Louis Park is a city in Hennepin County, Minnesota, United States. The population was 45,250 at the 2010 census. It is a first-ring suburb immediately west of Minneapolis. Other adjacent cities include Edina, Golden Valley, Minnetonka, Plymouth, and Hopkins.

St. Louis Park is the birthplace or childhood home of movie directors Joel and Ethan Coen, musician Peter Himmelman, New York Times columnist Thomas Friedman, former Senator Al Franken, songwriter Dan Israel, guitarist Sharon Isbin, writer Pete Hautman, football coach Marc Trestman, and film director Joe Nussbaum. Baseball announcer Halsey Hall also lived there.

The Pavek Museum of Broadcasting, which has a major collection of antique radio and television equipment, is also in the city. Items range from radios produced by local manufacturers to the Vitaphone system used to cut discs carrying audio for the first “talkie”, The Jazz Singer.

The Coen brothers set their 2009 film A Serious Man in St. Louis Park circa 1967. It was important to the Coens to find a neighborhood of original-looking suburban rambler homes as they would have appeared in St. Louis Park in the mid-1960s, and after careful scouting they opted to film scenes in a neighborhood of nearby Bloomington, as well as at St. Louis Park’s B’nai Emet Synagogue, which was later sold and converted into a school.

Source: https://en.wikipedia.org/wiki/St._Louis_Park,_Minnesota

Early History of Saint Louis Park

The 1860s village that became St. Louis Park was originally known as Elmwood, which today is a neighborhood inside the city. In August 1886, 31 people signed a petition asking county commissioners to incorporate the Village of St. Louis Park. The petition was officially registered on November 19, 1886.

The name “St. Louis Park” was derived from the Minneapolis and St. Louis Railway that ran through the area; the word “Park” was added to avoid confusion with St. Louis, Missouri.

In 1892, lumber baron Thomas Barlow Walker and a group of wealthy Minneapolis industrialists incorporated the Minneapolis Land and Investment Company to focus industrial development in Minneapolis. Walker’s company also began developing St. Louis Park for industrial, commercial and residential use.

Generally, development progressed outward from the original village center at the intersection of the Minneapolis and St. Louis Railway with Wooddale Avenue. But Minneapolis soon expanded as far west as France Avenue, and its boundary may have continued to move westward had it not been for St. Louis Park’s 1886 incorporation.

By 1893, St. Louis Park’s downtown had three hotels, and many newly arrived companies surrounded downtown. Around 1890, the village had more than 600 industrial jobs, mostly associated with agriculture implement manufacturing.

The financial panic of 1893 altered developers’ plans and put a damper on the village’s growth. Walker left St. Louis Park to pursue other business ventures.p

In 1899, St. Louis Park became the home to the Peavey–Haglin Experimental Concrete Grain Elevator, the world’s first concrete, tubular grain elevator, which provided an alternative to combustible wooden elevators. Despite being nicknamed “Peavey’s Folly” and dire predictions that the elevator would burst like a balloon when the grain was drawn off, the experiment worked and concrete elevators have been used ever since.

Source: https://en.wikipedia.org/wiki/St._Louis_Park,_Minnesota

More History of Saint Louis Park

At the end of World War I, only seven scattered retail stores operated in St. Louis Park because streetcars provided easy access to shopping in Minneapolis. Between 1920 and 1930, the population doubled from 2,281 to 4,710. Vigorous homebuilding occurred in the late 1930s to accommodate the pent-up need created during the Depression. With America’s involvement in World War II, however, all development came to a halt.

Explosive growth came after World War II. In 1940, 7,737 people lived in St. Louis Park. By 1955, more than 30,000 new residents had joined them. From 1940 to 1955, growth averaged 6.9 persons moving into St. Louis Park every day. Sixty percent of St. Louis Park’s homes were built in a single burst of construction from the late 1940s to the early 1950s.

