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Buyers

Thinking of purchasing your first home? Pinpoint Realty has the knowledge and expertise to guide you through the process.

To help you begin the process, we’ve outlined important steps below:

Why & How To Get Pre-Approved
Why get prequalified and then preapproved for a mortgage before you begin your search for a home? Because there are 3 people who will benefit from your preapproval: You, your Agent, and the seller from whom you eventually buy a home!

You: The most important beneficiary, of course, is you. One of the most common questions we get is along the lines of “Please let us know how much house we can afford.” There are simply too many variables for us to advise on this. Income, debt, credit history, special mortgage programs and variations in qualifying guidelines between different mortgage types, and more can play into the answer to this question. The only sure way of getting the question answered is through mortgage prequalification. This step is a relatively simple one, but it is an important one. It begins the process of formally applying for a mortgage, and it gives everyone involved–especially you–a clear sense of the direction they should be headed.

Your Agent: By knowing what your financial parameters are, your Agent can spend time looking for houses that fit your budget rather than those that may bring disappointment if they are out of your price range.

The Seller: Getting prequalifieds also strengthens your bargaining position and will help yourr offer stand out in the event of multiple offers on the house you want. From the seller’s perspective, an offer from a fully prequalified buyer is more attractive than an offer from an “I’ll get around to that soon” buyer. Even if the prequalified buyer’s offer was $1000 less, sellers aren’t likely to take a chance on the buyer that hasn’t been prequalified.

Qualifying for a Mortgage
It’s important to remember that the amount of mortgage you will qualify for is the maximum amount that the lender feels you can afford. However, it’s not necessarily the amount that you want to pay. It is sometimes advantageous to be conservative with your budget. For example, if you qualify for a $100,000 mortgage and you have $15,000 available in cash for down payment and closing costs, you are qualified to buy homes with a maximum selling price of $115,000. So as to not push yourself to the limit, you may want to look at homes that sell in the $100,000 to $110,000 range. Too many buyers simply work off of their approval amount and then find themselves strapped when it comes time to furnish a new home with draperies, furniture, updated appliances, repainting, etc. Also take into consideration that some monthly expenses may increase, like utilities and repair costs, with the purchase of a home.get to factor in increases in monthly expenses.

Finding a Lender
When looking for a lender to get pre-approved, we always recommend you contact at least two different sources. It is important to shop interest rates, closing costs, and loan origination fees.
Not sure where to start? We recommend contacting the lenders listed below:

Sharon Gatto, Sr. Loan Officer
Bell Mortgage
Address
City, MN ZIP
Office: (952) 278-8706
Cell: (612) 386-3030 Email:
Email: sgatto@bellmortgage.com

Jon Wagner, Sr. Mortgage Consultant
Windtrust Mortgage
1895 Plaza Drive, Suite 250
Eagan, MN 55122
Office: (651) 905-6204
Cell: (612) 201-3728
Email:

Matt Stengle, Loan Officer
Roundbank
1100 1st St NE
New Prague, MN 56071
Office: (952) 758-2265
Cell Phone: (651) 463-8300
Email: matts@roundbank.com