Whether you’re ready to dip your toes into the MN first-time home buying process, or are raring to go find that perfect MN home, The Antonov Group can offer you valuable home buyer’s tips for every step of the process of buying a home in MN!
- Assess your price range and requirements
This is the perfect time to do your research on MN home buyer tips, mortgage calculations, the local market, and of course the monthly payments that fit within your budget. The Antonov Group can already be a major asset in this department, and refer great resources and their own expertise on the first-time home buying process.
- Interview and select your real estate agent
One of the most vital steps in the home-buying process is hiring an agent to guide your first-time home buying journey. Look at online reviews, ask your friends and family for recommendations, and make sure to interview prospective agents to see if your styles and personalities are compatible. This person will be your rock and road map, and the perfect fit can define a positive home-buying experience.
- Evaluate your credit score, then get pre-approved by a lender
Annually, you are entitled to a free report via annualcreditreport.com. Once you’ve been assigned your rating (between 350-850) and approved the report for any reporting errors, it’s time to either contact a lender, or, if your score is lower than you’d prefer, begin to improve your credit. Helpful tips include:
- Lowering overall debt where possible
- Avoiding establishing new lines of credit (new credit cards, auto-loans, etc.)
- Waiting until you’ve accumulated a longer credit history (the longer you’ve had open lines of credit, the better)
- Paying bills on time
Then it’s time to contact a lender. Once again, research here is key. Your agent will also have lots of experience with local lenders, and can recommend lenders that have provided their previous clients with excellent assistance.
- Begin your home search!
It’s time for your agent to really shine, and show you homes that fit your vision and needs. You can also request that your agents shows you homes for sale in MN that catch your eye independently, and request to walk you through!
- Write a purchase agreement with your offer
You found your home! Now you need to submit an offer, including a purchase agreement that your agent will write upon your decision. The sellers and their agent will evaluate your offer, and either accept, counter or decline based on their own requirements. Once you have an accepted offer, you can move forward in your MN home purchase!
- Inspect, Appraise and Carry Out Contingencies
Your purchase agreement may have stipulated an inspection requirement, and if you are financing your purchase through a lender, an appraisal will be needed as well. The inspection should confirm that your dream home will be in good, safe condition when you close, and the appraisal will ensure that your offered price is within reasonable bounds of the home’s objective market value.
- Prepare for your move by transferring utilities and purchasing insurance
When you provide utility companies of your move, you guarantee that you will have all required amenities before you turn the key in the door of your new home. It’s also wise to purchase homeowners insurance as soon as possible, to protect your purchase and belongings as soon as you close on your home.
- Get excited- closing day is here!
Your agent and closing professional will assemble your paperwork and schedule a closing, and after reviewing and signing your paperwork, you are now an official Minnesota home-buyer!
- Move-in to your new home
Once the i’s are all dotted and the t’s are all crossed, it’s time to shake hands, collect your keys and move on to the adventure of homeownership!