Understanding the Minnetonka, MN Housing Landscape
Strongly considering a home purchase in Minnetonka? Great idea! You selected a vibrant city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers across the country and are familiar with the ins-and-outs of the Minnetonka housing market.
Given all of Minnesota's growth, Minnetonka homes aren't always easy to find at a comfortable price. Continued cultural expansion and economic growth have helped to attract entrepreneurs, retirees, and new graduates to the Minnetonka area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Minnetonka and its neighboring areas still offer an array of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream home! When looking to buy a house in Minnetonka, consider how near or far away the home is from the places you visit most. If you can, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Discovering different parts of Minnetonka will help you see how the northern part differs from the southern part, what the communities are like, and where to find Minnetonka's coolest attractions.
You're ready to buy a house in Minnetonka, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe everyone can find their dream home and work to make the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Minnetonka. We help experienced homeowners and first-time homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in Minnetonka.
Before anything else, calculate how much house you can afford. This will help you set a price range while house shopping in Minnetonka. After that, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Searching the web for Minnetonka 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.
Now, look at how much money you can put toward a down payment. Putting at least 20% down will improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). That said, down payment requirements can differ depending on the loan type. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, take a good look at your credit. Credit history is an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?
It's Go Time! Buy a House in Minnetonka, MN
Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Minnetonka. Contact Mr. Cooper as you look to buy a home in Minnetonka.