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Home Buyer's Guide - Michele Palme

About us: 
Edina Realty Mortgage is a full-service mortgage banker specializing in residential purchase and refinance loans. We offer very competitive interest rate pricing and a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA), Veterans Affairs (VA) loans, and investor financing. 

We understand the important role your home plays in your life, and that is why we are committed to providing information that will help you make well-informed decisions about your home financing. Understanding the many factors that come into play when you work with your mortgage consultant is important to determining the right home financing for you. 

Here are a few of those factors to keep in mind:

  • Your financial situation today and the level of certainty you have about your financial future
  • How long you plan to own the home or keep the mortgage
  • Your comfort level in assuming the risk of potential rate increases with certain types of mortgages
  • Your credit profile and your current ability to manage your debts and obligations in a timely fashion
  • The amount of funds you have for a down payment and closing costs
  • The type of property you want, its use, and its value
  • The kind of documentation you will need and can provide to obtain the mortgage
  • Whether or not this is your primary residence, a second home or investment property
  • The amount of monthly income remaining after paying all of your bills

The Basics of Buying: 

Knowing what to expect - and having a knowledgeable team of real estate and mortgage-lending professionals to assist you - can help make findig and financing your home an exciting and rewarding experience. Here is a basic overview of the homebuying process: 

  1. Obtain a mortgage preliminary approval before you begin house hunting. 
    ​- Learn how much home you can purchase
    - Strengthen your bargaining position with sellers
  2. Work with your real estate agent to find the right home
    - Determine your needs and create a wish list of desirable features
    - Take notes as you preview homes
  3. Make a purchase offer on a home you like
    - Your real estate agent presents your offer to the seller, who will then choose to accept, counter or reject the offer
    - When the price is settled, you and the seller sign a Purchase Agreement, defining the terms of the sale
  4. Complete the loan application process
    - If you already obtained a mortgage preliminary approval, contact your lender and let them know you have a contract on a home. Your mortgage consultant will update your loan application and help you to proceed with the home financing process. 
  5. Have the home inspected
    - If you choose to have a home inspection, hire a professional home inspector after the offer has been accepted to provide an in-depth look at the basic systems of the house, to reveal any safety hazards and give you a chance to reconsider the deal. 
  6. The home will be appraised
    - An appraisal, required by your mortgage lender, is a formal, written estimate of the home's current market value. 
  7. Obtain title insurance (where applicable)
    - Title insurance guarantees the property you are purchasing is free of liens or confusion in rights of ownership, and it also insures against any losses to the property that result from defects in the title or deed
  8. Close on the property 
    - A closing agent coordinates and distributes all the paperwork and funds
    - Ownership of the property is transferred

And you become the proud owner of your new home! Remember, we are here to help! Your local mortgage consultant is ready to help you understand your financing options and work with you each step of the way. 

For a full Home Buying Guide that you can download and print, please click here

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