So, you are ready to buy your first home but do not know where to begin.  The process can seem daunting but having the right people on your team can make a huge difference.  Below are the steps to take in order to buy a home.

Buy a Home

1)  Pre-Approval
The first step is to get pre-approved for a mortgage.  A mortgage professional will analyze your monthly income, debt, how much you have saved for a down payment and then tell you up to what purchase price you can afford to buy.  Often times, people qualify for more than they actually want to spend.  It is important to have an idea in your mind of what you want your total monthly payment to be.  Talking in terms of hundreds of thousands of dollars is difficult to grasp for most people.  Breaking it down to the monthly payment makes more sense.

2)  Speak with a Realtor
Once you have been pre-approved for a mortgage, it is time to contact a realtor.  Speak with a few to get a feel for who you like and will work well with.  There is no cost for a buyer to work with a realtor.  Having an experienced realtor on your team is an integral part of the home buying process.  They will be able to guide you through the many facets of finding a property you love, negotiating a fair price and closing on your home.

3)  Choose a Real Estate Attorney
Illinois does not require you to have an attorney in a real estate transaction.  There are some states that do.  However, it is customary to work with a real estate attorney and you would be careless not to.  The cost can range from $400-$750.  A good attorney can save you much more than that while negotiating on your behalf.

4)  Go House Hunting!
After you are pre-approved for a mortgage, you will spend most of your time interacting with your realtor, looking at properties and finding the one that is right for you.  Once you have made an offer and it is accepted by the seller, your interactions will shift to the mortgage professional you are working with and your attorney.  All three advisors will be there with you throughout the process and their respective roles are important at different times.

Now that you know what to do, what are you waiting for?  Call a mortgage professional today, get pre-approved for a mortgage and get the process started!  Working with the right people will have everything go smoothly and you will be happy that you did it.

Heather McRae

Heather McRae

Please feel free to contact me at (312) 285-6644 with any questions you might have.  And if you are a neighbor in Bowmanville, please say hello!

Heather McRae is a residential mortgage lender.  She was first introduced to the real estate industry in 2001.  Heather lends throughout the State of Illinois and specializes in condos within the City of Chicago.   She is a proud resident of Lincoln Square’s Bowmanville neighborhood.

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