Are you considering buying a new home but need help with your down payment? Let’s talk today about the Downpayment Plus program. Contact Linda Winge or complete the form below.
Monthly Archives: March 2014
Do you have any Real Estate Questions? I can help!
What’s Your Real Estate Question? http://www.HomeBuyerProcess.com
Taking It Step By Step!
The Stages of the Home Buying Process.
Are you thinking of buying your very first home this year? Are you wondering, “Where do I start?”
Well the first step is – Getting Your Finances in Order! This is usually the step that worry’s most people. You wonder ” Do I have the money to buy a home”? To pay a monthly mortgage or even the down payment.
So let’s take this step by step!
Can you buy a home based on the credit score that you currently have? So check your credit to see what your current score is. Many lenders today require a credit score of 620 to qualify as a first time home buyer. Make sure your credit cards are not maxed out. Try to keep the amount due as low as possible, I recommend under 15% of your credit limit.
The next step is to make sure you have the down payment normally 3% for first time Home Buyers, could be a little less depending on the program your lender will connect you with. It also may be a little higher depending on fees. So I always recommend to save a little more for your down payment to be safe.
Next choose your Realtor and your Lender. You may already have a few people in mind but if you don’t contact me preferably 🙂 Just Kidding, contact a Realtor that you are comfortable working with.
As you begin searching online you may find that many of the homes that you are calling for currently have contracts pending. This is because many websites are not directly connected to the the MLS (The system used by agents) so they may take 5 or more days to show the updates after they are entered in the MLS . This can become frustrating also as you drive around to look at homes to find out they are no longer available.
You may also find the home that you love but you must write the contract without guidance! So why not call a Realtor who can provide you with active properties and writing of the offer for you! Also remember as a buyer there is No Cost To You!
So, get recommendations from friends, family, or co-workers. You can also contact me, I am a Realtor licensed in IL. for over 12 years, if you are out of my local area or even out of state I can refer you to a great Realtor in your area. You can connect with a lender at your bank or I can connect you with a few recommended lenders.
I hope this blog helps you get going in the right direction. I’ve also written a 3 part series. ” Home Buyers Education Mini Guide”
In this guide you will learn…
Click here to sign up today!
If your looking for a Realtor or Lender, complete the form below. You will receive a call within 24 hours.
Is it Time?
I had to ask myself, “Is it the right time for me to buy a home? I had to decide if I was going to rent again or buy?
I really wanted to be a homeowner but I didn’t want the expenses that come with it. So I pushed homeownership thoughts to the side for just a moment and began searching for rental prices in the Western suburbs of Chicago. I began my search online and noticed that prices were a LITTLE HIGH!
So I thought “well I really miss my old apartment in Westmont, I will call for pricing”. $1300.00 was the price that I received for the same apartment that I previously rented for under $800.00. So I knew then that renting was not right for me.
Now there are so many other things to take into consideration before buying;
- Do you have savings just in case a repair is needed? You are the Landlord now! You can’t call for repairs anymore.
- Location, Location, Location. Choose a home in an area that you love and that is not too far from work or the transportation that you will take to work – trains or buses. If you live in Chicago or a city that is just as cold or snowy, we know that winters can be brutal and this winter has been the worst. So I would suggest taking location into consideration.
- Is it priced right for you? We are excited when we receive that pre-approval amount from the lender. But just because the lender approved you for such a great amount does not mean you should use it all. Think about things that you normally do or purchase. Of course the lender isn’t going to take lifestyle into consideration. Do you normally travel or eat at restaurants often or shop a lot! These are things that can be cut back when you purchase a home but I wouldn’t suggest totally cutting them out because you will be miserable , especially if its something that you love to do. You don’t want to look at your home and think, “l have my home but now I can’t do the things I love!”
So is it the right time? After reading this blog post you may have even more questions running through your head. But guess what? There are always going to be questions throughout the process.
So if you have any questions or if you would like to find out how much you qualify for complete the form below and you will receive a call within 24 hours. This will help you prepare and save before going through the pre-approval process.