Tips For First-Time Homebuyers From an Illinois Real Estate Lawyer 

 Posted on November 04, 2022 in Real Estate

Buying a home for the first time can be an exhilarating experience. Most people have saved for many years before they can make their dream of home ownership come true, and buying a home has more symbolic meaning than just purchasing a house. It may mean that a family is in the near future, that a couple has decided to put down roots in a community, or that an individual is at a point in their lives where investing in real estate has become a possibility. Whatever your reasons for buying a home are, having a real estate attorney helping you throughout the process can ensure you avoid time-consuming and potentially expensive mistakes. 

Get Your Credit Score Where You Want It

While programs for first-time home buyers are often forgiving of low or moderate credit scores, mortgage rates have gone up substantially in recent months. Waiting to buy a home until your credit score is strong can end up saving you tens of thousands of dollars over the life of a mortgage by helping you secure a lower interest rate. Lowering your income-to-debt ratio can help improve your credit score, as can paying down debt and making credit card payments on time. 

Secure Preapproval

First-time home buyers are often unsure of how large a mortgage they can qualify for. Working with a lender to get preapproved will let you know how much you can expect to be able to loan so you can set realistic expectations and look at homes within your means. 

Learn About Extra Costs

One of the things that often surprises first-time homebuyers are the costs that are not typically associated with monthly mortgage payments. However, these costs can add up quickly and may mean that a potential buyer does not really have the funds they think they do for a home. Examples of costs to be aware of include: 

• Mortgage fees

• Attorney’s fees

• Title inspection fees

• Home inspection fees 

• Realtor fees 

Although these fees can differ depending on the transaction, knowing a ballpark amount for each will help you prepare and plan accurately. 

Call a DuPage County Residential Real Estate Attorney

If you are getting ready to buy a house for the first time, make sure you have friendly, experienced legal guidance from a team of Illinois residential real estate attorneys with Whitacre & Stefanczuk LTD. We will make sure you know everything you need to know so your first home buying experience can go smoothly. Call us today for a free consultation at 773-622-6100. 

Source: 

https://www.forbes.com/advisor/mortgages/real-estate/real-estate-attorney/