You have heard the horror stories about buying a home in Minnesota- or any place else! It didn’t close on time; the sellers didn’t move out as soon as they said they would; 2 days before the closing ‘we found out our loan didn’t go through’… I’m sure you have heard all of these stories and more. So why would you want to even risk trying to buy a home? Because most of the real estate transactions go very smoothly! The best way to make buying a home, whether in Edina, Chanhasen or Eden Prairie, more pleasant is to “plan”. In this world of ‘instant everything’-from pudding to texting the word plan rarely fits into our busy schedules.
Developing a strategy for buying a home, whether it is your first-time home buying experience or you are moving up, will make the home buying process easier and more understandable. Do you know what you want? Why do you want to buy? Is your family growing or shrinking? Are you looking for a new community? Closer to work? Closer to family? Farther from family? What are you seeking that you do not have at the moment? How soon would you like to move? Is this a relocation? There are many reasons that buyers move from owning a home in Minneapolis to buying Minnetonka real estate, or vice versa. Every purchase is unique! And every purchase is a process. A smooth process has a game plan. The first step is to determine how much you can afford to buy.
Do you have the money? Unless you have won a lottery or received a windfall from somewhere, you will probably need to finance your home–most people do! There is money available for home loans! The more you can invest as a down payment, the lower your monthly payment will be.
Your credit score value will also be used to establish the interest rate you will be charged. There are many places you can obtain your credit score. You should make certain that your credit rating is as high as it can be when seeking a home loan. Check the information from the credit companies to make certain that it is true and accurate. If there are discrepancies, it is best to get them solved before attempting to get a home loan. Make certain that your payments on your credit cards, car payments, rent payments and utilities are paid in a timely manner for at least a year prior to buying a house and you will most likely be able to get a better interest rate!
Next, What is the right mortgage for me?…
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