All About Buying a House in Minneapolis, MN

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Get Familiar with the Lay of the Land in Minneapolis, MN

Strongly considering a home purchase in Minneapolis? Great idea! You've chosen a lively city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Minneapolis housing market.

Minneapolis is growing by the day, which means Minneapolis homes don't always come cheap. Ongoing cultural expansion and economic growth have helped to beckon entrepreneurs, retirees, and new graduates to the Minneapolis area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Minneapolis and the surrounding areas still offer an array of homes in price and amenities. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream home! When buying a home in Minneapolis, consider the home's location in relation to your everyday activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Discovering different parts of Minneapolis will help you see how the northern part differs from the southern part, where to find Minneapolis's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Minneapolis, 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 believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. You don't even have to stick with your decision to buy a house in Minneapolis. We support experienced homeowners and first-time homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Minneapolis.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in Minneapolis. After that, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. Searching the web for Minneapolis averages will usually give you a solid estimate, though everyone's situation is different. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, figure out what a realistic down payment would be for you. A down payment of at least 20% can help improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, the minimum down payment requirements depend on the type of loan. This is where getting prequalified for a mortgage comes in handy. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

Make Your Move: Buy a Home in Minneapolis, MN

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Minneapolis, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Minneapolis. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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