Minneapolis, MN: Are your tired of the snow yet? Record amount of snow, including the most snow ever in February here in Minnesota, along with continued below average temperatures is expected to delay the local spring this year.
As many people, both buyers and sellers come out of the woodwork to purchase or sell a home in the spring, a delayed spring will probably mean a more compressed shortened 'spring' buying season, and therefore a more competitive spring market.
Understanding the markets, and being prepared for what this means can translate nicely into a more stressfree and happy transaction.
Be prepared to look at homes the moment they come on the market. Be prepared to make quick offers, and assume most transactions will have multiple offers.
On the mortgage side, as Mortgage Loan officer for over 25-years, the most improtant thing I can stress to you get getting a proper and accurate mortgage loan pre-approval BEFORE you start looking for homes, so you can zero in on the proper home price range, down payment requirements for your situation, and comfortable monthly payment range.
Many lenders will take a quick basic application, pull credit, then give you a very weak pre-approval letter. The reality is that if the lender didn't also collect your standard documents, like photo ID, 30-days of pay stubs, last two years W2's, and the last two months bank statments - regardless of what they've said, you are NOT properly pre-approved.
A proper pre-approval is even more important if you are a first time home buyer, with limited funds, and limited experience in the process.
An experienced Loan Officer is also key. It is hard to tell experience levels, but a little TIP is that all Loan Officers MUST have a Loan Officer ID number, known as an NMLS number. If the Loan Officers number is less than 400,000. They've been around awhile, and you are probably in good hands. If the number (as of today) is over 1,000,000 - Pass. They are way too new to handle your largest financial transaction. My NMLS number is 274,132.
We lend in Minnesota, Wisconsin, and South Dakota - and we'd love to be your lender.
Call (651) 552-3681, or just apply online at https://joemetzler.com/application. NMLS274132.
Not an offer to enter into an interest rate lock agreement. Not everyone will qualify. Mortgages Unlimited is an Equal Housing Lender. 33 Wentworth Ave E, St Paul, MN 55118. Company NMLS 225504