Scott Schneider

Our People

You deserve to be treated like a member of the family. Managing your mortgage, loans and assets is important business. We help you create and maintain your best financial strategy, taking into consideration your financial future as well as your past.

The Mortgage Money Source is a group of professional loan officers and mortgage specialists. Our staff focuses their attention on your circumstances, advising you from an experienced background in the industry.

What can we do?

Discover why thousands of people just like you have turned to The Mortgage Money Source for their financial needs. Whatever you need...refinance, debt consolidation, home purchase, 1st & 2nd Mortgages, Construction Loans, Less Than Perfect Credit O.K

Founded in 1991, The Mortgage Money Source has been serving the Great Northwest with financing solutions for all types of real-estate needs. Purchase, refinance, debt consolidation, equity loans, home improvement, second homes, investment property, foreclosure bailout, raw land and construction loans.

Our staff has over 20 years of mortgage loan processing experience. There is nothing we have not seen. Local, proven, and ready to serve you. Let us help you reach your home ownership and home financing goals.

Our Services

No up-front mortgage broker costs. Free pre-qualification for homebuyers. The Mortgage Money Source takes the risk…not the borrower.

No matter what happens, borrowers are not charged for up-front costs such as application fees, credit reports, or rate lock in fees that others may charge - even if the borrower decides not to close the mortgage loan. No other mortgage company offers this special guarantee in such a comprehensive package.

An exploratory conversation is quick, easy and FREE. Contact us to find out if we can help you lower your bills and save money

WHY DID MY REALTOR REFER ME TO YOU?

A high quality realtor knows that the key to a successful transaction means TEAMWORK with a professional mortgage banker. Any experienced realtor could tell you horror stories about times when a client made a poor choice of mortgage company, and ended up with big surprises at the closing table, or worse, no closing taking place at all! A good realtor will form relationships with trusted individuals who have proven themselves time and time again, so that they know you will be given the excellent service that you deserve. It is important to know that your realtor is NOT given any compensation or "kickbacks" for referring you to a mortgage banker. As mortgage professionals, we desire more referrals, both from you and your realtor, so consider the extra motivation this provides for us to take great care with your satisfaction!

WHY SHOULD I USE A REALTOR?

First and foremost, because you need an experienced professional working on your behalf. The realtor's commission is not paid by the buyer, but by the seller of the home being purchased, and it is in each party's best interest to have professional representation. As a seller, profits are generally maximized by having an experienced realtor market and sell your home, rather than deal with the headaches of trying to do it all on your own. See our page on "selecting a realtor" for more information.

WHY AND HOW DO INTEREST RATES CHANGE?

Many people are surprised to learn that rates change on a daily and sometimes hourly basis. Interest rates fluctuate in response to changes in the financial markets. The bond market is generally a good indicator of the general trend of interest rates.

WHAT HAPPENS ONCE I AM PREAPPROVED?

You are ready to buy a home! Remember that it is very important to inform us of any changes in the financial information that was provided at the time of approval, as it may make a change in the amount or type of loan that you can qualify for.

WHEN SHOULD I CONSIDER REFINANCING?

The old rule of thumb was at least 2%, but this is no longer the case. Many different individual factors need to be analyzed to determine if refinancing is right for you, such as the length of time you intend to stay in your home, or the type of loan you currently hold. We are always happy to provide a recommendation to you for your particular circumstances.

WHAT IS AN ORIGINATION FEE?

Typically, it is 1% of your loan amount, and works exactly like a discount point. You can avoid all or part of this fee by paying a higher interest rate. In Minnesota, rates are typically quoted assuming this 1% origination fee.

WHAT IS TITLE INSURANCE?

It is a policy provided by the title company guaranteeing the accuracy of the title work done on your home at the time of purchase. As a buyer, you are required to purchase a lenders policy of title insurance as part of your standard closing costs, which only protects the mortgage company. You may also choose to purchase an owners policy, which would protect you against any loss in the event of any legal issues relating to the title of your home.

WHAT IS MORTGAGE INSURANCE?

This is generally required in one form or another when the down payment is less than 20%, and protects the lender in the event of loan default. The lower the down payment, the higher the risk for the lender, and thus the higher the monthly premium. Depending on your particulars, there are ways in which mortgage insurance can sometimes be avoided at purchase, or dropped altogether at some point in the future.