Are You Getting Prepared to Purchase Your First Home?

 Mchenry home for sale

A pristine perfect home for sale in Mchenry

I remember when I was preparing to purchase my first home.   It was a condominium in Ballard Point Condominiums in Des Plaines Illinois.   I was so excited that my husband and I were able to actually buy our first home.   At the time we were thrilled to get a mortgage at 18% as the rates continued to climb over 20%.   Take a look at the awesome buyers real estate market today at 5% mortgage rates and sometimes a litte below, homes below affordability.  

 If you are looking to purchase your first home, here are some things to think about as these are observations of mine.   Please note –  I am not a mortgage lender or attorney.

1.   Plan on saving a down payment or recieve a gift of at least 3.5% of your purchase price.

2.   While saving your downpayment check your credit score (anyone can), then work on improving it or keep it at a great score.  

3.   Make all your payments on time even if it is the  minimum payment due.

4.   Don’t purchase a new car or overspend on your credit cards as this will decrease your credit score after you get your approval for a mortgage for your new home.   I have had some buyers in the past purchase a new car or large item and then find out they then  did not qualify for their new home.

5.   Speak to a mortgage professional early in your process.   It is never too early as they will consult you in how much you qualify for now to purchase a home vs changes you can make to qualify for more and what not to do.   Or possibly you may not qualify and it may be fixable over a short period or long period of time.   Call a real estate agent you trust to refer you to a mortgage professional they know is very knowledgeable and a leader in their profession.

The First Time Home Buyers Tax Credit is available until April 30, 2010.   Give me a call or email to find out how you can take advantage of this once in a lifetime opportunity to purchase your first home.

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Posted By:   Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty

Northern Illinois Real Estate AgentBarrington – Deer Park Real Estate Expert and surrounding areas


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