Purchasing that first home can be intimidating for some buyers. Researching the basics of a mortgage, dealing with real estate agents and filtering through the input of friends, relatives and even co-workers can seem a bit much. Here are the most important things Illinois first time home buyers should be aware of when looking at their purchase.
Programs Are Available to Reduce the Necessary Down Payment
Several programs are available to assist buyers with the purchase of their first home. The VA mortgage, FHA mortgage and USDA home loan are all geared to reduce or eliminate the need for a large down payment.
Pre-Approval Makes Negotiations Easier
Getting a pre-approval letter from an Illinois Mortgage lender will
allow you to contract with a real estate agent and put an offer on a home. Without this letter your offer may get
rejected by a seller.
Owning a Home Takes
More than a Monthly Payment
Owning an Illinois home is akin to owning a vehicle. The monthly payment is just the start of your
expenditures. There are several things
that will need maintenance such as the roof, air conditioning/heating system
and floors. Other items will need repair
work from time to time such as lights, fans and all sorts of plumbing.
A Home’s Value Can be
Improved By Good Schools
It is usually a wise move to purchase a home in a strong
school district even if the buyers don’t have children. The home can be kept and appreciate value or
the home can be sold in a few years and will likely attract top dollar.
Choice of Location
The location of the home will affect you in multiple
ways. Where do you work? Where do you like to go for hobbies or
entertainment? If you have children,
will you need a babysitter or daycare?
How close are the nearest grocery stores, gas stations and
hospitals? All of these items will come
up sooner or later. It can be a major
hassle to buy groceries if the closest store is 20 miles away or going to the
hospital for a few stitches requires filling up for gas first because of the
For additional information, visit our Illinois first time home buyer page of our website. If you have questions or want to see if you qualify, contact me below or apply online!
Toll Free: (877) 240-5810
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Licensed in Wisconsin, Minnesota and Illinois - David Leonard NMLS ID #248526