Posts in category 'Buy A Home'

Securing pre-approval for a home loan is as good as money in the bank. It makes it possible for our real estate agents to help focus your home search, and it gives you an advantage at the negotiation table. However, your pre-approved status doesn't last forever, and you'll want to carefully read the lender's terms and conditions so that you don't get pre-approved too early.

The 60- to 90-Day Window

It can take anywhere from three days to a week for a lender to review your pre-approval application. Once approved, most mortgage pre-approvals are valid for between 60 to 90 days. In limited cases this window may extend out to 180 days. This is a short window so you want to maximize your efforts during this period. It's a short period because there is a possibility your credit score will change the more time elapses.

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Moving across state lines comes with a unique set of challenges. Because it is more complex than a move across town, you'll want to start planning well in advance. The good news is that you aren't the first person to move into Minnesota from out of state, we can help ease the transition and help you settle in when you arrive. 

1. Hire a Buyer's Agent
   A buyer's agent will represent your best interest throughout the process. Your agent will help identify homes within your budget and select neighborhoods, schools, etc. that best suit your needs.
   
   
2. Hire a Relocation Specialist
   Relocation specialists often work for free and many larger employers have relocation specialists they use for new employees. Relocation specialists earn their money based on referrals to vendor services and products you purchase when you move into the community. They will help with everything from organizing the move to helping you find lawyers, doctors, plumbers, dentists, and other service providers when you arrive.

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If you're looking for a home to buy, you're probably prioritizing what you most want to have in your new home. Square footage, number of bedrooms and bathrooms, and yard size are always important, but make sure to also consider the length of your commute. This mainly includes the length of time it takes you to drive to and from work, but you should also take into account how close you'll be located to schools, stores, restaurants, and other places you'll likely drive to on a regular basis.

What you need to know about factoring in your commute time when buying a Minneapolis home:

Growing commute times

Commute times are tending to get longer rather shorter in most areas, with an average of about a 25-minute drive one way. If you're buying a home near a major city, this can be even greater.

Looking for a home in the suburbs may allow you to get more of what you want for the same amount of money, but there may be a tradeoff involved. You may end up trying to strike a balance between where you can afford the best home and surroundings for the money and the length of your commute.

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Deciding where you will live during retirement ranks among the most important choices that you'll make, because it has such an impact on both finances and lifestyle. Your home is likely to be one of your biggest financial assets, and of course it's also the place where you'll enjoy your retirement years. Buying a home for retirement is a dream for many, and it's an attainable goal when you plan ahead for the process. We are here to help, with a guide to buying a home during your retirement years.

Tips for Buying a Home During Your Retirement Years

• Research How a Mortgage Payment Will Fit into Your Retirement Budget
  Planning a budget and sticking to it is one of the most important things you can do in retirement, and that certainly applies when you're planning to purchase a home. Before you get serious about buying, take some time to research the type of mortgage payment that will fit within your budget. Buying "too much home" can leave you short in other areas, so shopping within your budget is crucial.

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Buying a home is one of the largest investments you will ever make. Your home is more than just a place to hang your hat and raise your family; it's where you'll put a solid foundation under your financial future. Our real estate agents know that the right homeowner's insurance policy protects that future and the following are things we advise you to consider when deciding which policy is best for your property.

• Comprehensive Coverage is Worth Every Penny
  Most mortgage lenders will require you to secure a comprehensive policy. Comprehensive coverage protects the property, your family, and the possessions within your home. It also provides personal injury liability protection if someone suffers an injury on your property.

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