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/

1. How to Buy a Home
in Naperville and
the Rest of DuPage
County
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2. One of the most
important
decisions you
can make is to
buy a home.
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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.
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4. What are the
necessary
preparations to
buying a home?
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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13. The preparations you make
before you actually buy a home
lays the groundwork making
the actual buying process
smooth and easy-flowing.
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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