Minnesota Attorney General's Office
1400 Bremer Tower
445 Minnesota Street
St. Paul, MN 55101
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Home Buyer's Handbook
Buying a home can be one of the most rewarding experiences of a lifetime — and one of the most stressful. After all, a home mortgage loan is the largest contract most of us will ever sign. Add to that the unfamiliar terminology and the endless stacks of legal documents, and it’s not surprising that many people are confused by the whole experience.
But buying a home doesn’t need to be a headache. In fact, with a little preparation and the right attitude, it can even be fun.
Can You Afford a House?
Loan Qualification Worksheet
Monthly Payment Tables
How Will You Ever Come Up with a Down Payment?
What Do Lenders Want from You?
What Is Underwriting?
What Do You Want in a House?
Make Your Home Environmentally Friendly
Needs and Wants Checklist
How Do I Find an Agent?
Discrimination and Fair Lending
Multiple Listing Service (“MLS”)
For Sale by Owner Publications
Shopping the Classifieds
The Home Inspection
Making an Offer
Understanding the Purchase Agreement
Where Do You Find a Lender?
What Type of Loan Is Ideal for You?
Resources for Low-Income Buyers
Will You Need Mortgage Insurance?
BEWARE OF ABUSIVE AND PREDATORY LENDING
LOOK OUT FOR PREPAYMENT PENALTIES
How Can You Get the Lowest Loan Rate Possible?
Closing Cost Comparison Worksheet
The Property Appraisal
Understanding Your Loan Payment
What Insurance Do You Need to Buy?
Equal Credit Opportunity Act
Real Estate Settlement Procedures Act (“RESPA”)
Fair Credit Reporting Act
APPENDIX A: Real Estate Agency Disclosures
APPENDIX B: Inspection Checklist
APPENDIX C: Sample Purchase Agreement
APPENDIX D: Sample Buyer's Contingency
APPENDIX E: Explanation of Closing Costs
APPENDIX F: Good Faith Estimate
APPENDIX G: HUD-1 Settlement Statement