No Home Buying Horror Stories with Us!
Congratulations! You've made a smart decision to make the move from renting to buying. You might be anxious, or maybe even a little nervous as your thoughts switch from security deposit to down payment, rent to mortgage. Your head is probably filled with questions ranging from what location you should choose, to the type of amenities you want, to the style of the building that is the most appealing to you.
City Point Realty understands how you feel, and knows how to ease the transition from tenant to owner. Invest your trust in us… to find the perfect place to call home.
Before getting started on the home buying process, it helps to be prepared and ask questions. The more information you know, the less overwhelmed you'll feel. Think about the following items before starting your home search.
Obtaining a Mortgage
Fear of being rejected for a home loan is a concern for many homebuyers. To get an idea of what you can comfortably afford, get pre-approved for a loan before looking at prospective homes. This will increase your confidence and give you an advantage when there are multiple offers for a specific home. The fact that your loan has already been approved is of great value to the seller because it shortens the purchase process and instills confidence in the seller regarding your offer.
Mortgage Payments
The costs involved in the purchase of a home can be overwhelming to first-time buyers. But with the help of City Point Realty, we help you take into account additional costs, such as monthly assessments, property insurance, and taxes. From there, we narrow in on which prospective homes offer a feasible payment that allows you to enjoy your new home, worry-free.
Down Payment
The down payment amount varies depending on the value of the home you choose and your mortgage lender. In some cases, first-time homebuyers can purchase a home with little or no money down. Some municipalities offer government-funded programs for first-time buyers. Your City Point Realty agent will be able to explain the different options available to you.
Closing Costs
First-time buyers often forget to consider the closing costs when making an offer on a home. Paying closing fees of up to 10 percent of the home sale amount is not unusual. Add that to the down payment, and you'll have quite a sum to raise before the final papers can be signed. However, a smart first-time buyer takes this into account before making an offer, and with some professional help, the costs can be estimated in advance.
Making Offers
Don't feel pressured into wanting to make an offer on the first home you see. This is a common mistake of many first-time homebuyers. We will make sure you see enough homes so that you have a good feel for the marketplace and know that what you are about to make an offer on is a good deal. When you do decide on a home to make a bid on, your City Point Realty agent will make sure all your questions are answered before submitting an offer.
Condition of the Home
Buying a "problem" home is another fear of first-timers. A home that needs major repairs can become a costly venture. And, unless the asking price is adjusted to reflect the hidden repairs needed, chances are the home is not worth as much as the seller is asking for it. To avoid unfortunate surprises, we may advise you to hire a home inspector before making a serious offer. That way, you know what you are getting into.
City of Chicago Transfer Stamps
Our Mayor Daley is always looking for places to put more flower boxes. That is why City Transfer Taxes are your highest expense as a buyer. Expect to pay Chicago $10.00 for every $1,000 of property value.
Preferred Lenders:
Glenn Morgenroth, BancPlus, 847.836.5111
Leslie Struthers and Joanna McWilliams, National City Mortgage, 312.337.3691
Mike Facchini, Hartland Mortgage Center, 312.595.9105 ext. 17
