It’s exciting to leave behind apartment living and settle your roots into home ownership. This time in your life may also feel a little overwhelming, and perhaps you’re not sure of where to even begin with your new home search. There are some important factors to keep in mind, before you even begin to browse online real estate listings. We’ll help you out in this article!

Check Your Credit Scores

Without a credit history, and actually a solid credit history, your search for home ownership may stop, before you even get out of the gate. Before even looking for a home, it’s good to know where you stand in this aspect of your financial status. This helps determine interest rates as well as the type of loans best suit your needs. Ryan DeRoode, owner and founder of Twin Cities MN Realtor, will listen to your needs and help point you in the right direction, so you can be comfortable in making a smart, financially responsible decision.

How much do you have saved for a down payment?

It’s easy to use an online mortgage calculator and figure out what type of payment you may “fit into”, however, the payment itself is only part of the equation. Depending on your lender, your down payment requirements may be anywhere from 0-20% of the purchase price. If you’re able to make a down payment greater than 20%, you may be able to get a lower interest rate on your desired home. Our real estate team will be able to help you navigate the language of down payments, PMI, and any additional concerns you may have, when you are ready to make an offer on a home.

Pre-approval is an Asset to a Home Buyer in this Market

Having pre-approval, before you even begin visiting potential homes, gives you multiple advantages. First, if you fall in love with the home, you’re immediately ready to make an offer, without having to do preliminary paperwork that many people competing for the same home may need to do. Time is everything in this market. Pre-approval also helps provide you razor focus on the price-range of home that you’d qualify for. You can feel comfortable making an offer, without getting swept up in emotion of a home you may love, but may be a financial detriment to you over the long term.

Hire a Reputable, Knowledgeable Real Estate Agent

With fluctuating interest rates, this is not a time to try to “go it on your own”. Read a prospective realtor’s reviews and learn more about them, and how they’ve handled previous transactions, both as a seller’s or buyer’s agent. Look to see how long they’ve been established within the area you are looking to move to – they will have inside information on the community you may be a part of. They will be able to provide expert advice on the just-right fit for you!

Congratulations if you’re ready to embark on the journey of home ownership! This exciting time may also bring moments of tension, but the end result will be worth it. As your realtor, we’ll help inform you each step of the way through the buying process. To get started, please fill out this Buyer Questionnaire, and we will get back to you soon to help you kick off your new home adventure!

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