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Shop for a Loan

How to Find a Lender

Today, lenders can be found through a variety of sources. In addition to calling on ads in the newspaper, you can also find and apply to lenders over the internet, and through referrals from your REALTOR. We would be happy to suggest lenders we have used successfully, who have proven themselves competitive and capable even with problem properties or poor credit.

Choosing the Right Lender

Interview several lenders to evaluate the following:

  • Ability to explain things clearly and return your phone calls in a reasonable time period
  • Competitiveness of interest rates, costs & fees.
  • Availability of loan programs that suit your credit profile and desired property
  • Access to local loan approval committee that understands the kind of property you are buying

Choosing the Right Kind of Loan

Today there are so many types of loans on the market that it is beyond the scope of this page to list or explain them all. Your lender is the best person to help you select a loan program to suit your needs. Below is a summary of the three most popular loan types we see in practice; for more detailed information click the link at the end of this page.

  1. Fixed loan: The fixed rate loan assures your monthly payments will stay the same over the life of the loan, which is typically between 15 and 30 years. Fixed rate loans may be best if you intend to hold the property for a long period of time, say over 7 years.
  2. ARMs (adjustable rate mortgages): ARM’s may be suitable if you plan to sell or refinance your home within the next few years. The starting interest rate is typically lower than a fixed rate loan, saving you money initially. However, it is important to understand the index, the readjustment interval, the capitalization rate and downside risks of an ARM before making a final decision to use this type of loan.
  3. Intermediate ARMs: Also called Hybrid Loans, these loans can offer fixed interest rates for the first 3, 5, 7 or 10 years after which the interest rate adjusts with the market every 6 months or year thereafter.

Success Stories

"Our family sold a fairly large parcel of farmland in Stevens County, Minnesota. It was a complicated property with different land characteristics and an existing CRP contract. We were very pleased with Jesse's representation. He had a lot of expertise and guided us through the different dynamics and options for selling the property. We highly recommend him." Jim J. and Karen H.
"Thank you for all you have done helping us sell our home, Sonia. It was a pleasure working with you! Best of luck in your future, you are an excellent realtor!" Mervin and Carole S.
"Sonia, Thank you so much for all you have done for us while we searched for the perfect home, with you we found it! We will refer you to everyone we know that is looking for a new home!" Jon and Missy R.
"Sonia, Thank you so much for the amazing job you did helping us find a home. You were very patient and listened to what we were looking for !" Mark and Karla H
"I was very satisfied with Sherry’s performance as my Realtor, everything was great on her behalf. Thanks again, Sherry!" Bob M.
"Jesse was our real estate agent when we decided to sell our home. He came to our first appointment well prepared with area statistics on houses for sale, houses similar to ours and helped us easily come up with a selling price. Jesse was able to answer all our questions with accurate information. He listed our house on a Thursday morning and had the first showing two days later. This showing resulted in the sale" Shawn and Holly Rodahl Benson, MN
"The synopsis of our experience is that we, either as individuals, or as a family would recommend and/or hire Jesse Hughes a heartbeat. He’s that good, and your experience with him will be top shelf from start to finish and beyond. He’s earned a glowing review from us and here is how; After the passing of our parents, we 5 siblings were beyond fortunate, and inherited the family farm, the “home place” if you will," Eileen F, Maxine B, Maureen B, Clif P, & Joyce S.
"To whom it may concern: I contacted Hughes Real Estate/ Jesse Hughes regarding WRP/RIM land I wanted to sell. Mr. Hughes was very prompt in returning my call and set up an appointment to meet with me. I was very pleased with his knowledge regarding the WRP/RIM property. He was professional and courteous. I listed the property with him and we got the property sold." Larry A. Maiers
"I am glad to give you an honest referral as it relates to you selling my 141 hunting acres. I found you to be highly motivated in finding a buyer for my property, and once we had an offer you were always on top of the paperwork and made sure we had a quick and thorough closing…with NO SURPRISES! As a Sales Training Consultant my entire life, I didn’t miss your sincere appreciation after the" Larry J.
"We heard about Hughes Real Estate, from my wife’s cousin that used them to sell their 80 acre farm. Jesse suggested splitting the land into two parcels and selling the farm land and the CRP for hunting separately. This worked out very well for all parties. My sister and I had a conference call with Jesse and he impressed us very much and we gave him the listing. My sister was in real estate for" Les Stein