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.
Posted By: Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty
CDPE Certified for Short Sales and REO