Avoid These 5 Mistakes
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 an extraordinarily 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 MN mortgage lender even during the evenings or on weekends, and generally right over the phone. There is no cost for the service and absolutley no obligation so why not start the process immediately?
2) Get educated about the whole process of buying a home as soon as you can. 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 can…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 reveal major potential problems in the house before you are fully committed to the purchase. You can negotiate a transaction with a contingency upon a satisfactory home inspection so that if it comes back bad, you can back out of the transaction. Some first time home buyers will skip the home inspection because of the cost involved. This cost is cheap when compared to making a purchase of a home with so many problems that it becomes a money pit.
4) Take good care of your credit after preapproval for mortgage financing. After you have received your preapproval for a home loan your Minnesota 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. Additionally, avoid additional credit inquiries after your preapproval application to avoid potential problems with your credit score.
5) Don't spend your down payment money prior to loan closing. Your mortgage banker will give you a good faith estimate at loan application showing how much money you will need at closing. Make sure to save your money so that you're not caught short at closing.
As the sixth largest city in the Twin Cities metropolitan area, Burnsville is a popular bedroom community to both Minneapolis and St. Paul. While experiencing an explosion in population from 1970 through 2000 to over 60,000 residents, Burnsville is now fairly well built-out and its total population has stabilized over the past ten years according the 2010 census. Larger employers in the community include Independent School District 191, Fairview Ridges Hospital, as well as Pepsi Cola but many residents find employment in the Minneapolis, St. Paul or surrounding suburbs. Burnsville has a wide variety of real estate for sale both for the Minnesota first time buyer as well as the move up buyer.
First Step To Buy A Home: Get Preapproved
For many MN first time home buyers the intimidating question is where do I start? Your first step to home ownership is to get prequalified for a home loan. By doing so you find out how much of a loan you are qualified for so that we can search for homes in the right price range.
Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale
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