Getting a First Time Home Buyer Mortgage

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In this tough economy, being able to buy a home is a blessing. Being secure enough in your job to be able to afford a single family dwelling is even more of a blessing. Not too many of us will ever be in the position to pay cash for a house, so most of us have to scrape together as large a down payment as we can. This means that once you have found a house that you want to buy, you are most likely going to need a mortgage.

A mortgage can be quite difficult to secure, especially if you do not have the best credit score. Luckily, there are a few things that can be done to help increase your chances of getting a mortgage and moving into that home as soon as possible. However, if your financial situation is pretty good, the housing market is truly a buyers market right now. The market is ripe with condos, bungalows, split levels, two story, and estate size homes.

The prices range from being affordable to the first time buyer, to within the budget of the most successful entrepreneur or executive. When you see something you like, either have a chat with the owner, or contact a real estate agent who can give you unbiased insight into the history of the house. Find out if it was a foreclosure, or a short sale. It is important to know the origin of the home that you are looking at. You don't want to find that was used as a grow op.

These facts are good to know in case you have to sell it in the future. Try to check out the desirable neighborhoods in your town, and locate there if at all possible. After all, someday you'll want to move and hopefully reap some benefits from all the money that you have invested in the property. If you are a newlywed and are planning on starting a family, you'll want to live in an area of good schools and lots of parks.

Start your search by going through a real estate agent, by looking in the local newspaper, checking the multiple listing service online or any one of a number of listing groups. The most important thing to remember though is that only reputable real estate agents should be dealt with. You can find out about real estate agents through their office or online through reviews. You should meet with your real estate agent before you go to see any homes, to discuss your preferences and get an idea of how you relate to each other.

Another important part of the real estate and home buying equation is finding out what your limit is. You need to set a limit before you even go and look at homes. Most people have a rough idea of what they can afford. However, new home buyers may have an overly optimistic idea of how much of their income should go to housing. This is where it is important to talk with some Chicago first time home buyer specialists.

Buyers should take a realistic look at their income and determine that the total cost of their home should be worth what they earn in net pay for four years. If you buy a house that is more than this rule, you are buying too much home. Also, you may not have high enough income to qualify for a loan. Mortgages require proof of income, a debt ratio calculation as well as several other conditions. You may have to go to several meetings for a mortgage before you are successful.

Article Source: http://depositarticles.com/

If you are a first time home buyer Chicago you need mortgage advice you can count on. Call 773-305-LOAN for a free quotation without obligation on a Chicago 1st time home buyer mortgage or mortgage refinance - www.aandnmortgage.com

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