There are some simple things that I would like to share with you to help make sure that you avoid some of the biggest mistakes many first time home buyers make. With some simple preparation you can avoid some painful pitfalls.
The City of Rosemount continues to build on its small town character through neighborhood, school, and community activities. The Rosemount Park and Rec offers a wide variety of fun and leisure activities for any age. This is a peaceful community to raise a family in with a variety of high quality schools.
1) Get prequalified for mortgage financing first! I have met far too many first time buyers who find their home before they get prequalified for a home loan. It can be a painful experience to go through the work of finding the ideal home only to find out you are not yet ready to qualify for a home loan. You can get preapproved with my preferred Minnesota mortgage lender right over the phone. There is no cost and no obligation so why not start the process immediately?
2) Get educated about the process of buying a home. You can learn a great deal at a first time home buyer seminar or at a Home Stretch Worshop available through many communities around the Twin Cities. There is so much to know about the process that it is well worth it to learn as much about it as you canâ€¦and as early as you can.
3) Get a house inspection on the house you are planning to buy. While a professional home inspection is not usually required by your lender it can sometimes reveal major potential problems in the home before you are fully committed to the purchase. You can negotiate a transaction with a contingency upon a satisfactory home inspection so that if the inspection reveals problems, you can back out of the transaction within a specified period of time. Some first time home buyers will skip the home inspection because of the $300 to $500 cost of the inspection. I think the cost of the inspection is a great value when compared to making a purchase of a home with so many problems that it becomes a money pit.
4) Take care of your credit after preapproval. After you have received your preapproval for mortgage financing your MN mortgage company still might need to check your credit again. Make all of your monthly payments on time and do not open up new debts. You should avoid additional credit inquiries after your preapproval to avoid a reduction to your credit score.
5) Do not spend your down payment money prior to the closing on your home purchase. Your MN mortgage banker will give you a good faith estimate at loan application including an estimate for how much money you will need at closing. Make sure to save your money so that you're not caught in a bind on the day of closing.
For many MN first time home buyers the big, intimidating question is where do I start the process? Your first step to home ownership is to get preapproved for a first time buyer's mortgage. In so doing you will find out how much you are qualified for so that we can research homes in a price range with comfortable payments for you.
Sales Executive, Licensed Realtor in Minnesota
14451 Founders Lane
Apple Valley, MN 55124
With a focus on Apple Valley real estate and surrounding communities.