Actually there are many things a first-time buyer should know! Mortgages have become complicated and finding the best deal isn’t always easy. Searching for a home has become easier thanks to the internet but there are still many pitfalls that can be avoided or at least minimized with the help of a Realtor. So where does a first-time buyer go to learn what they need? A good place to start, even before you begin searching for your home, is the Minnesota Home Ownership Center. They have an online course called Framework that is a wealth of information. There is a fee for the course and yes, there is a test at the end. The good news is that if you successfully complete the course many lenders will offer special mortgages and/or down payment programs. I attended a webinar today on Framework and in my opinion it’s well worth the cost and effort for anyone considering buying their first home.
The second step would be to contact a good Realtor to help you. Yes, you can search for yourself on the internet, but trust me – a good agent can save you a lot of frustration. And the best part is: you don’t have to pay them a dime! Nope. The seller is paying the commission so even if you hire an agent as a Buyers Rep and sign an agreement with them, their fee still comes from the seller. Note that there is a very remote chance that this may not be the case, but it’s a very rare occurrence.
If you’re interested in more information on the course, click here: Framework
If you have any questions or if you’re ready to start looking for that first home, just let me know. I’d be happy to help you (assuming you’re in the Minneapolis, MN area of course!).