Mounds View First Time Home Buyers: Avoid These Mistakes

By
Real Estate Agent with IBR Realty

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

Tips for Minnesota First Time Home Buyers

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 Minnesota mortgage lender 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 home buying 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. 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 buyers will skip buying the house inspection because of the cost involved. This cost is cheap when compared to making a purchase of a home that later reveals multiple problems.

4) Take care of your credit after preapproval. After you have received your preapproval for a home loan your Minnesota mortgage company still might need to check your credit again. Make your payments on time and do not open up new debts. You should avoid additional credit inquiries after your preapproval to avoid a reduction to your credit score.

5) Don't spend your down payment money prior to the closing on your home purchase. Your mortgage banker will give you a good faith estimate at loan application including an estimate for how much money you will need at closing. Make sure to save your money so that you're not caught short at closing.

Living in Mounds View

Mounds View, MN is a convenient northern suburb located just north of Minneapolis and St. Paul. With a population of just over 12,000, Mounds View residents enjoy the benefits of a small town despite their location near the central metro. Located in Ramsey County, first time home buyers may want to check out the Ramsey County First Home program with down payment assistance of up to $10,000. If you are looking to buy or sell a home in Mounds View, please don't hestitate giving me a call.

First Step In The Process

For many MN first time buyers the intimidating question is where do I start? Your first step to home ownership is to get preapproved for a mortgage. In so doing you will find out how much you are qualified for so that we can search for homes in the right price range.

 

Casey Anderson
Sales Executive, Licensed Realtor in Minnesota
IBR Realty
caseyanderson@ibrrealty.com
Cell 651-245-1820
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities

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