10 Steps to Prepare for Home & Real Estate Ownership in Minnesota

Homes for Sale Twin Cities First determine, how much can you afford? A general rule of thumb: a buyer can afford usually two to three times your gross income. Of course you do not want to overextend yourself as a buyer. Some buyers "push the envelope" too far and they buy more home then they really should. Just because you are preapproved to $300,000, does not mean you absolutely should purchase for that price. Find a comfortable range that works for you. Our team continues to work with and highly recommend Ronny Loew of The Minnesota Home Loan Partners. He is an outstanding lender, and he would be happy to sit down with you and "go over the numbers" to find what program works best for you.
Put together a "wish list" of items you would like your home to possess. Again, depending upon the price range you are looking, find what features would or would not be included in those types of mls listings. Then prioritize that list. What is most important to you? What is least important? What would be essential for you to have in your new property? The mls in Minnesota has many wonderful properties to choose from of course!
Choose your top four to five neighborhoods and cities where you would like to live. Don't forget to include such items as safety, school districts, and area expansion plans. You will find certain cities here in Minnesota that are more expensive, and some that are not nearly as pricey. For resale value and safety reasons, homes that are on busy roads should be avoided.
Take a look at your personal finances to see in fact if you have saved enough money to cover your closing costs and the down payment required. What's now exciting, is that Minnesota offers a number of outstanding home ownership down payment assistance programs. As long as you have a good credit rating, you would be eligible to qualify for many of these various programs.
Make sure that your credit is in order. It is important to get a copy of your credit report so you can make sure nothing is on there that should not be on there. In today's market with tighter lending guidelines, your credit score has become even more important. Taking the time to find out this information truly is crucial.
Sit down with a loan officer to determine what type of mortgage you can qualify for. In talking with this mortgage professional, decide what type of loan program will work best for you. Also, how much money down should you put? What term of loan will work the best for you? Will this be a home that you are looking to stay in for a shorter time? Or are you looking at a longer time frame? This of course will impact your decision on what type of loan to choose.
Work with your mortgage professional to organize all of the various documents, pay stubs, etc that you will need to get approved for the loan. With so many foreclosures coming to pass over the last four years, the process to get qualified has become much more difficult. Again however, if you are able to produce all of your various documents (asset statements, pay stubs, etc), it will really help speed up the process.
Research as well to determine if you are able to qualify for any special sort of down payment assistance program. There are so many different programs offered right now in Minnesota, it is important for you to take some time to look into your options. In today's market, there are so many homes for sale on the mls. Making an effort to look into the various forms down payment assistance can allow you to save some money and get the best possible deal for yourself.
Determine your monthly payment for the amount of home you are looking to purchase. Don't forget to include your taxes and your home insurance as well! Also, what type of loan is it? Will that loan adjust at some point? What will the new payment be and will that still be affordable for you?
Find a Realtor who can help guide you through the process of buying a home! When you are buying a home, it always makes sense to have a professional help you. He or she can guide you through the often complicated real estate transaction, and ensure that you make it to closing! He or she can also make sure you do not overpay for the property when you are deciding what to offer.

Ryan and the entire Minnesota Real Estate Team, I wanted to let you know how pleased I have been with Adam Benedict. He has helped me so much by getting my family and I into a home. I have been a hard client to deal with, with my husband out of town and me doing everything. He has explained things very well to me and made me feel comfortable with this whole process. He is a great asset to your company. In the beginning when I was looking, he was right on top of everything. When I gave him a house I was interested in he made all the calls that he needed to and called me right back. I was very impressed. He would call me and then call my husband and explain it to him as well so we were all on the same page. I wanted to let you know how great our experience has been and let you know you have excellent staff! Thank you." - Dan & Nikki Gruber, Minneapolis, Minnesota