We are making our MarQ
in a BIG WAY!  
I am very excited to announce our name change to LandmarQ Lending.  We are still the outstanding local mortgage company you have come to know and respect, and are now even better!  LandmarQ's Elite Prime and Retail Divisions currently have over 35 experienced Loan Officers throughout the Twin Cities area who are dedicated to helping customers achieve their financial goals by providing a “Full Concierge” service. So whether it’s buying that dream home or reducing your monthly mortgage payments, we will continue to have the lowest rates and a full menu of proprietary loan programs to help create the right plan based off of your goals, and expectations.

Recruiting only the best in the business, our team of loan officers have the experience and the technology to provide superior customer service, making the process as quick and stress-free as possible.  Additionally, with our unique One Touch “Full Concierge” system, each loan officer has their own on-site servicing team that gives them immediate access to each client’s loan and the ability to continuously monitor the status. This system reduces the closing time of our loans from weeks to days and gives customers, realtors, financial planners, etc the best personalized care throughout the country.  

LandmarQ's Prime Division also works directly with the real estate community, providing coaching and marketing support to numerous Realtor Partners throughout the Midwest. Our programs are designed to help Realtors build their business and to stay in touch with clients and colleagues on a regular basis. We also offer customized lending programs as well as promotional materials to support the marketing of new developments and property listings. Please ask about our “Power Homebuying” Program!

LandmarQ has offices throughout the state of Minnesota to provide convenient service.  We are a Branch of Marketplace Home Mortgage, LLC and are licensed in MN, ND, IA, and WI.  

So please join us in celebrating this great new partnership!   And please feel free to contact us or stop by our office right on Highway 10 to get on the path to financial success.  Remember, “We Create a Plan NOT just a Rate!”
Experience the Difference NOW!  

Cheers! 

Molly Nadeau-Peterson
Mortgage Planner / Branch Manager 
LandmarQ Lending Elk River (Formerly Town Mortgage)
mollyn@townmtg.com
PH 763.633.3151

The Price of Procrastination
Everyone Wants a Lower Price, But What About the Impact of Interest Rates?
When shopping for a home, the natural tendency of any buyer is to want to pay the lowest price possible. It's important to keep in mind, however, that the sales price is not the only factor that determines what your monthly payment will be. In fact, the impact of higher interest rates can easily nullify any benefit of waiting for a lower price.

Why Should I Rush to Buy?
While you may have heard discussions in the media about the decline of property values in many markets, the rate of decline appears to be stabilizing. That being said, it would not be unreasonable for you to want to hold out for an additional decline of 10%, hoping to capture the best possible price. However, as property values have declined in many areas to 2003 levels or lower, waiting longer to pull the trigger could be a mistake. Many markets are reporting that lower property values have been bringing out investors and the result has been multiple offers on many properties. Properties priced correctly are not declining and, in fact, are creating a lot of interest.

Interest Rate Complacency
The problem is that many home buyers have been lulled into a sense of complacency because of extremely low interest rates. Since the Federal Reserve initiated its program of buying mortgage-backed securities, which control the rates people pay for their home loans, rates had been range bound, bouncing between 4.75% to 6.00% for a 30-year fixed-rate loan.  But do not be confused by this. These rates are artificially low! Historically, interest rates have been above 6.00%. And any rate obtained below this number is a great deal, especially on homes with price tags from 2003!

Markets are Unforgiving
The last two weeks of May showed just how unforgiving the markets can be for people who choose to procrastinate. In just five days, interest rates from many lenders increased anywhere from .50% to 1.00% as fixed-income investors demanded more for their money.  For anyone who was waiting for prices to drop even more, a 1.00% increase in your interest rate would bring a higher monthly principal and interest payment on a home, even if the price of that same home had fallen an additional 10% in value.

If you're waiting for home prices to fall even lower, be aware that while holding out for a lower price may help you win the battle, you could lose the war in terms of monthly payments and overall affordability. With the Federal Reserve scheduled to end its buying of mortgage-backed securities this year, rates only stand to go higher for those that wait. In fact, interest rates are already on the rise and could go higher from here.

The Clock is Ticking on Free Money
If you, or someone you know, is planning on purchasing a home this year, be aware that you must take possession before 12/01/2009 to be eligible for a tax credit of up to $8,000. In a survey conducted in March by Move.com, nearly 50% of home buyers are currently unaware that this free money exists in the marketplace. And since over 50% of all buyers are first-timers in today's market, this could impact a lot of people who aren't in the know.

If you have questions about this update, give us a call. We can show you how waiting for the lowest price could really cost you more in the long run!