1st Eagle Mortgage and Loan Company in Chicago Northfield Illinois

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8 Tips for a Smooth Home Purchase

Smooth Home Purchase

What all first-time homebuyers need to know

So you think you found your dream home – you’ve envisioned your family there, what you want the living room to look like, and are already picking out furniture. Congratulations, but before you buy that sofa, you need to go through the lengthy process of buying the actual house.

Buying a home is probably the largest and most emotional purchase you’ll ever make, especially for first-time homebuyers. With that said, it can also be a complicated, frustrating process if you don’t have solid knowledge about what to expect going into it.

At 1st Eagle Mortgage, we’re here to guide you and hold your hand through the mortgage loan application process and beyond. Learn our eight tips for how to ensure your home purchase goes as smoothly as possible:

1. Plan out your finances.

Plan Finances

Time to get out some spreadsheets and plan out this purchase. Prepare for every single financial line of buying a home – HOA fees, closing costs, home repairs, inspections, taxes…All these costs come with owning your home, and they can add up. Give yourself a healthy cushion on your budget so you can accurately plan for these needs.

2. Be careful with your credit.

Credit

After 1st Eagle Mortgage connects you to the perfect loan for you and you’re approved, you need to understand certain dos and don’ts. For example, do keep paying your rent or mortgage and all your bills on time. But don’t make a big purchase, like a car, for example, or go crazy charging your credit card bill with all your home décor shopping. These mistakes could seriously hurt your credit and therefore cost you your dream home.

3. Prepare for the worst.

Frustrating Experience

Like we said, home buying can often be a complicated and frustrating experience. A crisis can pop up at any moment – during the loan approval process, inspection, closing. Prepare for if and when something unexpected happens by leaving a lot of room in your budget for surprise costs and make sure you have the right professionals on your team that can walk you through how to handle the situation.

4. Don’t wait on the home inspection.

Construction Loans

First of all, you usually have to schedule an inspection in a certain period of time, and it’s one of the most critical parts of home buying when it comes to negotiating the offer. Make sure you move quickly on this part so you can find a highly rated inspector who can get the job done well.

5. Stick to the contractual timeline.

Contractual Timeline

Your offer was accepted – congrats! Does that mean you’re done? No. To avoid delays in closing, make sure you’re following the timeline given. Also, make sure everyone on your team (realtors, lender, escrow, etc.) is on the same page with this timeline. Communication is key here.

6. Treat the investment like a business.

Investment

Think of your home as your business. You’re putting a large investment into it, and you need to know when to walk away from a bad deal. Try to think more with your head than your heart and emotions that tell you this house is “the one”, because this purchase is very important, and, like dating, there are always more fish in the sea.

7. Don’t get too emotional.

Stay Focused!

Speaking of emotions, don’t get too upset if the deal you thought was your dream home falls through, or you have to walk away. But also, regarding negotiations, don’t get too hung up on minor cosmetic changes that you can fix later. Stay focused on the big picture.

8. Find a team you can trust.

Team

We can’t stress enough how important it is that each member of your home buying “team”, from your mortgage broker to your realtor to your escrow officer, be professionals you can count on. At 1st Eagle Mortgage, we pride ourselves in ensuring we’ll find the perfect loan for your financial needs at the best possible rate. We make the mortgage experience easy and understandable by holding your hand every step of the way and breaking down complicated financial matters for you.

To learn more about 1st Eagle Mortgage and how to improve your home buying experience, visit our website.

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