how to buy a home in naperville and the rest of dupage county

How to Buy a Homein Naperville andthe Rest of DuPageCounty

www.NapervilleHomesAndLifestyle.com

One of the most important decisions you can make is to buy a home.


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.


What are the necessary preparations to buying a home?


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.


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.


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.


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.


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.


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.


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.


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.


The preparations you make before you actually buy a home lays the groundwork making

the actual buying process smooth and easy-flowing.


Call me today!

Ryan Hill Realty

1288 Rickert Dr. Suite 300

Naperville, IL 60540


(630) 718-0424Teresa Ryan

Managing Broker/Owner, Ryan Hill Realty

how to buy a home in naperville and the rest of dupage county

Real Estate