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Everything You Need To Know About Buying a Saint Clair County IL Home – Part II

17 Jul

Now that you have analyzed your financial situation, received prior loan approval, and determined your needs/desires for your first house, you will want to secure a mortgage for your Saint Clair County IL home.

saint clair il homeAs with any major purchase, you will want to shop around for the best deal. Contact several lenders (bank, savings and loan, credit union, private mortgage company, or a state or federal government lender.) Before doing that, however, you need to familiarize yourself with mortgage types, terminology, and options. Your Realtor will be helpful in this mission, as will the internet. Click here for help in determining which type of mortgage is best for you. This site will help you with options, terminology, calculators, and much, much more.

Another good source of information for first-time home buyers of a Saint Clair County IL home is HUD, an agency which oversees FHA loans. This type of loan is particularly useful if you have little money for a down payment (generally 3% is required), less than great credit, or large monthly bills. Because interest rates are higher and you must also pay loan insurance, however, be sure to research this type of loan carefully before committing to one.

When you have done all of your homework and are ready to actually apply for a mortgage, be sure that you have all the figures, information, and paperwork required by the lender.  It’s an extensive list, but your loan application cannot be processed until your file is complete.  State Farm has a handy online checklist for your convenience.

As always, to avoid mental stress, financial strain, and even real estate fraud/scams such as bait and switch or loan flipping while purchasing your Saint Clair County IL home, be forearmed with accurate information and heed the sound advice of your Realtor.

Coming next!! Part III–finding your perfect first home, making an offer, and preparing for the closing.

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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.