Home Buying in Chicago>Question Details

scarlet198320, Other/Just Looking in Chicago, IL

First time home buyers! Help!

Asked by scarlet198320, Chicago, IL Thu Jun 7, 2012

Where do we start? My credit is excellent and my husbands is fair/good. Should we sign up for a first time home buyer courses? If so which ones does everyone recommend? Is it best to save for a down payment? So many questions! Please help!

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32
OMG, there is so much to tell First Time Home Buyers. Congrats on the adventure you are about to take, and find a trustworthy realtor, probably through a referral, show them your LOYALTY and you will get the best results from them!

here's a blog about first time buyers in general here.. http://blog.house-guy.com/category/buying-a-home-2/
1 vote Thank Flag Link Wed Jun 13, 2012
The best advice is to find a great lender(your realtor should have several names). Ther are so many fantastic programs out there right now. I really am the source of the source-I am very experienced in finding and marketing homes-Lenders/Mortgage Brokers are the professionals that you really must speak to.
1 vote Thank Flag Link Wed Jun 13, 2012
scarlet198320: Congratulations on making this big decision. I know you will be happy that you are starting on the road to homeownership.
To answer your questions regarding first-time home buying education ... Whether it be a formal course offered by a real estate professional or mortgage lender, or your own preparation to enter the home buying transaction and mortgage process, it is extremely helpful and beneficial to educate yourself. Allowing enough time prior to actual pre-qualification or viewing of homes and also to check your credit standing is important as well. I always suggest that anyone hoping to buy (esp. first-timers) allow themselves up to a year to check their credit, improve or repair credit, and place themselves in the best financial scenario possible.
Finding a mortgage lender to assist you in doing this should not be taken lightly. Ask for referrals before making this decision. Talk to real estate professionals you know, or that have been recommended to you. Talk to attorneys, insurance agents, home inspectors ... anyone that has closed a loan recently, for those referrals to a mortgage lender. You typically will start to hear a name or two multiple times from multiple people. That is a lender that you will want to talk to.
Regarding down payment: Options DO exist to buy without a down payment. That said, your options grow with the size of the down payment you have saved. Downpayment is another topic that you will be able to discuss when you speak with your lender.
My best suggestion is to contact me (testimonials and referrals available on my website and many social media sites), or a lender you have been referred to by multiple people. That way you can ask all your questions and start preparing yourself for your future purchase.
On my website you will find a list of financial documents that will be needed when you make loan application. Start gathering these documents now and it will help move your mortgage application and processing along more quickly and smoothly. I hope you find this list helpful moving forward.
I look forward to talking to you soon ... but should you decide to work with another lender, I wish you the best of luck ...
Here's the link to my document list: http://www.genemundt.com/Required-Documents.html

Gene
Web Reference: http://www.genemundt.com
0 votes Thank Flag Link Sun Jun 17, 2012
Here's a thought. Banks like Wells Fargo, B of A, Chase, etc have their own money to lend using their corporate rates and minimums. Brokers like Weichert Financial Services, have all the banks and then other sources of money including their own. Shop around yes, but consider using one broker with many loan programs rather one bank with just its own programs.
0 votes Thank Flag Link Thu Jun 14, 2012
Hello and Congratulations on starting the process of home ownership!

Find a real estate agent in your area who can help you throughout the entire home buying process. Best of luck.
0 votes Thank Flag Link Wed Jun 13, 2012
One answer....Jennifer Lewandowski. Feel free to contact her.


jennifer.l.lewandowski@wellsfargo.com
Tel: 773-549-5405
Fax: 312-264-5587
Cell: 847-721-1880
0 votes Thank Flag Link Wed Jun 13, 2012
Hello,

Whenever you go "Shopping" for anything, you need to know your budget (finances) BEFORE YOU SHOP.

FINANCES: This is done by going to a Major Lender. (Your trusted Banker). He/she will analyze PROGRAMS (How much down payment you will need) (How much payment will be comfortable for you to make and don't go higher!) (Discuss the costs for the loan) (How much your price range FOR YOU TO SHOP FOR THE PROPERTY) You will get a preapproval from the Lender! You will know how much you need for the downpayment and closing costs AND MAYBE A LITTLE EXTRA. Your lender will advise you about the downpayment and how much. Go for a fixed loan, long term.

