Archive | June, 2012

Everything You Need To Know About Buying A Saint Clair County IL Home – Part 1

28 Jun

Everything You Need To Know About Buying A Saint Clair County IL Home – Part 1.

Everything You Need To Know About Buying A Saint Clair County IL Home – Part 1

28 Jun

Congratulations on deciding to purchase a place of your own. The home buying process may initially appear complicated, but by using the skills of a buyer’s Realtor, searching the internet, and familiarizing yourself with each of the steps involved, your experience can be a smooth and rewarding one.saint clair county Il home

1. Analyzing your financial situation.

First you must determine what you can afford to pay for your Saint Clair County IL home. Generally, PITI (principal, interest, taxes, and insurance) should not exceed 26-28% of your gross monthly income. Many web sites furnish free tools for calculating these expenses for you (www.mortgagefit.com or www.bankrate.com, e.g.). Remember that your income, monthly expenses, down payment, and interest rate must be factored into your financial analysis. Also consider HOA dues, maintenance costs, and monthly utilities.

Investigate first-time buyers’ state/ federal government programs for help with down payments and closing costs. Visit U.S. Department of Housing and Urban Development for specific—and beneficial–information.

2. Getting prior loan approval.

The next step is to secure pre-approval for a loan by providing a lender with all requested information.  After an analysis of your financial situation, the lender will issue you a letter of approval which states the amount for which you qualify. This letter assures sellers that you are a serious buyer and that they are guaranteed a sale.

3. Determining what you want.

Consider the age, style, and size of a house.  What about condition, proximity to schools, distance to and from work, traffic patterns and noise, parking? Do the community amenities suit your lifestyle? Make lists of your “must haves.”  Prioritize and revise the list as you tour houses.

As a first-time home buyer, you’ll discover that you’ll have to make some compromises and that the whole process can be time-consuming–but oh, so exciting! Rely on your Realtor to advise, guide, and help you through the process. Through the Multiple Listing Service (MLS), he/she can search through hundreds of listings to find the “ideal” Saint Clair County IL home for you.

Search all Saint Clair County IL Real Estate And Homes For Sale.

Holly Norton offers unparalleled service in the Saint Clair County IL real estate market. Holly assists buyers looking for Saint Clair County IL real estate for sale and aggressively markets Saint Clair homes for sale. Holly serves the entire Saint Clair County Illinois real estate market including the surrounding communities such as Fairview Heights, Belleville, Swansea, Shiloh, O’Fallon, Freeburg, Smithton, Mascoutah and Millstdat area.

 

Thinking of Buying a Saint Clair County IL Home? First Get Pre-approved!

22 Jun

Few people can buy a home for cash. According to the National Association of REALTORS® (NAR), nearly nine out of 10 buyers of Saint Clair County IL homes finance their purchase, which means that nearly all buyers — especially first-time purchasers — require a loan.  The real issue with real estate financing is not getting a loan (almost anyone willing to pay lofty interest rates can find a mortgage). Instead, the idea is to get the loan that’s right for you — the mortgage with the lowest cost and best terms.

Realtors routinely urge prospective buyers to get pre-approved for a loan before they even begin saint clair county illooking at Saint Clair County IL homes. They also stress the importance of obtaining a letter of pre-approval rather than of pre-qualification.  Although many homebuyers use these two terms interchangeably, there are significant differences between the two.  Simply stated, pre-qualification lets sellers know that a prospective buyer of their Saint Clair County IL home is likely to qualify for a loan, whereas pre-approval, although not an absolute guarantee, indicates that a loan officer has determined a borrower is credit-worthy and financially able to qualify for a certain loan.

The advantages of searching for a Saint Clair County IL home with evidence of pre-approval in hand are many.  In essence, they include the following:

  • Mortgage preapproval is going to tell you exactly how much money you can borrow. This way, you will know how much your mortgage payment is going to be ahead of time.
  • You won’t waste time (or be sorely disappointed) by looking at houses you can’t afford.
  • Sellers and Realtors will take you seriously.  They are much more comfortable with the certainty that you can obtain a loan (and that the deal won’t fall through), and thus may be more willing to negotiate.
  • Once you find a home, the mortgage process can proceed more quickly because your lender will already have.

Although lender requirements for pre-approval may vary somewhat, be prepared to supply the following information:

  • Purchase Agreement
  • Social Security Number and Date of Birth
  • W-2/1040 Forms
  • Recent pay stubs
  • Bank account statements
  • Credit card statements
  • Debts and liabilities
  • Mortgage or rental histories
  • Investment properties
  • Employers
  • Asset statements
  • Personal property
  • Current and previous statements

Supplying all this information may seem like a time-consuming process, but in the end of your house-hunting journey, you’ll be glad you did it!

Search all Saint Clair County IL Real Estate And Homes For Sale.

Holly Norton offers unparalleled service in the Saint Clair County IL real estate market. Holly assists buyers looking for Saint Clair real estate for sale and aggressively markets Saint Clair homes for sale. Holly serves the entire Saint Clair County Illinois real estate market including the surrounding communities such as Fairview Heights, Belleville, Swansea, Shiloh, O’Fallon, Freeburg, Smithton, Mascoutah and Millstdat area.

Get the Saint Clair County IL Market Report!

You can reach Holly by sending her an email or give her a call, 618-779-9966.