There are a number of steps that should be taken BEFORE you look at homes. Taking the these steps will help make your home buying process go smoothly.

Ever wondered exactly what is behind an underwriting decision? Or why some borrowers sail through underwriting, while others struggle? Knowing the 5 C’s of credit will help you understand just what a lender is looking for.

If you’re thinking about buying your first home, these five steps can help ensure you get the right house and the affordable financing that helps make home ownership a long-term success:

I’m going to say it again, because its important to hear. THERE IS STILL MONEY AVAILABLE TO HELP YOU GET INTO YOUR FIRST HOME! I can’t stress this enough, there are programs available to help you get down payment and closing cost assistance. Actually, lots of programs! Lets take a look at the information for first time homebuyers looking to purchase real estate in Dakota County:

Luckily, the experts at MN Home Loan Partners can help you navigate through the maze! For the sake of this blog post, we will focus mainly on assets and how those play into your mortgage prequalification.

If you are a first-time homebuyer or haven’t bought a home in a while, this guide will offer valuable information about buying a home.
Gather the information you will need to qualify for a home mortgage

Before you can buy a home, you will need to secure financing. Be ready to provide a mortgage lender with the following information:

There are dozens of lists of things that you should do when purchasing a home, but here is the best list of what NOT to do when you are in the home buying process.

1. Do not look for a home without being preapproved. (This is like shopping for a car without a driver’s license. You need to know what you qualify for before going out looking.)

We all know that getting prequalified for a mortgage before shopping for a home is an essential part of the process. But are you thinking about home expenses when you are figuring out what monthly mortgage amount you are comfortable with?

So you are a first time home-buyer, and you have just closed on your first home, a great piece of Burnsville real estate. Now what? Homestead, utilites, FAQ title questions, first mortgage payment…. Many first time home-buyers have questions after closing. Every transaction is different, so don’t be afraid to call your loan officer or title company for guidance.

First of all, not all lenders are created equal. The 203k loan program does have very specific requirements to make the process go smoothly. Some lenders have perfected this process, most of them have not. I am proud to say that we have Elizabeth Vaughan here at Cornerstone Mortgage. Elizabeth is the master of 203k loans!