SHOPPING FOR A HOME: Find a good BUYER'S AGENT (NOT THE LISTING AGENT AND NOT A NEW AGENT). You will need to PROVIDE (Proof of downpayment and maybe closing costs unless Seller will pay for closing costs) (also provide Loan PreApproval) WHEN MAKING AN OFFER ON THE HOUSE YOU WANT TO BUY.

YOUR AGENT WILL GUIDE YOU: (TITLE COMPANIES SOMETIMES GIVE A "BUYER'S GUIDE"- GET ONE FROM YOUR AGENT. IT WILL HELP YOU SEE THE SALES PROCESS AS YOU GO)

MAKING OFFER: ANALYZE THE COMPARABLE SALES VALUE OF THE PROPERTY B-E-F-O-R-E YOU MAKE AN OFFER. YOUR AGENT WILL HELP YOU KNOW IF THERE ARE ANY OTHER OFFERS (IF MULTIPLE OFFERS PREPARE TO GO HIGHER). CHECK THE PROPERTY HISTORY AND SOLD DATES. TAKE NOTE OF THE CONDITION OF PROPERTY. CHECK WITH SEVERAL NEIGHBORS ABOUT THE AREA. CHOOSE A SAFE NEIGHBORHOOD.

ALSO: DO NOT MAKE ANY MAJOR OR FURNITURE PURCHASES TILL AFTER CLOSE OF TRANSACTION! THIS COULD JEOPHARDIZE YOUR LOAN!

ONCE YOU GET ACCEPTED, YOUR BUYER'S GUIDE WILL COME IN HANDY BUT BE
T-I-M-E-L-Y AND GIVE YOUR AGENT WHAT SHE NEEDS (SIGNED DOCUMENTS) ASAP. TIME IS VERY IMPORTANT.

HOME INSPECTION: VERY IMPORTANT TO CHOSE A GOOD HOME INSPECTER THAT HAS INSURANCE AND CREDENTIALS. YOUR REALTOR SHOULD KNOW A FEW FOR YOU TO CHOOSE FROM.

YOUR BANK LOAN: VERY IMPORTANT TO PROVIDE IMMEDIATELY WHATEVER YOUR LOAN AGENT NEEDS. THIS COULD HOLD UP YOUR LOAN WHEN TIMING IS URGENT WHILE WAITING FOR THE FORMAL LOAN APPROVAL.

ALSO: REMEMBER TO CHECK WITH YOUR TAX ACCOUNTANT OR ATTORNEY IF CERTAIN ISSUES COME UP.. YOU MAY BE ABLE TO DEDUCT CERTAIN COSTS BEING A HOMEOWNER DURING TAX TIME.

THIS IS JUST A LITTLE OUTLINE ABOVE....BUT ONE MORE THING: MY LAST CLIENT WANTED ME TO PRAY WITH HER, FOR THE RIGHT HAPPY HOME, AND SHE IS VERY HAPPY! WE WERE THE CHOSEN BUYERS AND THERE WERE SOOOH MANY OFFERS!

Loryine
0 votes Thank Flag Link Tue Jun 12, 2012
Go to dearmonty.com for information you may find helpful.
Web Reference: http://dearmonty.com
0 votes Thank Flag Link Tue Jun 12, 2012
Scarlet,
Start by contacting a mortgage professional of your choice. Possibly the bank or credit union you may be using at this time. Tell them you want to get pre-approved for a loan. After that is done, contact a real estate agent of your choice to assist you in finding your dream home. You will be ahead of most buyers when you are looking at homes as you will be pre-approved with a loan subject only to the property appraising out for your purchase price. When you talk to your agent be sure to discuss buying short sales, foreclosures or regular owner occupied homes. If you need a home right away, foreclosed or owner occupied homes may be your best bet.

