When it comes to buying a home in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or the surrounding North Shore communities, there are many moving parts that can easily begin to overwhelm you and cause you to step back. For instance, did you know that misinformation about how much is required for a down payment is one factor that keeps buyers from purchasing their dream home?
Don’t let that be you this year! The fear of not being qualified to purchase a new home on Chicago’s North Shore may seem very real, but there are a few simple ways you can keep it affordable!
Strengthen your credit score
Before you take the initial steps to buy a home in the Chicago area, it’s important that your credit score is as high as you can manage. The ball is in your court with this one! Take the time to pay down debts, stay on top of all credit card payments and avoid taking out any new lines of credit prior to applying for a mortgage. Oftentimes, buyers do not even know their score before they set out to buy a home, so the early you start on this step, the better!
Shop around for a mortgage
Keep in mind that not all mortgages are the same; they vary from lender to lender. The best way to find the loan for you is to gather rates from many different lenders on the same day. Look at both mortgage rates and terms to determine the best fit for your financial situation. You may find that a 5-year ARM is more ideal than a traditional 30-year mortgage— it all depends on your finances, real estate goals and future plans!
Stick to your budget
As you begin searching for homes in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or the surrounding North Shore communities, avoid the urge to look out of your price range. Use a mortgage calculator to determine where you feel comfortable, price wise, and decide if you’d like to look for homes around that number or even slightly below to calm your buyer anxiety and keep the payments affordable.
Negotiate
Now here’s where your real estate agent comes in! Remember that you can always negotiate an offer, so long as it’s reasonable. Your agent knows the in’s and out’s of negotiating and can help you land the best price for your dream home. Don’t underestimate their value!
As your local real estate expert on the North Shore, it is my goal to make sure you feel confident in your plans to buy a home and are 100% satisfied with the property you choose.
Give me a call today for more information about available properties in the area! I’m here to help!
Janie Bress
Your North Shore Real Estate Expert
North Shore Real Estate
View North Shore Listings
Visit My Website
Local Expert… with National Connections!