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| North Shore Home-Buying Tips |
If you are gearing up to purchase a North Shore home this
winter or spring, what do you think is the first step to beginning the
home-buying process? Starting to search the internet for a home? Before you do
that, you should get pre-approved for a mortgage loan, as sellers will take you
more seriously, the process with run faster and smoother, and you’ll know exactly
what your budget is.
However, applying for a mortgage loan is also not the first
step. There are a few steps you should take BEFORE you apply, and as your North Shore real estate agent, I am here to share these with you:
1. Check your credit score. Your credit score has a huge
bearing on what mortgage interest rate you’ll be offered. The higher your
score, the lower your rate. Your credit score is a summary of your credit
history. If your score is lower than you’d hoped, check your credit report for
errors, and spend time paying off debt, paying bills on time, and lifting that
score up. This takes time, so the sooner you start, the better!
2. Get your documents together. Once you apply for a mortgage
loan, you’ll have to bring in a lot of financial documentation. By finding
these ahead of time and making copies, you’ll be more prepared for the process.
For online mortgage applications, scan these documents onto your computer.
Items you will need are tax returns from the past few years, W-2s or 1099s from the past
few years, bank statements from the past few months, copy of driver’s license and
social security card, employer contact info, pay stubs and so on.
3. Shop around for mortgages. Before you apply, ask around for
recommendations from your real estate agent and from friends/family who have
recently bought homes. Check out online reviews. Apply for mortgages from a few
different sources. As long as these applications are done within a two-week period,
they count as a single credit pull, so more than one won’t hurt your credit any
more than just one. Studies have found that buyers who shopped around for a
mortgage saved thousands of dollars during the life of their loan! It’s worth
the extra time and effort if it saves you money, right?
If you have any questions, or you’re looking for
recommendations on mortgage lenders, give me a call! As your North Shore real estate agent, I can answer your questions and get you started on the
home-buying process. Whether searching in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or other North Shore communities, I can help you find the
home of your dreams!
Winter is the new spring when it comes to buying. Data shows
that February is the busiest month for listing clicks online. Therefore,
there’s no need to wait! If you’d like to buy, start today. If you’d like to
sell, competition is low and buyers are eager! Give me a call for all of your
needs in the North Shore real estate market this winter!
Janie BressYour North Shore Real Estate ExpertNorth Shore Real Estate
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Local Expert… with National Connections!