Home Buying in Melrose Park>Question Details

Nutt, Home Buyer in Melrose Park, IL

So what are the steps that my wife and I need to take to get started in buying a home.?

Asked by Nutt, Melrose Park, IL Fri Aug 26, 2011

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Gene Mundt’s answer
Nutt: First of all, Congratulations to you and your wife on making this big decision! And for taking the time to ask questions ...
The more time you allow yourself prior to starting your actual search for properties, the better. That said, your first step should be finding a reputable and experienced mortgage professional to help you in the preparation for buying. Perform a search online ... then talk to others that you know that have purchased recently. Ask for referrals. Speak to other professionals in the real estate industry, such as attorneys, insurance agents, agents themselves, home inspectors, etc. Collect a number of names and then check-out their websites, blogs, and services to see which you'd like to interview and talk to. Then contact them. See which Mortgage Lender is a good "fit" for you personally. Who you feel comfortable with. That is very important as you proceed.
While you're doing the referral process ... start collecting the financial documents and information you will need to make mortgage application/or be pre-qualified for a loan. The link below will give you a list of those documents that will help you accomplish that. Download it for handy reference.
Have your Social Security numbers ... and your employment information available when you speak to the mortgage lender. Should they want to run your credit report(s), they will need that information available at that time. Once your mortgage lender has a better understanding of your credit, financial abilities, and your hopes/desires for a home ... they will be able to start providing you options in regards to mortgage programs and more. They will also be able to provide you with a Pre-Qualification Certificate that will help you and your real estate agent know what price range of home to consider ... and then better make offers on your selected homes on your behalf.
If I can be of further assistance, please don't hesitate to ask here, write me, or call. I'll be happy to help you during your preparation and buying of your new home. Best of luck to you, no matter your mortgage lending decision ...
0 votes Thank Flag Link Tue Jan 24, 2012
You need to be pre-approved for a loan first. When you are pre-approved it means that you qualify for a loan only subject to the appraisal of the home you want to buy. This will let you know how much home you can afford and a pre-approval shows sellers that your are a serious buyer. You will be ahead of many other buyers who are pre-qualified or have never talked to a loan officer. Your next step is to decide what you need in a home and then find an agent that can start to send you some listings in your price range so you can get familiar with the market. You should meet with that agent and review your needs and go over properties that have an interest in. Then go out and see some of the homes. You may decide that what you want has changed as you view properties ( this is common). You need to understand the market so when you see a great deal you can make the decision to place an offer. The best way to do that is view homes as soon as possible. When you find that perfect home your agent will assist you in making your offer. This is a fantastic buyers market with many home on the market and interest rates the lowest in over 40 years.

All the best to you and your family,

Gary Geer

0 votes Thank Flag Link Mon Jan 16, 2012
First step would be to get pre approved so you know where you stand with financing. Once you have that in order and know what areas you are interested in, you can contact a Realtor and get started on looking for your new home!
0 votes Thank Flag Link Sat Jan 14, 2012
according to MSNBC senior producer John W. Schoen. the steps to buying a home a much more tricky than a simple 1,2,3, equation. it can take up to 12 steps to make sure you do it right. Sure it can be as easy as a.b.c but, when it comes to buying a home, You can't be too well informed. I suggest at least skimming through his article to get a few ideas you may find valuable. After all, he is a man of knowledge in this field, and he might know something you don't. Here is the link

0 votes Thank Flag Link Sat Jan 14, 2012
The standard answer is to first arrange your financing so that are able to know what you can and can't do. This is powerful because you can then negotiate with confidence, shorten the length of time between finding a home and moving in, and avoid unnecessary emotional ups and downs due to financing snafoos. I 100% agree with this standard advice, but I will add another idea for you to consider while working on the financing piece

Make a list of what you want in a home and prioritize it. This simple project will save you lots of time looking at "cute" places or "bargains," that would never be right for you. If a home does not match YOUR priorities, you won't be happy with it. Just because a house is in a nice location and well priced does not mean it is your house. If you are certain you want 2 full baths, why look at 1 bath homes? Or if you really want an attached garage - why look at a house with a carport?
Web Reference: http://www.XTROV.com
0 votes Thank Flag Link Sat Jan 14, 2012
#1 Pre-Approval

#2 Find a reputable Buyers Agent

#3 go Shopping !!!
0 votes Thank Flag Link Sat Jan 14, 2012
Call A Agent in your area.
Have agent start search and do research about area. Schools, taxes, etc.
Once in Agents hands you should be all set.

