Wednesday, April 25, 2018

What to Ask a Lender on Chicago's North Shore

Your home on Chicago's North Shore will likely be the largest purchase you ever make and you may need to work with a lender to secure financing to close the deal. However, not all lenders are the same and finding a great one that you trust to see you through the entire process can be a challenge.

It's best to start pursuing lenders as soon as you begin searching for North Shore homes as you'll want to have your lender in place when you find "the one." But how do you know when you've found the right one? Below are three important questions to ask potential lenders in Glencoe, Winnetka, Deerfield, Highland Park, Northbrook, and the surrounding areas:

Is now a good time to buy?
An honest, trustworthy lender is just as important as your real estate agent. The right lender will explain if it is a good time to buy for your situation in a way that you understand. For instance, they will share how factors like your debt-to-income ratio and down payment will your buying power now versus next year.

What debts should I pay first to get a good rate?
When asking this question, a good lender will be able to share what they're looking for in your credit score and history and how you might be able to improve it prior to buying a home. They will likely comb through your credit report and point out which debts will have the most impact on your buying power and ability to qualify for a mortgage— and secure a great rate!

How much will I pay at closing?
Closing costs are a new concept to many first-time homebuyers, but no matter how experienced you are in the homebuying world, this question helps you to avoid any surprises at the closing table. Your lender should be able to share what you might pay in closing costs and how it is paid, via check or electronically.

Need a recommendation for a lender on Chicago's North Shore? Give me a call today! As your real estate agent, I have built a large network to assist you with everything from securing a mortgage to scheduling an inspection.

I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert

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