Are you ready to buy a home?
ASSESS YOUR CREDIT AND FINANCIAL STATUS
EVALUATE YOUR CURRENT POSITION
Before jumping the gun and making a choice on your new home, you must stop and take a look at your situation and assess what exactly you’re looking for. How much can you really afford? Are you looking for a lifetime investment, or something temporary? What amenities best fit your lifestyle? Is this the right neighborhood for you? These and many more factors must be taken into consideration anytime you dive into the home buying process.
STEPS BEFORE BUYING
These five steps will help you decide whether you’re ready to buy a home, take into consideration it’s a big decision and process.
- You have a steady income, and reliable employment.
Your chances of a loan approval significantly increase after having a steady job for at least two years. Being able to hold a job for two years, almost always also means you’re financially stable enough to take on a mortgage.
- Making repairs won’t be an issue
Whether it’s fixing a broken, oven, refrigerator, or even plumbing, You can no longer call a landlord and have the issue taken care of, at no cost. You will be responsible for any and all repairs in your home. Although buying a home warranty and home insurance will take a bit of the load off, it rarely will come without a cost to you.
- Being able to financially afford a mortgage
Your payments are calculated using, your income versus how much debt you have. Usually this ratio is recommended to be at 36% to financially afford a mortgage payment. Mortgage payments are more often than not similar to rent, so if you’re struggling with a rent payment, odds are you will with a mortgage payment for a home of equal size.
- You don’t have bad credit.
Having amazing credit is no longer a large requirement for a loan approval. But having a score below 600 isn’t exactly ideal either. Similar to employment, having a good credit, like having a steady employment history, can work out in your favor. Exceeding a score of 650 can drastically improve your approval total and chances.
- You can efficiently save up for a downpayment.
There are various costs associated with buying a home. Some are upfront costs, and the biggest will be your down payment. You can expect to pay anywhere from 3 – 20% as a downpayment for most loans. Although DPA (Down Payment Assistance ) programs can help qualifying buyers, it doesn’t completely waive the down payment, and you’ll still be looking at a certain percentage to pay upfront.
MEET WITH ONE OF OUR EXPERT AGENTS
Having access to agents and professional service providers we can recommend, who not only have the highest certifications, training standards, and extensive knowledge of the Chicago Metro Real Estate Market, is one of the many benefits you can have by working with YUB Realty. We are know for offering easy, 24/7 assistance, open communication, winning negotiation skills, and we can guarantee that we will be by your side, ready to answer any questions you may have, every step of the way. So book a meeting with one of our featured agents below, and come experience what it’s like to have true professionals work for you.
THIS WEEK’S FEATURED REAL ESTATE BROKERS
Lorena Ramirez-Carrillo
FIND YOUR PERFECT MATCH
After finally meeting all the criteria needed to buy a home, and after meeting and consulting with one of YUB Realty’s agents, it’s time to start your search! By utilizing our advanced search engine, you can search for a new home by filtering through, size, location, amenities, and so much more. Instantly showcasing thousands of listings all across Chicago.
MAKING AN OFFER: WHAT GOES INTO IT
- Generate your offer: Your purchase offer will contain all the details and terms of your offer such as, how large your down payment will be, the final price, your closing date, and much more.
- Submit the offer: By making an effort to try and submit your offer in person, your YUB Realtor will have the opportunity to further explain the details of your offer. Upon receiving the offer, the sellers agent will then discuss and possibly make a counter offer.
- Negotiation: Most times, your first offer will not be accepted. This is when your YUB Realtor, and the sellers realtor will negotiate to get you, and the seller the best terms and offer possible. Lucky for you, All of our YUB Reltors have great negotiation skills that will guarantee a good deal.
- Seller Accepts your offer: Congrats! Both you and the seller have agreed on a deal, your offer is now legally binding and you’re within arms reach of your new home!
GET IN CONTACT WITH ONE OF YUB’S REALTORS
CLOSING & BEYOND
ready to get started?
Now that you’ve gotten acquainted with the process of buying a home, it might be time to sit down with a Yub Realty realtor and discuss your options. Fill out the form below or chat with us online to connect to a broker today!