Mortgage costs depend on loan terms, rates, insurance, fees and the borrower's circumstances.

Loan term

Shorter amortization generally increases monthly principal-and-interest while reducing total interest, all else equal.

Rate type

Fixed rates offer consistent contract interest; adjustable rates can change subject to contract limits, potentially increasing payments.

Down payment and …

Buyers who need help bridging the gap between savings and purchase costs should evaluate current programs and financing terms carefully. Not every strategy suits every borrower.

1. Research current assistance programs

Check Minnesota Housing and participating lenders for down-payment and closing-cost assistance. Eligibility, available funding and repayment terms vary.

2. …

10 Things a Lender Needs From You

1.      W-2 forms or business tax return forms if you’re self-employed for the last two or three years for every person signing the loan.

2.      Copies of one or more months of pay stubs from …

10 Questions to Ask Your Lender

Be sure you find a loan that fits your needs with these comprehensive questions.

1.      What are the most popular mortgage loans you offer?

2.      Which type of mortgage plan do you think …

10 Questions to Ask Your Condo Board

Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive—and organized—its members are.

1.      What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the …

Check your home warranty policy to see which of the following items are covered. Also check to see if the policy covers the full replacement cost of an item.

• Plumbing
• Electrical Systems
• Water Heater
• Furnace
• Heating Ducts
• Water Pump
• Dishwasher
…

What Your Home Inspection Should Cover

• Siding: Look for dents or buckling
• Foundations: Look for cracks or water seepage
• Exterior Brick: Look for cracked bricks or mortar pulling away from bricks
• Insulation: Look for condition, adequate rating for climate
• Doors and Windows: …

5 Property Tax Questions You Need to Ask

1. What is the assessed value of the property? Note that assessed value is generally less than market value. Ask to see a recent copy of the seller’s tax bill to help you determine this information.

Use these ten questions to select an inspector and understand what the inspection will and will not cover.

Qualifications

1. What training and professional credentials do you hold? 2. How much experience do you have with comparable properties? 3. Are you insured for your inspection work?

Scope and reporting

4. …

Hidden Home Defects to Watch For

No home is flawless, but certain physical problems can be expensive. Watch for:

1. Water leaks. Look for stains on ceilings and near the baseboards, especially in basements or attics.
   
   
2. Shifting foundations. Look for large …