Residential development was closely followed by commercial developers eager to bring goods and services to these new households. In the late 1940s, Minnesota’s first shopping center — the 30,000-square-foot (2,800 m2) Lilac Way — was constructed on the northeast corner of Excelsior Boulevard and Highway 100. (The Lilac Way shopping center was torn down in the late 1980s to make way for redevelopment.) Miracle Mile shopping center, built in 1950, and Knollwood Mall, which opened in 1956, remain open today.

In the late 1940s, a group of 11 former army doctors opened the St. Louis Park Medical Center in a small building on Excelsior Boulevard. The medical center merged with Methodist Hospital and today is Park Nicollet Health Services, part of HealthPartners, the second-largest medical clinic in Minnesota (after Rochester’s Mayo Clinic).

During the period between 1950 and 1956, 66 new subdivisions were recorded to make room for 2,700 new homes. In 1953 and 1954, the final two parcels — Kilmer and Shelard Park — were annexed. These parcels (originally in Minnetonka) came to St. Louis Park because of their ability to provide sewer and water service. According to Al Franken, whose mother was a realtor there, in the Twin Cities the area was nicknamed St. Jewish Park, given that 20% of its residents were of Jewish background. He states also that there appeared to be a tacit agreement between bankers, developers and real estate agents to ensure redlining, in order to prevent the spread of Jewish and Afro-American families across streets like Texas Avenue into areas with a different ethnic composition.

Source: https://en.wikipedia.org/wiki/St._Louis_Park,_Minnesota

Demographics of Saint Louis Park

As of the census of 2010, there were 45,250 people, 21,743 households, and 10,459 families residing in the city. The population density was 4,252.8 inhabitants per square mile (1,642.0/km2). There were 23,285 housing units at an average density of 2,188.4 per square mile (844.9/km2). The racial makeup of the city was 83.3% White, 7.5% African American, 0.5% Native American, 3.8% Asian, 0.1% Pacific Islander, 1.8% from other races, and 3.1% from two or more races. Hispanic or Latino of any race were 4.3% of the population.

There were 21,743 households, of which 22.2% had children under the age of 18 living with them, 35.6% were married couples living together, 9.1% had a female householder with no husband present, 3.4% had a male householder with no wife present, and 51.9% were non-families. 40.1% of all households were made up of individuals, and 9.6% had someone living alone who was 65 years of age or older. The average household size was 2.05 and the average family size was 2.82.

The median age in the city was 35.4 years. 18.5% of residents were under the age of 18; 8.1% were between the ages of 18 and 24; 36.4% were from 25 to 44; 24% were from 45 to 64; and 13% were 65 years of age or older. The gender makeup of the city was 47.8% male and 52.2% female.

Source: https://en.wikipedia.org/wiki/St._Louis_Park,_Minnesota

School Athletics of Saint Louis Park

St. Louis Park’s athletic teams are called the Orioles. The school colors are orange and black. In 2005 the school moved out of the Classic Lake Conference and into the North Suburban Conference. In 2013, the school moved out of the North Suburban Conference and into the Metro West Conference.

The school won the boys’ state basketball tournament in 1962 under coach Lloyd Holm, and had a resurgence in boys’ basketball in the 1970s under coach August Schmidt.

The girls’ basketball teams won two state championships in 1986 and 1990 under head coach Phil Frerk. The school also has a synchronized swimming program.

For many years, a fixture at Park athletic events was the school dance line, the Parkettes, who served as cheerleaders for the Minnesota Vikings from 1964 to 1983.

Athletes to come out of St. Louis Park include former NBA player and current Timberwolves broadcaster Jim Peterson (1980), NFL coach Marc Trestman (1974), current NHL player Erik Rasmussen (1995), Junior All-American cross-country skier Andrew J. Cheesebro, and current Sioux City Explorer T. J. Bohn (1998). 1965 graduate Bob Stein was an All-American end at the University of Minnesota and the youngest player ever to play in a Super Bowl, for the Kansas City Chiefs. He later served as the President of the Minnesota Timberwolves from 1987 to 1994. Former Minnesota Vikings and Tennessee Titans President Jeff Diamond is a 1971 St. Louis Park graduate.

Source: https://en.wikipedia.org/wiki/St._Louis_Park,_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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