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Eagan financial planners assist their clients with a variety of financial services from saving for retirement or sending the kids to college, planning for taxes or an estate and saving for a home. Buying your first home in Eagan, MN can be complicated and scary but enlisting the help of an Eagan financial planner will help you ride out the process smoothly. With a little help, you'll be on track to purchase that first home in no time.

Buying for Your First Home in Eagan, MN

Buying a home, particularly your first, in Eagan can be a time rife with questions and headaches. It is a major purchase and a mortgage is typically a home owner's largest monthly expense. It can seem overwhelming to think about coming up with a down payment.

Eagan financial planners can help their Minnesota financial planning clients break down the process of saving for a down payment into manageable steps by assessing your income, debt and credit score and coming up with ways to improve them. A down payment is typically about 10 percent of the home's purchase price which means on a $250,000 house, you are making a one time payment of $25,000. Thats probably the most money many people have ever spent at one time on anything.

No one, least of all Eagan financial planners, expect first time home buyers to buy their first home outright. Thats where mortgages come into play. A mortgage is a loan in amounts typically 80, 90 or 95 percent of the home's purchase price that can be repaid over the course of 15 to 30 years. A mortgage of 15 years will have larger monthly payments but will often come with a lower interest rate.

With many options for mortgages; ARM, fixed rate, VA, FHA and interest only, it can be enough to make your head spin. Your Eagan financial planner can help you to make sense of your mortgage options. Home based financial planners may even be able to refer you to a mortgage lender in Eagan, Minnesota.

Securing a mortgage for your home should fairly simple if you have a steady job history, money saved for the down payment and a good credit score. Since a mortgage is a large loan, repayment of your mortgage on time will help your credit score. Your Eagan financial planner can help explain the benefits of holding and repaying a mortgage.

Saving for Your First Home in Eagan, MN

If you don't have a down payment together or have a less than stellar credit score, fear not. Your Eagan financial planner can advise you on building your credit score and bulking up your savings. Getting your credit score up is the first step toward purchasing your first home and is easier to do than many people may think. It requires a commitment but is totally doable.

Your credit score is essentially an indication of your ability to repay debts. As a mortgage is a loan of a large amount, banks like to make sure that you will repay them. Your credit score is made up of your payment history, the amounts you currently owe, the length that you have had credit, any new credit accounts and applications and the types of open lines of credits in your name. Fiscal planners can help make sense of this further.

To improve your credit score, make your monthly payments on time and pay down your balances. Don't open any new lines of credit or apply for any new credit lines. Your Eagan financial planner can review your credit report with you and help to develop a financial strategy for raising your score.

Financial planners can also help you to evaluate your current debts and income and strategize how much to save each month to come up with your down payment. It is difficult to come up with and stick to a financial plan that make broad changes all at once. Planners can help you come up with an attainable savings plan.

A down payment and a mortgage are not the only financial aspects of the home buying process. Planners can also enlighten their clients as to the extra costs associated with home buyer, such as attorneys fees, appraisal, title and mortgage insurance or a loan origination fee. While these costs aren't exactly hidden, you may not think about them until its too late. Planners will inform you of these fees and build them into your savings plan.

Now that you are armed with the information needed to buy your first home in Eagan, Minnesota, you're on your way to making this major purchase with the help of Eagan financial planners. After securing your mortgage and down payment, you'll be read to go pick out your first home. All thats left is moving in and decorating.

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Financial Planners in Eagan

John Severy-Hoven, CFP, MBA
John Severy-Hoven, CFP, MBA
1595 Selby Avenue
Suite 213
Saint Paul, MN 55104

Jim Reynolds
Jim Reynolds
45 South 7th Street
Suite 2000
Minneapolis, MN 55402

Joe Schwarz
Joe Schwarz
50 South Sixth Street
#1405
Minneapolis, MN 55402

Jonathan Pyne
Jonathan Pyne
708 North 1st Street
Suite 342
Minneapolis, MN 55401

Alex Reader
Alex Reader
1960 Donegal Drive Suite 40
Woodbury, MN 55125

Wealth Enhancement Group
Wealth Enhancement Group
505 North Highway 169
Suite 900
Plymouth, MN 55441

Nate Pribyl
Nate Pribyl
9483 Garland Lane
Maple Grove, MN 55311

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