Maximizing Affordability Rochester MN Homes

https://www.youtube.com/watch?v=t8jC1Xq38v4

Maximizing Affordability in Rochester MN

First, if you are looking to purchase a home here in the Rochester MN area the best things we can do to maximize affordability is to have a real strategy for approaching the market.

With me as your agent, you will be able to approach the market with eyes wide open and, believe me, there are ways you can save yourself tens of thousands of dollars. You can call, text, (507.696.7510) or even check out my process by clicking here.

The big three that lenders are looking at are Consistent Income, Credit Worthiness, and your Debt-To-Income ratio, you may have heard of this referred to as DTI.

Those are the basic building blocks for what the bank will be considering when offering a Pre-Approval and the best type of financing for your unique situation.

That being said, there are several types of financing and often there are variations within each of them. Sometimes there are supplemental loans or down payment assistance. Other times there are guidelines for what homes will qualify. The point it it is important to know the terms of the financing you utilizing, how they pair up in negotiations, and the overall process and timeline for that financing type.

This is such an important step in maximizing authority I’ve created several videos on the pros and cons of each. To get a more thorough understanding I’m happy to give my thorough overview. You can either fill out the form below or reach out directly via call or text 507.696.7510.

From there the next focus is in negotiations. That’s my specialty, with over ten years of experience in the field of negotiations and being awarded the Real Estate Negotiation Expert (RENE) and Certified Negotiation Expert (CNE) credentials.

Theres a lot that goes into this and each situation or home purchase is unique and sometimes there are some creative ways to approach coming together on an agreement.

Sometimes we may be able to get some concessions from the seller to help with financing or keeping the out-of-pocket expenses down. There have been situations in the Rochester Area where I’ve had clients pay nothing out-of-pocket at closing.

Then there are  property taxes. Your Pre-Approval is based upon an estimate of your taxes and one of the first questions a lender will ask when we find something you love is “What are the property taxes?”

Another good thing to pay attention to here is if there are any pending special assessments which I’ve seen ranged as low as $27 and as high as $11,000.

Insurances: Both homeowners insurance and mortgage insurance if you have it. Homeowners insurance you can check relatively quickly but you’ll always want to watch for abnormalities such a water damage or if it requires flood insurance which could cost hundreds of dollars a month on your mortgage.

If you’re loan requires mortgage insurance you can shop around so long as they meet your lenders basic qualifications. Many lenders will show you the best options out there but it’s best to know what variations to look for.

Additional Costs: Any association dues? How often? In most cases these are townhomes or condos but there are many single-family homes in Rochester that have them too.

Does the property have shared wells or a septic? Where are the located and what are the costs and expectations?

These are just some of the numbers involved that get packaged into your “Out-Of-Pocket Expenses” and “Monthly Payment”, to get a more thorough overview lets find time to connect. Call/Text 507.696.7510 or fill out the application below.

You deserve everything wonderful in life! Thank you for taking the time to read this!

Video Transcription:

The way I see it, you have two options, either you’re checking into all financial areas of the transaction or you don’t like money.

This is Alex Mayer with Counselor Realty and, over the course of my career, there have been numerous times where I’ve seen people beat the seller up on a price only to turn around and overpay on their mortgage.

Look, I know it’s easy to focus on the sticker price of a home, but there have been situations where I’ve had clients have the same or less monthly payment on a $300,000 home as on a $200,000 home.

The reality is there are multiple areas of a transaction that could cost tens of thousands of dollars over the course of home ownership. But imagine, for a moment, that you could optimize all areas of the transaction.

With me, you’ll have access to an established network of professionals, in all areas of the transaction. If they wanna continue working with me, they’re going to make this an amazing deal for you as well.

This is Alex Mayer with Counselor Realty, buy and sell strategically.