This finance professional prequalifies you for the mortgage. He/she reviews your income and ability to afford a home, credit history, and the subject property to insure the loan meets current guidelines. He/she can discuss the financial advantages of home ownership vs renting. May be helpful in helping you create a budget, discuss down payment options, reviewing mortgage guidelines and programs if you ask. Be sure to check for an NMLS certification indicating that the individual has been reviewed by the State of MN for licensing.
Insures ownership of the property is legally transferred and without defect. This person reviews any liens that may be on the property, delivers documents to the county to record ownership and the mortgage (if applicable) and administers the closing of the purchase and mortgage.
A Realtor helps you in locating and negotiating the purchase of your new home. He/she is essential in not only locating the right home for you, but creating strategies in the offer process, getting the most for your money, and coordinating the transaction on your behalf. It is important to work with a Realtor that comes with a recommendation and is reputable.
Property Insurance Agent
The Insurance Agent provides protection of your home and belongings for your family. The Agent will review the property appraisal, discuss with you the personal belongings that need to be insured and comprise a policy that covers you where you need it. A great Agent will review the entire policy with you, let you know what is not covered and will provide options for additional insurance. Property insurance is not only required when you have a mortgage, but is essential for the security of your home and your financial stability.
A property appraiser determines the value of the property for lending purposes and helps to insure that you are paying a fair price. The appraised value represents the local market by reviewing similar properties that have sold recently. The appraisal process today is an anonymous one, meaning the appraiser is independent and has no influence from the Realtor or Mortgage Specialist, insuring that you are getting a truly independent estimate of market value.
It is a great idea to have the home inspected within the allowed time on the purchase agreement, typically 10 days from the date on the agreement. An inspection determines the condition of the plumbing, heating, cooling and electrical systems and the structural integrity of the property. They are licensed and trained to look for defects and point them out to you, the buyer, to insure that the property you are buying is of good condition.
Bloomington is in Hennepin County, who is responsible for administering property taxes. In order to reduce the tax on your home, you will need to homestead your property with the Assessor. You can do this, along with access other valuable services, at the Bloomington Assessors Office at 1800 W. Old Shakopee Road.
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