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.



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