Wednesday, August 2, 2017

Factors That Could Block Your Path to Homeownership on Chicago's North Shore

If you've been on the fence about buying a home on Chicago's North Shore, it is likely for a few reasons that many in Winnetka, Glencoe, Highland Park, Deerfield and Northbrook face. For instance, your misconceptions about what it takes to qualify for a mortgage. Don't let your pre-conceived notions about homeownership hold you back this year!

As your North Shore real estate expert, I have included four factors below that may be blocking your path to owning a home:

You don't think you'll qualify
Requirements for getting a mortgage are loosening somewhat and what may have been the standard years back is no longer the case. Don't quit before you even try! It is essential to meet with a lender in the area to discuss your eligibility for taking on a mortgage before you make the decision to wait to buy a home. You just may find that your dream home is within reach!

Student loans
For many on Chicago's North Shore, student loans are barring their ability to qualify for a mortgage loan due to high loan amounts. One tact you can take is to refinance your student loans into a more manageable position for you each month, meaning a lower interest rate and lower payments. Another option for buyers with student loans is to pay more each month to help reduce debt at a quicker pace.

Your credit score is in bad shape
Grooming your credit score can be relatively simple if you know your timeline for buying a home and work well in advance. The first step is to obtain a copy of your credit report from one of the major reporting bureaus and scan each line for any errors. These can take a toll on your score and can take months to fix! The next step is to identify high interest debt and pay that down first.

You don't have a 20% down payment
Gone are the days of the 20 percent down requirement or no deal. Homebuyers on Chicago's North Shore can now get a mortgage with as little as 3 to 5 percent down, depending on the type of loan product they choose. If you are worried that you cannot purchase a home due to the down payment factor, meet with your lender to find your other options.

Give me a call today for more information about buying a home on the North Shore! I have helped numerous buyers find their dream homes and I'm here to help you do the same!

Janie Bress
Your North Shore Real Estate Expert

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