Buying a Home in and around the Fox Valley
Tips and Tools for Home Buyers
Buying a home is exciting experience, but also can be overwhelming. Whether you are a first time home buyer or a seasoned investor, you will find useful tips and tools in our "For Buyer" pages to help the process and assure you find the right home, at the right price. Our online Real Estate tools include: Listing Alerts, Buyer Reports, Mortgage Calculators, First time Home Buyers Ebook, and Finding Your Home Check List. To assist home buyers in and around the Fox Valley area we are pleased to provide such information as: Home Buyer Tips, Home Finance, Home Warranties, one of the largest varieties of home search tools for Illinois home-buyers provided by an IL REALTOR® and of course, extensive information about the following areas in which we specialize in; St Charles, Geneva, Batavia, Wayne, Wheaton, South Elgin, Elgin and Elburn. As a local expert who excels in customer service, I am available to answer your Real Estate questions. You can reach me direct at 630.258.2263 or send an email to JeriTowell@gmail.com . Text messaging welcome!
A brief synopsis of the home buying process:
Setting a Time FrameSetting a Time Frame - There are a lot of variables in the home buying process. It's because of all these variables that it takes time to find and buy your new home. A typical home search process may take one to four months, which includes comparing and evaluating properties, making and often times negotiating the offer. Then there's the loan process, which normally takes 30-45 days.
The Lending Process - Often times home buyers find the mortgage approval process to be intimidating. We're here to help guide you through this. We have found that it's important to prepare early. Start by making a list of monthly expenses, compare it with your income, see if there are adjustments that need to be made. If you haven't requested your annual Free Credit Report, you may want to now. Gather documents you may need, such as last 2 years of tax returns, W-2 forms, last 2 pay stubs & bank statements, and records of child support or alimony. Speak to a referred mortgage professional (we recommend a couple that are honest and experienced lenders) and ask them for a pre-Approval. By doing these things before you start the process or early in the process, you have allowed yourself to concentrate and enjoy finding your new home.
The Lending Process
Determining How Much Home You Can Afford
Finding Your Home
Determining How Much Home You Can Afford - As a general guideline, most buyers purchase a home that costs about one and a half to two and half times their current annual income. A mortgage payment should be around 26% to 28% of your gross monthly income. Existing debt is also considered when calculating a mortgage, total debt payments should not exceed 40% of your gross monthly income.
Finding Your Home - To help make the most of your time we like to suggest making a list of your "must have" features as well as a list of your optional features. You may want to include such items as; location, # of bedrooms and bathrooms, lot size, special needs, etc. on your "must have" list. Your optional items may include items such as; architectural styling, side load garage, etc. By spending a few minutes considering and deciding now, you will save yourself countless hours of useless home searching. Also, having a clear idea of what you want and don't want in a home will help your REALTOR® find the perfect home for you. Feel free to use our "Finding Your Home Check List".
Educating yourself about the home buying process is important. It allows you to remove stress and helps to ensure you make the best choices. As your REALTOR®, I'm here to answer any questions and guide you through the process.