Buying Services for Chicago Home Buyers

Thinking About Buying a Home? Tips to Maximize Your Buying Power Congratulations!  You have decided to purchase a home, or are thinking about buying one.  You'll be joining the ranks of thousands of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating a healthy environment for your family.  When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours.  Over time, your home will increase in value. Many buyers do not like to come out in the cold.  So Spring typically becomes the busiest time of the year for the Real Estate Industry, and this year should be no different. In fact, during this spring selling season, home buyers will be greeted with the first buyer's market we've seen in the Real Estate Industry in some years. With inventories up in numerous regions throughout the country, and interest rates near historic lows, home buyers will have many more opportunities this year to finally make their dream of owning a home a reality. However, if you are really serious about buying, now is the time to buy before the Spring rush.  Why?  Because you have less competition and more bargaining power.  To make the most of this opportunity, you must be prepared. Supreme Manor Real Estate Services is always looking for ways to improve your financial well-being. With this in mind, the following tips will give you the tools you need to help you get started. Get a Credit Check-up Over the last 12 months, several lenders have been forced to revisit qualification standards. This means that qualifying for a loan may be a little more difficult now, especially for those who may have credit issues. And, while it is still possible to buy a home with No Money down, you need to make sure your credit stays in good order.  Check www.annualcreditreport.com .  It is free!  You can review your report and determine the current state of your credit.  Maybe your credit has improved in the last year, and you'll be pleasantly surprised at what you can now afford. If credit problems do exist, take the time to reduce or repair these issues and increase your credit score. This can be as simple as re-allocating balances on existing credit cards to resolving issues with potential collection accounts. You may even find that the information that appears on your credit score is incorrect – or even worse, that you've been as victim of identity theft. These sorts of unexpected problems can cost you valuable time if you wait until spring to find out that they exist. Get Pre-approved Much different than pre-qualification, pre-approval offers many benefits in a buyer's market. First, you can typically purchase your new home for less money. Because you're pre-approved, sellers can be confident about your offer. Viewed as a "cash buyer," you will have leverage to help you get the price that you want, an amount that has already been approved. Sellers won't have to worry that you won't qualify in the end. Remember, many sellers are counting on the sale of their home to pay for the purchase of a new home, and a buyer who doesn't qualify could cost them a lot of time and money. By being pre-approved, it relieves a lot of the stress associated with the whole process. Because of this, sellers may even accept a lower offer! Especially if closing quickly is of paramount importance to a seller. To get pre-approved, your mortgage professional will most likely need documentation beyond your basic credit information. This is why planning ahead is so important, because some of these documents may be challenging to find when you're scrambling for them at the last minute. Necessary records may include: recent pay-stubs, W-2s and tax returns for the past two years, and up to 3 months of bank statements for all accounts that you have. If you own property already, be prepared to tell your mortgage professional about it. This includes any real estate, vacant lots, rental properties, second homes, or commercial properties, etc. Find the Right Mortgage Professional: Ask your mortgage professional to show you the array of loan programs available to help you finance your home, as well as the benefits that each program has to offer. There are literally hundreds of ways to finance real estate, and a good mortgage professional will help you find the right program for you. You will see firsthand how, in some cases, the smallest change can have a huge impact on your investment or help you to get more home for the same amount of money. Find the Right Real Estate Agent It's important to make sure the agent you choose is a skilled professional who will look after all your real estate needs. This person should be someone with enough experience to get you the most home for the least amount of dollars, along with any concessions you may be seeking from a seller.   In addition, you want a person you can trust to educate you and keep you informed throughout the process. By preparing yourself now, you'll be able to make the most of the real estate opportunities available. In the following reports, you'll find the information you need to make a wise buying decision.  We'll take you through the planning process step-by-step , to help you determine which home is right for you.  You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving. Please contact our office if you have any questions about buying a home in Chicago or the Chicagoland Suburbs. we look forward to hearing from you soon. Have a Supreme day! Sheila M. Wilkinson-Sanders Broker - Owner, CPA, CNC, GRI www.SMSrealestate.info

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