What is the first step when looking for a Minneapolis home loan ?

Most experts recommend that you should get prequalified for a loan first. By being prequalified, you will know exactly how much house you can afford .

Finding a lender you trust can start to get confusing when you realize all the sources for home loans available. The best thing is to start with your bank and collect current rates and fees and make notes as you go. Consider checking with local credit unions and savings and loan branches and of course you can always go through a mortgage broker for your Minneapolis real estate purchase.

Using a Mortgage Broker?

A mortgage broker is a little different than a bank or credit union as they have access to thousands of loans, programs and fees while a bank or credit union has their own set fees and rates. Using a mortgage broker over a bank's loan officer can mean a little more money up front in closing costs but the benefit of finding a better rate or loan for the long run can really save you thousands. It pays to browse through you options and know you rights. You can shop any one of these options and gain informaion, insight and costs to determine which option is right for your situation.

There are different types of loans such as FHA, USDA, VA and Conventional. Conventional is typically the most popular and many homeowners use this type of loan when selling their current home and buying a new one. FHA is great for first time home buyers that may not have a lot saved yet for a down payment and USDA is a 100% financed loan but a little strict on which homes or Minneapolis condos you can choose from. If you are a military family or veteran you can utilize your option of going with VA financing which saves you closing costs and money in the long run but the home must be approved with the VA lender.

Each situation and everyone's finances are slightly different. Having the right information up front before applying for the loan can make the process seem less intimidating. Understanding your rights, your loan and your payments are all part of being a responsible home owner. This is a large investment and you owe it to yourself not to sign or agree to anything you don't fully understand.

We would love to help get you into the right Minneapolis condo and can help walk you through the home buying process from application to closing. Give us a call or contact us anytime.

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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

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