How Much Home can You Afford and Can You Negotiate Rates?

Buying Minneapolis condos can be intimidating but knowing the mortgage line of things can make the entire process a piece of cake. Once you have done it a couple times you become old hat at the negotiating process but knowing how much you can afford and if you can negotiate takes time and skill. If you are unsure of how to go about it we would be happy to help every step of the way.

Make sure you sit down with a lender or fill out online forms to know exactly how much home you can afford. Many times buyers start looking at home before they know they can afford them and this just leads to frustration for the seller and disappointment for the buyer.

Some lenders are willing to negotiate on both the loan rate and the number of points but this isn't typical among established lenders who set their rates like large corporations set the prices on their goods. Nevertheless, it pays to shop around for loan rates and know the market before you go in to talk to a lender. You should always look at the combination of interest rate and points and get the best deal possible.

The interest rate is much more open to negotiation on purchases that involve seller financing. These usually are based on market rates but some flexibility exists when negotiating such a deal.  When shopping for rates, look for published interest rates in local Minneapolis newspapers or check the growing number of Internet sites that publish such information.

Make sure you have some money to put down as earnest money on your Minneapolis listing. You don't want to get through the process and realize you don't have any extra cash for items such as earnest money, inspection costs or application fees. Many items can be built into the closing costs and even those can be built into the mortgage payment if the home can appraise for the increased amount.

---

Your Minneapolis Real Estate Professionals

Living Downtown Minneapolis Condos assists sellers and buyers in coming together over the right condo or loft and right price. With up to date Minneapolis listings, current market conditions and local information we are your full service source for all Minneapolis listings.

We want your Minneapolis real estate experience to be a stress-free and smooth transaction whether you are buying or selling Minneapolis Realty, condos or lofts. As your Minneapolis Realtor our goal is your goals and we make every effort to buy or sell your property on your terms and your price.

We service the entire Minneapolis Metro area for buyers and sellers including but not limited to Dinkytown, North Loop, Downtown East, Cedar Riverside, Stevens Square, Whittier, East Isles, North Commons, Willard-Hay, East Isles, Como and many other Downtown locations and neighborhoods.

If you would like more information about our Minneapolis Realty service please don’t hesitate to call us at 612-735-6834 or fill out our online contact form below.  We look forward to speaking with you about your Downtown Minneapolis needs! Mike@MikeWeiland.com

First Name Last Name Email Phone Question / Comments  Please wait...