Buying or Renting in Minnesota Choosing between renting or buying a home can be overwhelming. There are a few factors to consider to help you make your decision before buying or renting a home in Minnesota. What can you afford to pay? Most experts say you can afford a home that costs 2 ½ times your annual income. Income is all of the money you have coming in including salary, social security benefits, alimony, public assistance, etc. People sometimes underestimate the cost of a home the cost of the monthly payments, maintenance expenses, utilities, property taxes and insurance. Consider all of your monthly obligations including groceries, entertainment, medical bills, etc Have You Saved Up Money for a Down Payment? Do You Have Enough to Cover Closing Costs? Mortgage Lenders can prequalify you for a mortgage loan which will help you figure out how much you can afford. Prequalifying isn’t an approval, rather it is an evaluation of your credit worthiness and what amount you qualify fo
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