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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

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