Steps for Getting Qualified for a Minnesota Mortgage

Purchasing a home is one of the most important decisions a person can make.  This also means it can be one of the most stressfull! This can make for an overwhelming experience.  The Fitterer Team can make this process easier and more comfortable for all parties involved.

The first thing that we advise all buyers to do is to get qualified with a experienced Minnesota loan officer.  This person will ask personal information to find out how much you can afford.  This process can be done over the phone and only takes a few minutes. While looking for your home the loan officer will ask you for documentation proving what you stated over the phone is in fact true.  This last step will get you to the final stage of Mortgage approval.  After Mortgage approval is met, you will be ready to purchase that new home.

There are many types of loans that the loan officer may be able to offer you.  
Here are a few examples

Conventional loan: This loan has been the most popular in recent years. This loan is sold on the secondary market to investors, because it is sold does not mean that your payments can change, you just may be liable for sending the payment to a different location.
FHA loan: The US Dept. of Housing and Urban Development guarntees loans for low to moderate income home buyers. FHA loans are popular with first time home buyers in Minnesota. If you qualify for a FHA loan you will have to pay for an FHA appraisal and pay for mortgage insurance.
VA loan: Veterans Administration loans are available to people who have served in the military for a certain length of time.  Surviving spouses are also eligle.  To find out if you qualify call 1-800-827-1000.  The best part of VA loans is that you do not need a down payment.

The Fitterer Team has worked with many experienced loan officers over the years, so we would be happy to recomend one that can help with this very important step.