Buying a Home in Lake Minnetonka? Secure Financing First

In Blog on May 18, 2012 by Community Expert Team

There is nothing more exciting than buying a home, especially if you are searching in Lake Minnetonka, Minnesota. However, this joy can turn to pain soon enough if you don’t have your finances in order.

Do you know how much of a home you can afford? If you cannot confidently answer this question, it is time for you to make an immediate change. Most notably, you must contact a lender for a prequalification letter. This will quickly give you a better idea of what you can afford.

Tip: just because you are prequalified for a particular amount does not mean that you should spend that much. This is simply a guideline that the lender is going to follow when it comes time to move forward with a loan. Only you know how much money you are comfortable spending on a new property.

Just as a real estate agent can help you find the best deal on a home, you need to take the reins as you search for the perfect mortgage. Doing so means contacting at least three lenders, with the hopes of finding one that offers the following:

– Great customer service

– Competitive interest rate

– Reasonable closing costs

Note: your bank contact should be able to help you better understand your situation and the type of loan that is best for you.

As you begin to ponder your real estate future, make sure you have your financing lined up. This will allow you to search for a new home in Lake Minnetonka without any worries of overspending or being denied a loan.

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