Whether it’s your first, second, an investment, or vacation… buying a home is thrilling!  A big part of the thrill comes from imagining what you’ll do once you own it. Seeing the smiles on my clients faces at the closing table is a big reason I do what I do.

Let’s take a step back and think about the path to the closing table. Making sure your finances are in order before you purchase ensures the long-term benefits owning a home can offer.

Be realistic

Jot down a list of the things you desire (vs need) in your next home. You may be able to have both, and that’s great. Most importantly though, address your primary needs. Take a candid look at your income and expenses; don’t forget about the big costs that could come up in the future (college, family vacations, cars, etc.). Take time to education yourself about the mortgage process. You for sure want to avoid the temptation to max yourself once see ‘how much home’ you can afford.

Lean on your REALTOR®

Your REALTOR® is likely to know a lot about mortgages. Reach out early and allow them to be there for you when you first start contemplating your home purchase. You’ll be amazed at the reliable guidance you can get from a great agent. An experience agent will have more than one referral for reputable mortgage lenders as well.

Find a GREAT mortgage lender

It’s OK that you don’t know all the ins-and-outs of mortgage lending. A reputable mortgage lender will be aware of all your loan options, will educate you, and make proactive suggestions based on your situation.  Be patient and find the perfect fit in a loan officer. You’ll feel supported and confident in your decisions when you do.

Make equity-building a must

From start to finish, don’t lose sight of the benefits that equity growth in your home provides. With every decision you face throughout your home buying journey, ask yourself “Will this contribute or take away from the equity I plan on building in my home?”

Reach out anytime if you are thinking of buying and have questions. Text, call or email! As your Chicagoland northwest suburbs REALTOR®, I am here to listen, help you make a plan, and work for your best interests.