Ryan Peterson, Residential Lender

03/13/2023

Don't let all that snow outside fool you... Spring is around the corner! Spring brings with it excitement, lots of activity and (historically) a boost of Real Estate inventory!

If you haven't already been pre-qualified, come see me and I'll be happy to get you on the path to homeownership! If you are already pre-qualified, let's go over that plan to make sure everything is on the up and up for you to put in an offer on a home!

Being behind in this process can mean the difference to having a key to your home and a key to your rental unit.

I look forward to working with you and answering any questions you may have!

01/19/2023

Is there a home you've always loved as you drive by, but it never seems to come up in the market?

I good tactic to try out is to write the owner a letter to see what their interest is in selling! I've personally done this, and can speak on its success! Granted, you may never hear back from the owner, but, maybe you will! The owners could give you a timeline of when they're looking to sell, and you can use that to plan out your budget.

Working with a talented Realtor is a good way to get those letters made up if you'd like some help with it, and working with me on knowing what you can finance will give you the tools you need to move into homeownership!

Besides, who doesn't love getting personal letters!?

12/09/2022

BE PREPARED!

A triple whammy: higher interest rates, low inventory and high home prices may make homeownership a scary proposition for some, especially first-time homebuyers. I do believe that the best time to buy a home is when you're financially able to do so.

That said, it's OK to be in a "wait and see" position with your home buying. But, you don't want to be in a "wait and see" position when the right home comes along and you're not prepared to make an offer and you miss your opportunity.

So instead, get yourself in a "wait and pounce" position with me at The First National Bank of Osakis!

11/18/2022

High rates got you down?

I can't blame you for that, but if you're in the market for a home, it's important to have your budget reviewed to make sure your prequalification is still good to go! I'm happy to provide that confidence!

Once you've got that confirmed, don't be afraid to put in offers that may be more attractive to the buyer side -- lower purchase price, seller paid closing costs, maybe even a contingency! Any of that helps when rates are up. Our area has a some of very talented Realtors that can help you put in that offer!

Who knows, maybe taking those steps will turn your title from "renter" to "homeowner"!

10/20/2022

Got some big things cooking in Osakis! In addition to lending, I am also a Board Member of the Osakis Economic Development Authority, and we'd LOVE to hear from YOU if you'd like to be in investor within the Osakis Community!

November 3rd at 6pm and the Osakis Community Center we'll have a hotel developer available to answer any questions you may have as an investor! Anything from tax breaks, income, dividends, etc.! This is a unique opportunity and one that won't be on the table often!

We will have reports and projections available at the meeting as well!

Also, if you know of anyone that would like to be an investor, please let them/me know!

Any questions, please reach out to me!

The City of Osakis and the Osakis Economic Development Authority are looking for people interested in investing in a name brand hotel to be built in the City of Osakis.https://cityofosakis.com/wp-content/uploads/2022/10/invest-in-hotel-flyer1.pdf

10/11/2022

Escrow, anyone?

Any of you reading this that are homeowners with a mortgage are likely setup on an escrow. But what does this mean, any why does it change each year?

Well, an escrow account is a type of account that has only one job, and in the case of your mortgage, that job to pay your property taxes and homeowners insurance. The escrow is fueled by your monthly payment, where a portion of that payment pays down interest and principal on the loan, and another portion goes into the escrow account for the lender to use to pay insurance and taxes.

The amount needed may change each year, since property taxes likely change from year to year, or if you've changed/increased insurance coverage. That amount held back for escrow is reviewed annually to make sure enough is being held.

It's important to know that for the year 2023, property taxes have gone up to catch up to increased housing prices, so expect a balance shortage in your escrow for next year.

Of course, each of these are case-by-case, since each property is different from the next, but if you have any questions, I'd love to clarify anything you've got on your mind!

09/22/2022

Hello all!

I've been made aware that there is an increase of phone calls that preapproved borrowers receive from mortgage brokers soliciting their mortgage services.

If you've applied for a mortgage recently, or plan to, and want to save yourself from solicitors, you can opt out by going to https://www.optoutprescreen.com/.

Know that when applying with me at The First National Bank of Osakis, your information is kept very private and not shared. However, the 3 credit bureaus (Equifax, Trans Union and Experian) offer a service for mortgage brokers to sign up for to receive alerts on mortgage inquiries made by lenders. This is what triggers all those calls.

Let me know if you have any questions!

08/19/2022

Please be aware of any texts that come through like this.

It is a scam!

Your personal information and funds are safe within the bank. Don't give out any information if you receive one of these texts.

08/16/2022

Hello All!

Despite the rising rates for mortgage loans, rates in general are still historically low. Locking in now on a home still protects you for increases down the road, and if rates do drop a refinance can always be reviewed!

That said, house prices are NOT at historical lows, quite the opposite, actually, so really focusing on making and FOLLOWING a budget are going to really help you in both the near term and long term.

As always, give me a call, message, email, smoke signal, etc. if you have any questions!

07/13/2022

Paying Yourself First is a savings plan that leans in on you making your savings contributions an expense. At each paycheck, it's good to schedule a specific amount to automatically go into your savings. Additionally, some employers may be able to do this split for you!

Rising livings costs need to be accounted for in your budget, but practicing Paying Yourself First is a great way to make saving money more automatic, and can help you in a pinch with surprise expenses!

You can reach out to me anytime and I'd be happy to go over any questions you may have!

06/30/2022

Buying vacant land might be a great option for those of you who may be indifferent about jumping into homeownership.

Land does tend to appreciate, it’s low maintenance and can either be used to build on later or used as equity for a future home purchase!

Come chat with me if you’d like to kick around any ideas!

Have a super fantastic 4th everyone!