Buying Your First Home

Does the thought of buying your first home both scare and excite you at the same time?  Are you worried that your credit report may not be "perfect"?  Are you overwhelmed at the thought of getting approved for a mortgage? 

We understand.  Since 1991, my team and I have been assisting first home buyers in making the dream of home ownership a reality. 

Our promise to you is to treat you with integrity and respect and to make sure all of your questions about the mortgage process are answered completely and concisely.  The process of buying your first home, when broken down into its three basic parts, is not as intimidating as it appears.

First, it has been our experience in helping hundreds of people buy their first home, the greatest amount of concern in the beginning of the process was in regards to their credit reports.  A recent study by the National Association of Mortgage Brokers showed that 1 in 3 people had at least one error on their credit report.  This means that we generally will start the home ownership process by obtaining a copy of your credit report from all three of the major credit bureaus.

In doing this, we can identify any mistakes that might appear on your reports and assist you in deleting them from your permanent record.

In those circumstances where you have significantly damaged credit, my team and I partner with credit repair and restoration specialists who can advise you on the best course of action.  It is important to remember that even a damaged credit history may be eligible for mortgage financing!  My team and I specialize in assisting these challenged buyers in achieving the dream of home ownership.  

Second, to be considered a serious buyer in today's market, you must have a mortgage pre-approval in hand.  Pre-approval is vastly different that pre-qualification, however.  A pre-qualification is simply a recap of a conversation with a mortgage planner.  A pre-approval, on the other hand, is a firm, written commitment for a mortgage.  The pre-approval process analyzes your income, your credit and your debts, arriving at a specific mortgage amount and terms.  While this process required slightly more work than a pre-qualification conversation does, the relative weight that this carries with a potential home seller is dramatically different. 

Now that we have analyzed your credit and obtained your mortgage preapproval, you need to find the perfect home!  Whether you use a Realtor or not, my team and I will be here to assist you throughout the actual process once you have signed a sales contract.  Here are the steps that typically occur for buying a home in the State of Illinois:

• Your Realtor will prepare the sales contract and present to the seller or the seller's Realtor
• Once a price is agreed upon, you will engage the services a professional Real Estate Attorney who will review the sales contract and suggest any changes
• You will schedule a Home Inspection with an Illinois Licensed Home Inspector who will evaluate your new home, educating you on your home's inner workings
• You will make formal application for your mortgage with my team, which provides for the required government disclosures.  At this time, we will determine the best loan program for you.
• Once your loan is approved, my team and I will stay in touch with you up until the day of closing, answering any questions you might have along the way.
• On the day prior to closing, my team will make contact and make sure you have directions to the location of the closing (typically at a Title Company or Attorney's office).
• On the day of closing, I will attend your closing just to make sure any last minute questions are answered and to help ensure that everything proceeds smoothly!