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How to Buy a Home in Naperville and the Rest of DuPage County

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Buying a home is a major financial decision. If you intend to buy a home this year, you need to be well-prepared. A little groundwork can make the home buying process smooth and satisfying.

Read more: http://napervillehomesandlifestyle.com/how-to-buy-a-home-in-naperville-and-the-rest-of-dupage-county/

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How to Buy a Home in Naperville and the Rest of DuPage County

  1. 1. How to Buy a Home in Naperville and the Rest of DuPage County www.NapervilleHomesAndLifestyle.com
  2. 2. One of the most important decisions you can make is to buy a home.  www.NapervilleHomesAndLifestyle.com
  3. 3. Before you commit to the process of buying a home, you should know that home prices are rising. But don’t be disheartened. The good news is that even if the mortgage rate rises up to 5% from its present 4.32%, it will still be low compared to the market rate during the last market crisis in 2008 where rates soared to 6%. And if your heart is really set on getting your own home this year, there are ways to offset the higher borrowing cost. www.NapervilleHomesAndLifestyle.com
  4. 4. What are the necessary preparations to buying a home? www.NapervilleHomesAndLifestyle.com
  5. 5. 1. Get qualified for a home mortgage loan.  When you have decide to buy a home,  you want to know how much you can afford. This information is crucial because it sets the terms of your budget, which plays a big role in choosing the type of home you want, and where you will be able to buy it. www.NapervilleHomesAndLifestyle.com
  6. 6. 2. Find out how much home you are qualified to buy.  Your buying power is influenced by several factors from your end and the market’s end. On your part, your debt-to-income ratio, along with the front-end ratio, back-end ratio, credit history and lifestyle will be assessed. www.NapervilleHomesAndLifestyle.com
  7. 7. 3. Don’t switch jobs right before your buy. Getting an approved mortgage does not mean things are already settled and you can switch jobs. Remember that lenders will re-evaluate your credit just before the settlement date and will also check will if the place of employment is still the same.   www.NapervilleHomesAndLifestyle.com
  8. 8. 4. Don’t apply for credit.  When you get an approval for your house loan, do not apply for any type of credit. Doing so can lower your credit score and affect your rate lock and fees in closing on the home. It can also reduce your income to debt ratios which cause you to suddenly be unqualified for your loan. www.NapervilleHomesAndLifestyle.com
  9. 9. 5. Don’t buy a new car! Like applying for any credit, buying a new car should be placed on hold until you are already in the process of moving in. Why? Because a car is a debt and it is part of the items inside debt-to-income ratio  that will be checked. www.NapervilleHomesAndLifestyle.com
  10. 10. 6. Pay your bills on time.  Your credit score reflects all the on-time payments  you have made which usually increases your credit score.  It gives a more favorable picture of your capacity to earn and pay. www.NapervilleHomesAndLifestyle.com
  11. 11. 7. Choose the right agent to guide you. If you are preparing to buy a home, you need a good and efficient real estate agent to help you make the right home choice and to safeguard your interest. www.NapervilleHomesAndLifestyle.com
  12. 12. 8. Save money for your down payment. When you have some savings, you borrow less, which means smaller payments. Also, do you know that many banks do not give a mortgage until you have at least 20% of the amount you would like to loan? Saving money gives you a better chance of securing that home mortgage. www.NapervilleHomesAndLifestyle.com
  13. 13. The preparations you make before you actually buy  a home lays the  groundwork   making the actual buying process smooth and easy-flowing. www.NapervilleHomesAndLifestyle.com
  14. 14. Call me today! Ryan Hill Realty 1288 Rickert Dr. Suite 300 Naperville, IL 60540 www.NapervilleHomesAndLifestyle.com (630) 718-0424 Teresa Ryan Managing Broker/Owner, Ryan Hill Realty