Buying a Home: First Step
Are you thinking of buying a home in the west and northwest suburbs of Chicago, and have no idea as to where to start?
You’re in the perfect place.
Before you start looking at houses, there are some very important things that you need to do and consider.
The above video will help get you started in the right direction.
The First Step
Your first step is determining how much you can afford, so you need to meet with a mortgage lender and get pre-approved for a loan. Now, a pre-approval is different than a pre-qualification. We’ll discuss the differences in greater detail in another video. Just remember that you don’t want to start house shopping prior to getting your pre-approval.
Down Payment
There are things that you have to be aware of, like knowing how much of a down payment you’ll need. Do you know you may be able to purchase a home for as little as 3% down? What about 0% down if you’re an active, retired member of the military reserves or the Coast Guard?
Closing Costs
Your lender will let you know what closing costs will be associated with getting the loan, and how much you may ask the seller to pay towards your closing costs.
Other Things to Consider
Some other things to consider are, well, you need a cosigner.
Can you receive gift money from a family member, or can you use money from your retirement accounts? Will your loan require mortgage insurance? How about flood insurance? Will property taxes or association dues price you out of a particular property, even though they’re in your approved price range?
There are many other items that you need to consider when qualifying for a mortgage as well as purchasing your new home.
So give us a call today, and we’ll refer you to one of our trusted mortgage professionals, and we can get you well on your way to home ownership.
Watch all the videos in the Buyer Insider series here.
Dave Bulava
Keller Williams Premiere Properties
Office: (630) 529-0022
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