While the temperatures in the Twin Cities are still below freezing – the real estate market is already heating up.

As we enter the spring season, many potential buyers are starting to look for their dream homes. If you are one of them, you may want to consider getting pre-approved and prepared for buying a home. Here are some tips to help you get started:

1. Get pre-approved: Getting pre-approved for a mortgage is a crucial step in the home-buying process. It will help you determine how much house you can afford and give you an edge over other buyers who have not been pre-approved. The sooner the better, because there might be something that you need to change on your credit or income to hit your target purchase price and you want to have time to do that before we are in the height of the market.
2. Save for a down payment: Start saving early for your down payment to ensure that you have enough money when you are ready to buy. There are also down-payment assistance programs, so make sure to ask us about how we can help you apply for assistance with your down payment!
3. Work consistent hours: One of the main things we look at when approving borrowers is income. If you are an hourly employee, you will want to make sure that your year-to-date income is at a good average. This will help your buying power when getting pre-approved.
4. Be prepared to move quickly: In a hot market, homes can sell quickly. Be prepared to move quickly when you find a home you like. Have your pre-approval letter and down payment ready and be prepared to make an offer as soon as possible.

Buying a home can be an exciting and rewarding experience, but it can also be stressful and overwhelming. By following these tips and working with a trusted team of professionals, you can navigate the home-buying process with confidence and find the home of your dreams.

Please reach out to us at any time – we look forward to hearing from you!

Liz Peter Mortgage Team

Luminate Home Loans