Savage, MN First Time Home Buyers Tips

Are you planning to buy your own home in Savage, MN, Minnesota? There are some basic things I would like to share with you about Savage real estate to help ensure you avoid some of the bigger mistakes that many first time buyers make. With some very basic preparation you can avoid some of the most painful pitfalls.

Tips for Minnesota First Time Home Buyers

1) Get preapproved for mortgage financing first! I meet far too many first time home buyers who find a home first, only to find out they do not yet qualify for financing. It can be a painful experience to go through the work of searching for the perfect home only to find out you are not yet ready to qualify for a loan. You can get preapproved with my preferred Minnesota mortgage lender right over the telephone, even after normal business hours. There is no cost and 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 as you can, as early as you can.
3) Get a home inspection on the house you are planning to buy. While a home inspection is not required it can sometimes reveal major potential problems in the home before you are fully committed to the purchase. I will help you negotiate a transaction with a contingency upon a professional home inspection that is satisfactory to you 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 $300 to $500 cost of the inspection. The inspection cost is cheap 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 for mortgage financing. After you have received your preapproval for mortgage financing your MN mortgage company still might need to check your credit again. Make your payments on time and do not open up new debts. Additionally, avoid additional credit inquiries after your preapproval to avoid a reduction to your credit score.
5) Do not spend your money for down payment before 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.
Developing into a bedroom community to the Twin Cities, Savage has approximately tripled in size over the past two decades. With plenty of affordable homes for sale, Savage, MN has become a great spot to look for homes for the Minnesota first time home buyer. Conveniently located just west of Burnsville, living in Savage means you will have a 20-30 minute commute to some of the largest employers in Minneapolis. With a well developed Park and Rec program, it seems like there is never a lack for something to do for residents of Savage. If you're planning on buying or selling MN real estate, please take a moment to send me an email or give me a call.

MN First Time Buyers First Step

For many MN first time home buyers the big, intimidating question is where do I start the process? Your very first step to home ownership is to get preapproved for a first time buyer's mortgage. By doing so you find out how much of a loan you are qualified for so that we can research homes in a price range with comfortable payments for you.

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