Explore Eden Prairie, MN

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15-Year, 30-Year, or a Biweekly Mortgage? In the past, the 30-year, fixed-rate mortgage was the standard choice for most homebuyers. Today, however, lenders offer a wide array of loan types in varying lengths--including 15, 20, 30 and even 40-year mortgages. Deciding what length is best for you s...

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Saving for the Down Payment Saving funds for a down payment should be part of an overall program to get your finances in order prior to shopping for a home. This includes rounding up financial records, examining your spending habits, and setting a budget you can live with. Remember, too, that the...

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Leveraging Your Money One of the greatest financial aspects of buying a home is the ability to leverage your money. Simply put, leverage allows you to use a small down payment and financing to purchase a larger investment. For example, if you bought a $125,000 home with 10 percent down, you lever...

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How Mortgage Loans Work Excluding property taxes and insurance, a traditional fixed-rate mortgage payment consist of two parts: (1) interest on the loan and (2) payment towards the principal, or unpaid balance of the loan. Many people are surprised to learn, however, that the amount you pay towar...

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When Should You Pay Points on a Loan? When it comes to comparing interest rates for a mortgage loan, homebuyers often have the option of choosing a loan with a lower interest rate by paying points. Simply put, a point is equal to 1 percent of the loan amount. For example, with a $100,000 loan, on...

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All About Adjustable-Rate Mortgages Adjustable-rate mortgages (ARMs) differ from fixed-rate mortgages in that the interest rate and monthly payment can change over the life of the loan. ARMs also generally have lower introductory interest rates vs. fixed-rate mortgages. Before deciding on an ARM,...

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How Much Can You Afford? Understanding how much you can afford is one of the most important rules of home buying. Depending on your individual situation, your budget can affect everything from the neighborhoods where you look, to the size of the house, and even what type of financing you choose. ...

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#10 Be cautious with fixer uppers Some people may be inclined towards purchasing a home that needs some work. This could be a challenge and an opportunity to make money. Sometimes, a fixer-upper can be purchased below market value, and sufficient repairs made to bring it to a good sale condition...

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#9 Hiring a home inspector is a wise investment A home inspection is an inexpensive way to gain peace of mind, and guard your pocket book. A proper inspection will cover all areas of the house including foundation, electrical, heating, plumbing, floors, walls, ceilings, attic, roof, siding and tr...

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#8 Pay attention to “red flags” When evaluating a home, be sure you know the difference between acceptable and unacceptable problems. Cosmetic items like peeling paint, worn carpeting, unattractive wallpaper can be easily remedied. You could use these as negotiating items, as there will be costs...

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#7 Check your emotions, and shop with your head When people purchase a home on emotion, without an objective view of the property, problems may develop later. Shopping for a home is an emotional process. It could be costly. Using your head, along with asking for an objective opinion (from your R...

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#6 Use your Realtors’ knowledge of the community Your Realtor is trained in all aspects of Real Estate, including understanding supply and demand, economics and the neighborhoods of the city in which they practice. As they regularly view homes as they are placed on the market, they are at the hea...

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#5 It’s still true – location, location, location You’ve heard it so many times, that it’s probably starting to sound like a broken record. That’s because it’s true! A home is not a stand alone item. Rather the value of a home is greatly affected by the surrounding homes. Don’t let your emotions...

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#4 Communicate clearly with your Realtor Spending time with your Realtor will reap huge dividends. When you have a clear picture of the type of home you’re looking for, your Realtor can come closer to finding the home you want. You won’t waste time looking at homes that don’t match your needs.

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#3 Choose your winning team Buying a home is a complicated process, with many people involved. From choosing the right mortgage, to finding a home inspector, to viewing available properties, there are many steps involved for even the hardiest person. With a professional realtor on your side, you...

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2, Get pre-approved prior to shopping Visit your financial or lending institution prior to home buying. Quickly, you’ll know the amount of mortgage you’ll receive. Be sure to get a mortgage commitment in writing. Most importantly, you’ll tell sellers that you are a serious prospect. Depending up...

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      1. Make a list of all of the amenities that are close by in the neighborhood you are considering as your new residence.  Keep in mind what distances and routes to each of these places are acceptable and what are not. 2.  Determine what the best features of the neighborhoods are.  This is e...

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                     Community is an essential part of family, of lifestyle, and of real estate. Understanding local conditions in Maple Grove is important when it comes to buying and selling real estate, but the neighborhood you choose can have a dramatic impact on all other aspects of your lif...

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  Unexpected repairs For $300 - $500 a professional inspector will conduct a thorough inspection of the home. This way, you’ll have an idea of the cost of future repairs. Make the final contract subject to a favourable report. Shopping without pre-approval It only takes a few days to get financi...

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Buying a mis-matched home What do you need and want in a home? Sounds simple. Yet, clearly identifying your needs and bringing an objective view to home shopping, leaves you in a better position. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn’t consider the d...

Eden Prairie, MN Real Estate Professionals