All the best,

Gary Geer

http://www.ggeer.illinoisproperty.com
0 votes Thank Flag Link Mon Jun 11, 2012
So, did you, or are you going to hire one of us to work with you?
0 votes Thank Flag Link Mon Jun 11, 2012
Great start with the Credit information. First thing you should do is find a reputable lender that you feel comfortable with and see what you can afford to buy. the lender will suggest what financing is best for your situation. Then you can find a Realtor who is anxious and willing to find the property that fits your needs. Good Luck
0 votes Thank Flag Link Mon Jun 11, 2012
Congrats on having great credit. You have the right idea about learning about the process. Find yourself an Buyer's agents who would walk you through the process and provide you with material you could look over.

Once you get pre-approved your home search can begin.
0 votes Thank Flag Link Sun Jun 10, 2012
Scarlet,

Congrats on deciding to buy a home of your own!!!

First thing you should do is get pre loan approval. I suggest you get approved by a MAJOR lender.

Once you know for sure how much you qualify for , get yourself a buyer's agent.

Tell your agent your "Wish List" for example: area, size of home, house vs condo, #of bedrooms # of baths, garage ect, and the loan approval amount.

Armed with this info your agent will begin hunting for homes for you. Providing you have a diligent professional agent and lender working together on your behave you will have little to worry about.


Best of Luck to You!

Kawain Payne, Realtor
0 votes Thank Flag Link Sun Jun 10, 2012
Start with a pre approval first. Your agent will help you through the process.
Yes, save for your down payment.
Marcy Norman, Realtor
Prudential Executive Group
Valparaiso, IN
219-241-2918
0 votes Thank Flag Link Sat Jun 9, 2012
Dear Scarlet,

You can sign up for a course, there are also many good books on the subject just to have an idea what is in store.
Once you know what to expect, begin to interview "Buyer Agents". An excellent Buyer agent will help you every step of the way to home ownership.

Best of Luck to you!
0 votes Thank Flag Link Sat Jun 9, 2012
I'll help decipher Bill incredibly cryptic comments: I think what he means to say is, "get pre-approved!" :)

He's right! It's the most important step in the process, and will help set you on the right path for purchasing a home. Once you have your pre-approval, you should do some research and interview a few Realtors to find one you like. The services of a buyers' agent are free to you, but infinitely helpful in your quest for the right property.

Good luck and have fun!
0 votes Thank Flag Link Fri Jun 8, 2012
Get Pre Approved!
Get Pre Approved!!
Get Pre Approved!!!

Before looking for a property - GET PRE APPROVED!!!!

By talking to a lender most of yoru questions will likely be answered.

Should you need any assistance, feel free to contact me.

Bill J Deligiannis
FIrst Centennial Mortgage
b.deligiannis@gofcm.com
630-788-5288
0 votes Thank Flag Link Fri Jun 8, 2012
Hi - I work with a lot of first-time home buyers. Feel free to call/text me 847-845-4555 or email me spinal@jamesonsir.com and I would be more than happy to walk you through the process. It's a great time to be a buyer in this market!

Thanks!
Suzy Pinal
Leasing and Sales Consultant
Jameson Sotheby's International Realty
425 W. North Ave
Chicago, IL 60610
847-845-4555 (cell)
312-612-1136 (fax)
spinal@jamesonsir.com
0 votes Thank Flag Link Thu Jun 7, 2012
A lot of answers here.

I would get a good buyers agent. Its free to you. Have them walk you through the process. Interview two or three agents, and chose the one you mesh best with.
0 votes Thank Flag Link Thu Jun 7, 2012
Hi there,

No first time home buyer courses neccessary...haha. The best thing I can recommend to you and all of my Buyer clients is for us to meet at my office so we can meet in person and can have a conversation with what you guys should expect throughout the home buying process, different tips and tricks to help make the home search easier, for you guys to ask any questions you may have and even for me to give you some good referrals whether it's for a mortgage lender or real estate attorney. You want to be sure to have a great team helping you throughout the process because it not only makes the home buying process a lot less stressful but everything will be super organized and there will be an easy process to everything.

At the end of our meeting we'll chat about what you're looking for, your needs versus wants and we'll set up a search for you on the MLS (a big database where everything for sale in Chicago is listed) and we'll go through some of the listings in order for you to get an idea of what to expect, what to look for and it's also great because I'll be able to get in your heads a bit and see what you really love and even what you really hate!

Let's set up a day/time that works for you and I and then move forward from there! Hope you guys have a good weekend if I don't hear from you.

