The home buying process has never been easy although with the onset of the internet many things have beome easier. Searchng for the right home, in the right location at the right price to fit your particular needs can seem daunting at first.
Especially if it's your 1st home. Where do you begin? How much can I afford? Where should I look? Who do I trust? These and many other questions, pop up once you make up your mind that you are no longer happy renting and want to have your own place.
Whether your "own place" is a 1 bedroom condo in Oswego, IL, on Lake Shore Drive in Chicago, or a 3 bedroom, 2.5 bath with a 2 car garage and a full basement in Naperville, the process is basically the same.
1. Get Pre-Approved! - Find a mortgage professional that you are comfortable with and get your financial home in order. With today's tigher lending standards its more important than ever that you find a trusted mortgage professional. Someone that has been in the business a while - has been through the roller coaster ride before the housing crash and has come out stronger and with more experience than before.
You will need to gather some basic information together such as your latest bank statement, pay check stubs, a list of who you owe and what you owe them. Looking without a pre-approval can only lead to disappointment if you fall in love with a home that you can not get the mortgage for. That is if you can find an agent that will be willing to take you as a client without a pre-approval.
2. Find A Realtor(r) that you are comfortable with - We all have different personalities and finding an agent that fits are style and we can work with is a plus. A good agent will ask you the right questions to get you to think about what your needs vs your wants are. The more information they can gather regarding your lifestyle, work locations, and dreams home the easier the job to fulfilling your list will be. You may dream about a home with a white picket fence and a large yard but if you have no desire or time to do yardwork and paitinging that picket fence is the last thing you want to do on a Saturday morning than perhaps a loft near the train station may be a better lifestyle fit when you are in your 20's and still single. Sometimes we have to get our dreams in line with our actual reality.
3. Home Found, Now What? - So you found your dream home...put an offer together with your agents help, submit to the seller, negotiate on price - seller accepts - earnest money is submitted along with a signed contract by all parties and your on your way! Well, almost...you have to get that mortgage unless you happen to have saved a lot of money or your parents have decided to give you your inheritance in a lump sum.
With signed contract in hand you go through the mortgage application process where your mortgage officer wiill take over after you have provided every financial peice of paper they request including your blood type and future rights to your first born child! Yes, the process of obtaining a loan has become a bit more exacting but its all for the greater good. You don't want to be in a home that you can't afford and are struggling to pay. So follow your mortgage professionals adivice, review my 10 Commandments once you apply for a mortgage and the 3rd stage will be a breeze.
4. Closing - The day you have been waiting for is here! Your loan has been approved and a "Clear to Close" has been issued. Your attorney has spoken with the seller's attorney and a mutually convenient time and place have been choosen. You show up, sign a vast selection of papers and the seller's agent hands over the keys to your new home!
Like one of my buyers below you too can have a happy smile knowing that you have made the right decision and have bought your 1st home! Don't wait any longer! Rates can't stay low for ever! Selections are great but homes are selling faster and inventory is starting to stabilize in the Chicagoland area!
Become one of my satisfied buyers this year! Call me now at 630-251-0059 and let's get it started!
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