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.

For example your credit card limit may be $1000, so try to keep your balance under $150.00.

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.

You may be thinking “Do I really need a Realtor? I can find a home online and call the # myself, see it, and write an offer”. In most cases it is not that simple!

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…

• Where to start
• Tips on building your credit to qualify
• Getting Pre-approved and Starting your home search

Click here to sign up today!

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If your looking for a Realtor or Lender, complete the form below. You will receive a call within 24 hours.

Best Wishes,
Knifie