Jeff Stewart
REALTOR®, @properties
3101 N. Greenview Avenue, Chicago, IL 60657
309-269-3499 CELL | 773-305-0480 FAX
jeffstewart@atproperties.com
0 votes Thank Flag Link Thu Jun 7, 2012
Scarlet,

Feel free to email all of your questions to us. We'd gladly answer them for you. Yes, I recommend having a down payment when you purchase. When you hire a good agent, you get you home buyer education.

Lucid Realty is a full service brokerage, and we also share our commission with our clients.

Check out more at: http://www.lucidrealty.com/services.php.

Whoever you select to assist you, I wish you all the best!

Sari
Managing Broker
sleyv@lucidrealty.com
0 votes Thank Flag Link Thu Jun 7, 2012
As you can see you are very popular. You should speak with a few agents to get a feel for the process. I would first speak with a couple of lenders to get approved so we know what price point you feel comfortable with. My web site has a few references and it also has some information about the buying process you might find interesting. While you can speak with a few lenders at no cost you should only have one of them, if any of them, pull your credit. If you know what your scores are then do not let any of them pull the reports until you pick which one to work with because the more times you pull your score in a short time frame the lower it goes.......slightly, not too much.
Once you pick your lender then you need to let them pull the reports to get approved.
0 votes Thank Flag Link Thu Jun 7, 2012
If you want your questions answered, feel free to contact me. I am both a real estate broker and an attorney. I will have the answers. After that, you can decide if you think it is necessary to hire me. There is no obligation.
0 votes Thank Flag Link Thu Jun 7, 2012
If you're looking in the city, please give me a call and I'll be pleased to answer all your questions. My cell is 773-876-8234. Thank you, Hilary
0 votes Thank Flag Link Thu Jun 7, 2012
if you need a new roof would you freak out.. no you call a roofer, if you need help with a house you call a realtor.. you do not have to know anything..I know most everything and my office has parking out front and restaurants next door so its pretty easy.. email me- come in for your 1.5 hour interview and at the end you will be 100 times further than when you started.. we interview each other to see if we fit.. it's free and i have 20 years and 100 million in real estate sales experience.. problem solved.
0 votes Thank Flag Link Thu Jun 7, 2012
Talk to a Realtor (me ;) ) and mortgage broker. We can answer all your questions anf let you know what to expect. Feel free to give me a ring at 7736787082 or email at johnvoss@atproperties.com. You can google me too, John Vossoughi. Mike Nielsen is an excellent mortgage broker as well. Thanks!
0 votes Thank Flag Link Thu Jun 7, 2012
I would be happy to by your personal consultant throughout the home-buying process and answer all of your questions along the way.

Feel free to contact me at 773-220-4421 so we can speak directly or e-mail me at JGall@RealtyExecutives.com.


John Gall ABR SFR
Managing Broker
Realty Executives SourceOne
0 votes Thank Flag Link Thu Jun 7, 2012
You need to build a team to work with, and it should start with an experienced, professional real estate broker. I think I qualify, as do many others here on Trulia.
My time is free to you, call or email at your convenience.
(773) 732-9123

Dave
0 votes Thank Flag Link Thu Jun 7, 2012
You need to talk to a lender - there is no obligation or fees involved and they can answer all of your questions
Sam Sharp
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Thu Jun 7, 2012
First, you need to get a pre-approval, so you know how much you can afford. Talk to a mortgage professional. I fyou don't have one, try going to your bank. There are different programs that they can recommend you. Then, choose a real estate agent who can assist you. Feel free to contact me anytime.
0 votes Thank Flag Link Thu Jun 7, 2012
Hi Scarlet!

Email me! I can put you in touch with a phenomenal lender who can answer all of your questions! I would love to assist you with your first time purchase! I can be reached at nbrown@dreamtown.com or call me at 773-294-8939
0 votes Thank Flag Link Thu Jun 7, 2012
Scarlet

Check out my Trulia blog. There is a lot for first-time buyers there. But my best advice is get yourself a good Buyer's agent and have them help you. It doesn't cost you anything and will save you in the long run. Make sure they are service oriented. Go through Trulia agent profiles in the area you are looking and have them help you.
0 votes Thank Flag Link Thu Jun 7, 2012
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