Auto news on Youtube Jul 1 2018

how to get a first time home in Minnesota in 2018 okay so we are going

to do a video series here about how to get a home in a first-time home in

Minnesota in 2018 I am Dale Frisch with the Woodbury real

estate group this year has been awful interesting 2017 was tough too for

first-time homebuyers there is not a lot of inventory out there roughly there's

were about under 200,000 there's a rolling meaning there's about a thousand

homes that are not being sold per month and those are you know those are maybe

less cookie-cutter style homes you know different kind of lots different areas

different layouts weird things right so there's basically nine thousand homes

coming on the market every month in eight thousand homes selling right and

we have this rolling thousand inventory for a you know seven-county metro area

that consists of 4.4 million people it has been a tough market for our

first-time homebuyer it has been a great market for a first-time home seller

right so I got two sides of the thing as a first-time home buyer the first

question you have to ask yourself is are you pre-approved right if you have not

got pre-approved and you need to find a lender that you like and that works with

your situation I have found for me the best situation is a lender that

basically can answer all my questions and also works off hours right so I'm

not looking for a banker that only works 9 to 5 or bankers hours right that's not

going to work for the way that we find homes on weekends or nights when we need

an updated pre-approval letter which is the letter that we give to the seller to

show that we're pre-approved updated mortgage amounts because when you're

looking at a house to purchase right you're looking at the purchase price but

you're also looking at what is my monthly payment and your monthly

payments going to be broken down into taxes and insurance so if the taxes

say here in the twin cities $200,000 house or under $200,000 house can

anywhere be between you know as low as fifteen hundred but as high as thirty

five hundred because the tax assessment may have been higher on the house in the

past and it hasn't come down or maybe there's something about it right so

we've got to have the calculations in place for you to know what your payment

amount is going to be because say it's a hundred and seventy five thousand dollar

house we're in a multiple offer situation highest and best is due

tomorrow by 5:00 p.m. right so I've got to write this offer for you and you've

got to know what your payment amounts are going to be because what are you you

know pre-approved for how high is it can you go ten dollars more which may be as

five or ten or fifty dollars more which you know is roughly fifty thousand

dollars or thirty thousand dollars whatever your lender will tell you what

it is right depending on your credit score and your down payment and stuff

like that whether you're picking up the closing costs or whether you're asking

the seller to pay the closing cost right that's all going to affect this payment

amount and that's the calculation we need to know so that we can make an

offer that's going to win you the house and get you the house you want so that's

why I stress so much getting pre-approved I will put links down below

of different lenders that I use and they have been successful using over the past

ten years and getting people houses and stuff like that I'm gonna do we're gonna

put a video over here which is what kind of loans there are and I'm just gonna do

a broad overview of loans because I'm not a lender loans loans types change

typically and then if you're already pre-approved how do you get that hope so

select over here for the other video of if you already been pre-approved and now

you want to go through the process and how do you get started and what you're

looking for okay so pick either one of the videos and we'll see you in the next

one thanks

you