Posted on 08/28/2021

How to Handle the Financial Aspects of Your Home Purchase: Insights from a Mortgage Lender in Eden Prairie, Minnesota

4 minute read

For some people, the financial side of buying a home in Eden Prairie can feel overwhelming— like you’re trapped in a never-ending calculus exam. However, if you have an expert mortgage lender in Eden Prairie, Minnesota they can guide you through the process.

In addition to helping you find the lowest mortgage rate, your mortgage lender is a valuable resource for understanding how this complicated — and often tedious — process works. If you decide to work with a mortgage lender in Eden Prairie, Minnesota, here are some things you should know:

What's in this article?

Your Lender Should Be Your First Call
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Put Together a Team
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There Are Rules About Down Payment
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Keep Your Mortgage Lender Updated
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Avoid Sudden Financial Changes
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Contact the Top-Rated Mortgage Lender in Eden Prairie, Minnesota
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Your Lender Should Be Your First Call

Your Eden Prairie mortgage lender should be the first person you call when it comes to money matters. After all, your lender is helping you not just in finding the best mortgage deal but also in navigating the murky, turbulent waters of the home-buying process. They will be able to give you tailored advice on how to handle situations that arise.

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Put Together a Team

When buying a home in Eden Prairie, Minnesota one of the most important things you need to do is assemble a team to be fully prepared when the process begins. So, who should be on your team? You should have your mortgage lender and a real estate agent, but also a reputable attorney and home inspector. All these professionals will come in handy when the time comes to close the sale.

There Are Rules About Down Payment

You cannot borrow money from a friend to pay your down payment, and underwriters will scrutinize any significant deposits to ensure they are gifts and not loans. Your Eden Prairie mortgage lender can help determine the ideal legal approach to finance your down payment; however, everything must be fully transparent when it comes to financial matters. Even if you use gift money to cover a fraction of your down payment, make sure it is properly documented.

Keep Your Mortgage Lender Updated

Speaking of documentation, make sure you have plenty of it and that you share it all with your Eden Prairie mortgage lender. Your lender will be well-versed with the financial regulations involved in homeownership, and therefore will be in a better position to liaise between you and the underwriter should any complications arise. This also applies to credit problems. If you are having a hard time securing a mortgage because of your credit history, talk with your mortgage lender first — and make sure you have all your paperwork in order.

Avoid Sudden Financial Changes

Once you have started the mortgage process, do not make any big-ticket purchases without consulting with your Eden Prairie mortgage lender. Odds are they will tell you to wait until your closing has gone through. The reason is that any major spending or financial change can delay your closing or may even result in your mortgage application being declined by the lender.

The same is true for new jobs: even if you receive an offer with a huge pay bump, you should not start (or even accept) a new job during the closing period. Many lenders request the latest pay stubs (from the last 30 days), so switching jobs during the home-buying process will cause the closing date to be pushed back.

Contact the Top-Rated Mortgage Lender in Eden Prairie, Minnesota

Given how stressful the home buying process can be, partnering with the right mortgage lender in Eden Prairie, Minnesota can make all the difference. If you’re ready to get started, the home loan specialists at Compass Mortgage are here to help. Contact us today at (877) 793-9362 or get in touch by filling out a contact form on our website.

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