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!
Local Expert... with National Connections!
Locally or across the country, think of me as your national connection. I can help you with all your real estate needs anywhere in the United States.
