Chicago First Time Home Buyers Pre-Approval
Posted on December 29, 2009
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Get pre-approved before you look for your new home. This is the easiest and probably most important thing you can do to help you if you are a Chicago first time home buyer. Eventually you are going to have to go through the approval process anyway, so you might as well do it before you start house hunting. That way you will know exactly what you can afford.
Getting pre-approved will give you peace of mind while you are looking for a home. The best thing about pre-approval is that it doesn’t cost anything and you aren’t obligated in any way. Your local lending institution can give you a written pre-approval with no obligation on your part. Being pre-approved means that you have a guarantee of obtaining a mortgage up to a specified level. Getting pre-approved means money in the bank.
Every Chicago 1st time home buyer should carefully consider the level of monthly payment they can handle. The pre-approval process will give you a very clear idea of how much you can borrow. You won’t always want to go for the maximum amount available to you. Determine what you are comfortable with and then stick to that amount. That will determine the price range of home you should be looking for.
Select the type of mortgage that will best suit you. Not everyone will want the same type of mortgage. There are several factors to consider which have a bearing on how much you want to pay on a monthly basis. Ask yourself how long you expect to stay in your new house and whether your current earnings might change in the near future. These things will have a bearing on how you should structure your mortgage.
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