All About Buying a House in Edina, MN

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Understanding the Edina, MN Housing Landscape

Ready to lay down some roots and buy a house in Edina? Congratulations! You've chosen a vibrant city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers from coast to coast and have the inside scoop on Edina's housing scene.

Given all of Minnesota's growth, Edina homes aren't always easy to find at a comfortable price. Sustained economic growth and cultural expansion have helped to entice retirees, new businesses, and young families to the Edina area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Edina and the surrounding areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (fingers-crossed) your perfect home! When buying a house in Edina, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your trip from the house to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around Edina will also give you an idea of why homes in west Edina are priced differently than homes in east Edina, what the communities are like, and where to find Edina's coolest attractions.

You're ready to buy a house in Edina, but is your bank account? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Minnesota or somewhere else entirely. We serve first-time homeowners and experienced homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Edina.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Edina. Then, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Searching the web for Edina averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Next, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, the minimum down payment requirements depend on the type of loan. This is where getting prequalified for a mortgage comes in handy. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, take a good look at your credit. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!

Move Up and Out: Buying Your Dream House in Edina, MN

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving feels more rewarding when you get to live in a place like Edina. Contact Mr. Cooper as you get ready to buy a house in Edina. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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