Buying a new home in Schaumburg? Thinking it's time? Here's 10 Steps to Prepare for Schaumburg Home Ownership!
- Find an experienced REALTOR®, (like me) who can help you through the process.
- Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
- Develop a wish list of what you would like your home to have. Then, prioritize the features on your list. Select three to four neighborhoods in which you would like to live.
- Consider items such as schools, recreational facilities, area expansion plans and safety. How long will it take to drive to work each day?
- Determine if you have savings sufficient to cover your down payment and closing costs. Closing costs, including taxes, attorney's fees and transfer fees average between two and seven percent of the purchase price.
- Get your credit in order. Obtain a copy of your credit report. Read through Lyn's article on how to 'Improve your Credit'.
- Determine how large a mortgage for which you qualify. Also, explore different loan options and decide what is best for you. Get pre-qualified and pre-approved BEFORE you start your home search.
- Organize all the documentation a lender will need to pre-approve you for a loan. This includes past income tax returns, recent pay stubs, etc. Lyn's article on lender paperwork.
- Do research to determine if you qualify for any special mortgage or down payment assistance programs.
- Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable. Lyn provides a 'Budget Worksheet' to get your finances in order BEFORE you start your home search!
Buyers Agents do what?