Community Corner
Sold: Recent Home Sales in the Mendota Heights Area
Rate locks may be harder to come by this fall.
Although the loan limits for certain types of loans such as FHA jumbo loans aren’t supposed to be lowered until the beginning of October, some banks are no longer accepting rate locks for these transactions. One of those, Wells Fargo, is admitting that since it takes an average of 45 days to process a loan, they won’t have time to secure the loans for their home-buying clients by the deadline.
Rate locks are designed to set a mortgage rate for a home buyer and can protect them from sudden and unexpected spikes in interest rates. Lenders can’t raise the rates over the locked amount. Although most won’t, they are allowed to lower it if rates fall. Buyers need to have an accepted purchase agreement to lock a loan. Home buyers who have not locked in by now need to talk with their mortgage lender to see if their loan if affected and if a lock at this time would be advised.
Find out what's happening in Mendota Heightswith free, real-time updates from Patch.
1) 629 Maple Park Dr., Mendota Heights
Listed by: Edina Realty
Find out what's happening in Mendota Heightswith free, real-time updates from Patch.
Side by side townhome
Two bedrooms, three baths
Days on Market: 55
Closed: Aug. 15, 2011
Original List Price: $219,500
List Price at Time of Offer: $199,900
Sold Price: $165,000
Seller Contribution: $6,600
2) 692 Wesley Ln., Mendota Heights
Listed by: Edina Realty
Single family home
Four bedrooms, three baths
Days on Market: 35
Closed: Aug. 15, 2011
Original List Price: $410,000
List Price at Time of Offer: $397,000
Sold Price: $384,000
Seller Contribution: $7,000
3) 697 Hidden Creek Trail, Mendota Heights
Listed by: Coldwell Banker Burnet
Single family home
Five bedrooms, six baths
Days on Market: 4
Closed: Aug. 12, 2011
Original List Price: $1,450,000
List Price at Time of Offer: $1,450,000
Sold Price: $1,435,000