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IN THE MARKET TO BUY A HOME?

If you’re in the market to buy, whether you’re a first-time buyer or an experienced one, your designated agent can help find your dream home, and explain the nuances of the process. Our highly knowledgeable agents have access to resources that make the process as painless as possible.

Getting Ready To Buy

Purchasing a property is probably one of the biggest financial decisions you will ever make. Regardless of whether you are a first time home buyer or experienced investor, you must make careful decisions throughout the buying process. Below are some things to consider before you buy.

Why Are You Buying?

Are you tired of paying expensive rent or simply outgrown your current home? Are you looking for an investment property? Having a clear sense of your “why” behind a new purchase will help you evaluate the right factors and choose the best property.

Are You Ready to Invest?

Property ownership has been one of the top strategies for building wealth - and still is! Whether it’s your first home and you’re building your first asset, or looking for a rental property, it’s a great time to invest. Property investments are also some of the most stable assets to build and don’t carry the risk like other forms of investment, such as stocks or collectibles.

When you are ready to get started, call us at 847-223-0505 or complete this short form and one of our agents will be in touch.

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Other Things To Consider

HELPFUL INFORMATION TO PREPARE FOR BUYING A HOME

  1. The first step is to set a budget and begin saving for a down payment on your new home. Add up all of your monthly expenses and subtract them from your monthly net income (the amount you take home after taxes). This number is the absolute most you’ll want to have as a monthly mortgage payment, and it’s always best to leave yourself some wiggle room for emergencies.
  2. Next, you’ll want to make sure your credit score is the best it can be. Check your reports for errors and inaccuracies, and work on paying down debts to build your score up. When you apply for a loan, your credit score will influence what you’re eligible for. You should also research the best type of loan for your situation – FHA, Conventional, ARM, Fixed-rate… there are quite a few choices and knowing your options now can help you avoid problems later. Once your credit score is up to par and you’ve thoroughly researched loan types, you can visit a lender to get pre-approved! Check with them on what documents to bring, and you can even begin the process online.
  3. After you receive your pre-approval letter, you’ll be ready to find a REALTOR. Using a Real Estate Agent can help with many things including ensuring you understand what you need to know about the home buying process. A REALTOR can help you search for the best home for your needs and wants and has access to many different platforms. They will also help when you decide to make an offer to compare your offer with other sales and the current market value, to be sure it’s reasonable.
  4. Your REALTOR will help you negotiate and work through the steps after your offer has been accepted. Likely, your lender will want to have the home appraised, you’ll need to schedule a home inspection, and ensure all documents and other items are in order to schedule and attend closing!

Other things to consider...

Get Your Financials in Order

Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability. Large purchases or loans can affect your credit and balance sheet in a way that can limit your buying options. Your credit score will hold a significant impact on the type of property you can buy, your interest rate and overall property price. We can work with one of our preferred lenders to get an updated credit to know exactly where it stands. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and TransUnion. We are happy to recommend seasoned, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.

Organize Your Finances

When it’s time to make an offer, you’ll want to know you’re fully prepared to close the deal. In order to avoid delays, bidding wars, or conflicts, preparing your finances is crucial.

  • Bank accounts
  • Recent pay stubs
  • Check Your Credit Rating
  • Financial statements
  • Investments
  • Tax returns for two years
  • Credit cards
  • Auto and other loans
  • Copies of leases for investment properties
  • 401K statements, life insurance, stocks, bonds, and mutual account information

Pre-qualifying for a loan will help you with the following:

  • Finding the ideal price range you can afford
  • Determining what your monthly payment will be
  • Understanding the different loans you qualify for
  • Estimating the down payment and closing costs

TIPS FOR BUYING

  • Don’t Max Out Your Budget
  • Just because you’ve been approved for a max amount, doesn't mean you should spend it all on the home's sale price. You will want to set some of that aside for closing costs, taxes and potential home repairs or remodeling.
  • Get to Know the Area
  • Make sure the neighborhood works for you and your family - are you close to schools and is shopping conveniently located?
  • Don’t Skip the Home Inspection
  • Inspections are worth their weight in gold and will draw attention to problems you may not otherwise see, giving you peace of mind and letting you make more informed decisions about your purchase.
  • Get Pre-Approved

Getting pre-approved by a lender lets the seller know you are serious and ready to purchase a home and that you are not just window shopping.

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