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First Time Home Buyers


 Chicago First Time Home Buyers

chicago real estate  Many renters are starting to think about purchasing a home of their own. Several factors should be considered when purchasing a home, and it is my duty to take the time to go through each and every step of the buying process:
How long you plan to live in the home: If you purchase a home and get a job transfer or decide to move after only a short time, you may end up paying money in order to sell it. The value of your home may not have appreciated enough to cover the costs that you paid to buy the home and the costs that it would take you to sell your home. The length of time that it will take to cover those costs depends on various economic factors in the area of the home. Most parts of the country have an average of 5% appreciation per year. In this case, you should plan to stay in your home at least 3-4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.


Your financial health - your credit and home affordability: Is now the right time financially for you to buy a home? Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, a couple of blemishes on a credit report will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, lenders like Quicken Loans may still provide you with a loan, but you may just have to pay a higher interest rate and fees. Some say that you should refrain from borrowing as much as you qualify for because it is wiser not to stretch your financial boundaries. The other school of thought says you should stretch to buy as much home as you can afford, because with regular pay raises and increased earning potential, the big payment today will seem like less of a payment tomorrow. This is a decision only you can make. Are you in a position where you expect to make more money soon? Would you rather be conservative and fairly certain that you can make your payment without stretching financially? Make sure that whatever you do, it's within your comfort zone. To determine how much home you can afford, talk to a lender or go online and use a "home affordability" calculator. Good calculators will give you a range of what you may qualify for. Then call a lender. While some may say that the "28/36" rule applies, in today's home mortgage market, lenders are making loans customized to a particular person's situation. The "28/36" rule means that your monthly housing costs can't exceed 28 percent of your income and your total debt load can't exceed 36 percent of your total monthly income. Depending on your assets, credit history, job potential and other factors, lenders can push the ratios up to 40-60% or higher. While we're not advocating you purchase a home utilizing the higher ratios, its important for you to know your options.

free MLS property search  Free MLS Property Search: 

Complete up-to-the-minute Chicago And Suburbs real estate listings. Why wait for a realtor to tell you when a property hits the market, use our live MLS property finder to search through thousands of chicago and suburbs real estate listings including condos, lofts, townhomes, single family home, multi family home, multi unit building, land and commercial real estate. Some of our property finder features that you will not find anywhere else are: 'Save your search - as many as you would like' | 'Found a house you like? Add it to your Favorites' | 'Keep notes on your Favorites and Saved Searches' | 'Have new listings automatically emailed to you when they hit the market or if the existing listing changes' and much more.



 Relocation To Chicago And Suburbs

Chicago real estate  Experience counts, we have helped many clients who relocated or transfered to Chicago and Suburbs. Our goal is to ensure you have the information, resources and assistance needed to accomplish a successful move.