Minneapolis-St. Paul Urban Living: The Process of First-Time Home-buying
Are you planning to start looking for the first-time for a condo or a home in Minneapolis or St. Paul? Would you like to live in an urban walking neighborhood with access to public transportation, local restaurants, and also coffee shops within a short distance of your new home? The moment you plan to start house hunting, you have actually taken your first step towards future homeownership.
The Twin Cities monthly rents seem to be continually on the increase, so it may be an opportune time to look into buying a condo, a home, or a townhome. The mortgage interest rates are still rather low. This is a great time for individuals looking to buy a new condo or home. Since buying a new home is big investment. Please find below some suggestions before purchasing your first house.
Do your homework on the local property markets
As you start viewing properties, you may want to research the neighborhoods so you have a better understanding of the present local property market. It is not a bad idea to start your search by contacting a local Minneapolis-St Paul Realtor.
The best way to actually get to know the neighborhoods is to drive-by the areas. If you like a certain area and/or neighborhood than you may want to start physically viewing the condos or single-family homes in the locations of interest.
When you start visiting the shortlisted properties, make sure that you have taken into consideration other aspects apart from the condo or home itself. Making notes of possible problems that might require costly repairs like faulty gutters, weak flushing of toilet, and cracks in the walls are important. You must also explore the neighboring locality and check out the distance of public transport, shops, schools and other amenities from the said property.
Your borrowing power is important
If you have not obtained a mortgage pre-approval, you may want to visit your local bank or shop for a mortgage lender. You may want to evaluate your borrowing powers before you start the condo or home search in Minneapolis or St. Paul. Factor such as loan details, financial commitments, and your income are the basis for calculating your borrowing power. Please find below a few of the following factors a lender may take into consideration when calculating your borrowing power for owning a property.
- Expenses-Examples include medical expenses, debts and expenses for living.
- Annual income-calculated on the basis of a pay stub along with 2 years of income tax returns
- Saving- amount saved by you for that rainy day.
- Credit Score
As a part of your research, you should also find out what specific home loan product will better suit you well. You need to find out the various merits of home loan products and then come to a conclusion on which elements are good for you. Procuring a pre-approval is important when first starting the process of house hunting, since it important to find out what you can afford and also your comfort level pertaining to monthly payments.
With these tips in mind, you may enjoy a smoother journey towards the purchase of your first condo or home. As you continue your journey remember to reach out to RE/MAX Results-Shannon Lindstrom, Minneapolis/St Paul Realtor at 612-616-9714 and/or Shannon@MplsUrbanLiving.com to answer any of your questions and provide you with the professional guidance that you need to find the home or condo of your dreams.