Buying a Home
The homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!
Nine steps to buying a home
Step 1: Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure. Email me and I will give you the names of a couple lenders that I trust.
Need help with your downpayment and/or closing costs? Let’s talk about various homebuying programs available in Illinois.
Step 2: Know your rights
I will be happy to explain Fair Housing, Real Estate Settlement Procedures Act, Borrower’s rights, and Predatory lending.
Step 3: Shop for a loan
Save money by doing your homework. Talk to several lenders, compare costs and interest rates, and negotiate to get a better deal. Consider getting pre-approved for a loan. Email me and I will give you the names of a couple lenders that I trust.
Step 4: Learn about homebuying programs
A good lender can explain all the details about various homebuying programs.
Step 5: Shop for a home
Step 6: Make an offer
We will work together to come up with a good offer. If the seller counters our offer, we may need to negotiate until both you and the seller agree to the terms of the sale.
Step 7: Get a home inspection
Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.
Step 8: Shop for homeowners insurance
Lenders require that you have homeowners insurance. Be sure to shop around.
Step 9: Sign papers
You're finally ready to go to the "closing." Your attorney will explain everything to you before you sign.
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