Buying your new home in Chicago can be an exciting journey. Homes are moving quickly and if you aren't prepared you may end up walking into your dream home and finding that you are unable to get it. Be prepared before you start spending the time looking at homes so you know exactly what you are getting into.
The first thing you should understand is what a mortgage will cost you. My first suggestion is to use this mortgage calculator to understand what your monthly payment will actually come out to. Additionally, you must consider your debt to equity ratios to understand how much house you can afford.
The next thing you should get is a REALTOR. Getting a real estate agent is essential to the buying process. An agent will help you by providing a valuation for any home you're interested in, walking you through the buying process, assisting in negotiation and helping you with closing. You can call me at (312)539-9194 or email me at email@example.com if you have questions!
The final prep work to do is to get a pre-approval letter from a finance company. The mortgage broker you work with is going to be a long term partner, so make sure you and your broker get along. There are many great finance companies in Chicago and, while there are small variations in the product they offer, you want to look for great customer service and a track record of success. If you have no idea where to start, contact your REALTOR and he or she can help you with some recommendations. However you find your mortgage broker, the key is to make sure that you have a pre-qualification letter before you seriously start looking.
If you take these three simple steps before you go out to look at houses, you will be in great shape. Buying your new Chicago home is something to be proud of. Set yourself up for success being ready to make an offer when the time comes!
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