Buying a new home? Lyn Sims at RE/MAX Suburban offers 10 Steps to Prepare for Home Ownership!
Find an experienced REALTOR®, like Lyn Sims at RE/MAX Suburban, who can help you through the process.
Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
Develop a wish list of what you would like your home to have. Then, prioritize the features on your list. Select three to four neighborhoods in which you would like to live.
Consider items such as schools, recreational facilities, area expansion plans and safety.
Determine if you have savings sufficient to cover your down payment and closing costs. Closing costs, including taxes, attorney's fees and transfer fees average between two and seven percent of the home price.
Get your credit in order. Obtain a copy of your credit report. Lyn's article on how to "Improve your Credit".
Determine how large a mortgage for which you qualify. Also, explore different loan options and decide what is best for you. Get pre-qualified and pre-approved BEFORE you start your home search.
Organize all the documentation a lender will need to pre-approve you for a loan. This includes past income tax returns, recent pay stubs, etc. Lyn's article on lender paperwork.
Do research to determine if you qualify for any special mortgage or down payment assistance programs. Lyn Sims still offers 100% financing available to those who qualify.
Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable. Lyn provides a "Budget Worksheet" to get your finances in order BEFORE you start your home search!
Contact me Lyn - I need help to find my new home!
Lyn Sims, a 20+ year real estate veteran works in the NW Chicagoland Suburbs of Hoffman Estates, Schaumburg, Elk Grove Village, Hanover Park, Palatine, Roselle, Medinah, Itasca, Elgin, South Elgin, Carol Stream & St. Charles areas of Illinois.
Contact Lyn Sims at her office (847)230-7324 or (800)637-9345 Outside IL.
OR Email her at LynSims@remax.net
Good Morning,
Nice review, I usually put pick a neighborhood first before you pick a house. Do you serve Tinely Park(sp). I love the Museum of Science and Industry