Mortgage and Real Estate Blog

head_left_image

Tips for MN First Time Home Buyers

Minnesota First-Time Home Buyer Tips

Minneapolis, MN: Being a first time home buyer, and buying your first home is an exciting time. There is no reason to be worried, and here are a few tips to help guide the way.

STEP 1:

Find a lender - Get Pre Approved for a Mortgage Loan.

Unless you are paying cash, you are going to need a loan. Finding and choosing the best loan and lender to handle the loan for you should not be taken lightly. Randomly taking to whoever answers the phone at  1-800 Big Bank, or thinking you can get a mortgage in 10 minutes via your cell phone are generally huge mistakes.

Read my whole separate article on Shopping For a Lender

Once you find your Loan Officer, they will review various programs with you, go over your maximum purchase price, payment comfort level, and any other requirements.  Expect to send in a minimum of your Photo ID, last 30-days of paystubs, last two-months bank statements, last two-years W2's, and at least your last filed Federal tax return.

With a mortgage pre-approval in hand, you can meet with the Real Estate Agent, and know exactly how much house you can afford to buy, so you are not wasting time looking at homes outside of your price range.

Don't Understand Pre-Qualify versus Pre-Approval - Click here

Step 2:

Tips to Find a Good Realtor (from someone who works with them everyday).

As with picking a Loan Officer, picking a Real Estate Agent also should not be taken lightly. As a Loan Officer, my tips for selecting an agent are:

  1. Avoid big real estate 'teams' - you never work with the big guy.
  2. Most major real estate company charge extra fees - Pick small independents
  3. Experience matters, A LOT.

Once you've selected your agent, they assist you in finding your dream house, negotiating a great offer, walking you through the paperwork, and helping with things like inspections.

TIP:  Did you know that the buyers do not pay anything out-of-pocket for the working with an agent to buy a home. The cost of your agent is paid for by the seller.

 

Make a Home Wants and Needs Wish List.

Make a list of what you absolutely must have in your new home. Number of bedrooms, school district, etc., and let your Real Estate Agent know.  Then also decide on things you can be flexible on. Unless you are building a custom home, no house will be a perfect fit.

Looking At Homes.

Typically your agent will set you up on automated email listing of new homes that fit your criteria.  Especially in the under $300,000 price point, you should look at those emails daily, and if you see something you like, you need to be prepared to drop everything, and go immediately look at the house.  Waiting for the weekend or a day off, and you may have been just beaten out by someone else.

As you look at homes, you may find your wants/needs list can change.  Be sure to pass that along to your agent.

Ready to get started?

It's easy. Simply complete the Online application.  You'll be applying directly with me, Joe Metzler, an experienced, multiple award winning Loan officer with over 20-years in the the business. We lend in MN, WI, and SD. Learn more about me HERE.

   -----------------------------------------

Joe Metzler is a Senior Mortgage Loan Officer for Minnesota based Mortgages Unlimited. He was named the 2014 Minnesota Loan Officer of the Year, and Top 300 Loan Officers in the Nation for 2010, 2015, 2016.  To finance with Mortgages Unlimited, your local preferred mortgage lender for Minnesota, Wisconsin, and South Dakota, simply call  (651) 552-3681, or APPLY ONLINENMLS 274132. Equal Hosuing Lender.

Comment balloon 0 commentsJoseph Metzler • February 23 2018 07:57PM
Tips for MN First Time Home Buyers
share
Minnesota First-Time Home Buyer Tips Minneapolis, MN: Being a first time home buyer and buying your first home is an exciting time. There is no reason to be worried, and here are a few tips to help guide the way. STEP 1: Find a lender - Get Pre… more
Is Your Credit Score really your Credit Score?
share
Many people get their credit score from places like Credit Karma, and off their credit card statements. But are these your real credit scores? The answer is YES and NO Yes, they are a real credit score, but you may get a very different score when… more
Can you get pre-approved in 10 minutes on your cell phone?
share
The danger of automated mortgage pre-approvals via your cell phone Can you get pre-approval in 10 minutes on your cell phone? Yes. Should you? Probably not. It's 2018 as I write this, advancements to our lives, along with instant gratification is… more
Why fall home buying may be better
share
Minneapolis, MN: People buy homes all year around, but especially in colder climates, home sales numbers falls in the fall and winter months, then picks up dramatically in the spring. Fall and Winter are great times to buy a home. While coming out… more
Why a credit freeze can cause havoc getting a mortgage loan
share
With the latest hack of personal information from Equifax, one of the big three credit bureaus, the topic of freezing your credit report to prevent identity theft is back in the news. Having a credit freeze on while getting a mortgage loan can cause… more
Down Payment Assistance Program in Minnesota
share
Face it, lack of down payment money is a huge obsticle for many potential home buyers. But we make dreams come true with our first time home buyer and down payment assistance loans What do these loan programs have to offer first time homebuyers in… more
Oops, I have collections on my credit report
share
Minneapolis, MN: No one likes having dings on their credit report, but let's face it, sometimes it is impossible to avoid. When credit dings happen, it is important to work on getting back into the credit good graces, as it effect so many things in… more
What are mortgage loan closing costs, and how do I pay them?
share
Home buyers, especially first time home buyers, commonly fail to understand all the costs involved in buying a home. Everyone understands down payment, so no issues there. But mortgage loan closing costs are a whole different story. I often hear… more
Reasons why you can buy a home with a very small down payment
share
Reasons why you can buy a home with a very small down payment The lack of down payment money is by far the biggest reason people do not believe they can buy a home. A recent survey even indicated a whopping 44% of non-homeowners thought you… more
Mortgages Unlimited, Top 150 Workplace 2017
share
MINNEAPOLIS, June 26, 2017. — Mortgages Unlimited, Inc, a mortgage company based in Maple Grove, MN, has been named one of the Top 150 Workplaces in Minnesota by the Star Tribune. A complete list of those selected is available at StarTribune. com… more