Amy Pfister
Prestige Homes
Western NY & Ellicottville
Web Reference: http://WWW.AMYPFISTER.COM
0 votes Thank Flag Link Sat Jan 14, 2012
The path to home ownership is easy when you surround your self with pros that you can trust.
First you need to talk to a lender- Find out what you can afford and more importantly- How much of a payment are YOU COMFORTABLE with.
Next - contact a real estate agent and go sit down and interview them. You need to find out if this is the person that you and your wife want to work with on such a huge investment. A good agent will make you feel comfortable and share their knowledge of both the housing market and the process of buying
Once you have those two things settled, clear some time and go out and LOOK.
Please consider me- Jack Disimone / LW REEDY. 630-833-1700

Good luck with your search
Web Reference: http://lwreedy.com
0 votes Thank Flag Link Sun Jan 8, 2012

Your first step should be to get pre-approved by a mortgage lender. Topics to be discussed with the loan officer should include your maximum limit, your comfort zone, loan types, and loan eligibility. You will have to provide W2's & tax returns for the last 2 years, paystubs for the most recent month, and bank statements for last 60 days. The loan officer will then provide a pre-approval letter to you and your realtor so you may begin searching for homes. Contact me if you have any questions, or need some help. Good luck!

BTW...I grew up near Gouin Park, and I still have family near there.

0 votes Thank Flag Link Sat Aug 27, 2011
I would suggest that you gather your W2's for the last 2 years for both of you. As well as the last 2 months of pay stubs, and bank account information. Take this information with you, and set up an appointment with an experienced mortgage professional to get pre-qualified! You need to know if you can qualify for a loan first, and then with that information you will know what price range you can search for your future home in. With that in mind, seek out a referral from a trusted friend or interview real estate agents to find one that you think matches your personality that you would like to work with. make a list of what you are looking for to give your agent... Have a must have list and like to have list in the home... If you need a garage, be clear to tell them this search must have homes that include garages... Due some work on your own at home and see what you can find online thru property searches so that you have an idea what is available in your price range, and so that you can suggest a few properties to your agent that you would like to see, and then you are on your way...
0 votes Thank Flag Link Sat Aug 27, 2011
Put your FOOT INFRONT OF THE OTHER---to reach each step process towards YOUR GOAL.
1. FOOT TO THE LENDER-Get pre-approved (This is power)
5. BOTH FEET, Look at homes with your Realtor- He doesn't cost you anything and you got experience on your side.

Call me if you don't have anyone yet. HAVE FUN DOING IT. ;)
0 votes Thank Flag Link Sat Aug 27, 2011
Begin by visiting with any loan officer to determine mortgage qualification; should be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. Also interview agents in person, then choose the one you like best to help with your search...
0 votes Thank Flag Link Sat Aug 27, 2011
Always use a full-time, full service Realtor- who you can relate to. That agent will have professional loan officers and attorneys that they work with. If they have been in business for like 20 years and do millions in production each year, while still treating their clients like people and not numbers, then you will have a fruitful experience. Remember -all agents have different abilities and skills.
0 votes Thank Flag Link Sat Aug 27, 2011
Perfect timing! I just posted a blog about this. Check out my Trulia blog by clicking on my name and give you the first steps.

Suzanne Hamilton
Independent Broker Owner
RE Marketing Consultants
0 votes Thank Flag Link Fri Aug 26, 2011
1) Speak to a lender first to get qualified so you know how much you can afford. My best guy is Mike Krakowski w/ Quality Mortgage Lending: 630-881-7902.
2) Don't make any major purchases (like a new car) and try to keep your debt as low as possible.
3) Get in touch with a Realtor who you can trust to represent your interests and tell you the truth.

Beyond that it goes into the transaction, and you agent should be able to guide you through. I would love to be considered. Please give me a call.

Anthony Cavalea IV
Able Realty
0 votes Thank Flag Link Fri Aug 26, 2011
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