When it comes to homebuyer mistakes on Chicago’s North Shore, perhaps the biggest one is failing to shop for a mortgage. Many homebuyers simply take the first mortgage they are offered without knowing they could have secured a better loan, with lower fees and a lower rate.
As you shop for a home in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or surrounding North Shore communities this summer, make sure you then also take the time to shop around for a mortgage.
Use the following tips to ensure you’re getting the best possible deal and loan for your dream home on the North Shore:
First, research your budget
Use a mortgage calculator to determine how much you can afford in a North Shore home. Include all of your monthly expenses, including property taxes, monthly maintenance and utilities, insurance and any private mortgage insurance (PMI) that you may acquire. Once you’ve determined your budget, you can then proceed with shopping for the best rate.
Research the different types of mortgages
It’s important that Chicago area homebuyers know the different types of mortgages— from fixed rate mortgages to adjustable rate to those that allow payment adjustments. Each loan type will come with its own set of fees, terms, requirements and limitations. For instance, you may receive a penalty for paying off your mortgage early with some loans. Take the time to find which loan type is best for you.
Compare loans among lenders
On one specific day, gather quotes from several lenders and even brokers. Lenders can give out different rates and fees to consumers on the same day for the same loan, so it’s important to shop around. Once you have a list of rates from many lenders, then you can go about finding which is the best deal.
Ask for help
If finding lenders and brokers on Chicago’s North Shore is stressful for you, always ask for help! As your local real estate professional, I can provide suggestions for experts in the mortgage space that can help you find the best rate for your new home loan. A recommendation can oftentimes put you at ease, knowing that you are working with a trusted pro.
Shopping around for a mortgage in the Chicago area can save you thousands of dollars over the life of your loan, so don’t leave it out of the mix! I’m happy to help walk you through the process of buying a home and answer any questions to calm your fears. Just give me a call!
Let’s get started on your home search in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or surrounding North Shore communities together!
Give me a call today!