Rose Alvarez’s Complete Homebuying Guide for Lincoln Park

Lincoln Park is known for its beautiful outdoor areas and delicious restaurants. You’ll also find one of the country’s oldest zoos here, where free admission is always free. If you’re considering moving to the area, this guide will break down the steps you can take to find your dream Lincoln Park real estate property and complete the deal. Should you have any questions after reading, Rose Alvarez would love to hear from you.

Buying a home is exciting, especially when you’re planning to relocate to a fantastic community like Lincoln Park. However, it also takes a great deal of time and energy. You’ll have several meetings to attend and people to contact, not to mention all of the money that you’re going to spend. It is certainly a worthwhile decision, but you should understand the magnitude of what you’re doing.

Before you begin shopping for a home, it’s wise to understand what you can afford. An online mortgage calculator will give you a ballpark estimate of what kind of monthly obligation you can manage based on what you expect to spend on a home and the current interest rate. Remember that you’ll also have to bring some cash to the table for closing. You will need a minimum down payment of 3.5% of the home's total cost if you’re utilizing an FHA loan. This loan comes with certain requirements, such as a minimum credit score. You will also be required to pay a portion of closing costs. Most buyers report that their obligation falls between 2% and 4% of the total cost of their home.

If you don’t have enough cash on hand to pay the full sales price for your home, you’re not alone. Most people don’t. However, to go under contract to buy a home, your seller will likely need proof that you can secure a loan for the amount you don’t have. While a preapproval doesn’t guarantee that you’ll eventually get the loan, it’s a strong indicator of your overall financial health and can give both parties peace of mind that the sale will ultimately go through as planned. Several sites online can offer instant preapproval if you’re willing to share certain points of personal information. However, most buyers find that working with an individual lender is the best way to go. A lender knows what specific questions to ask, and they can give you more nuanced information based on your unique context. Once you have your preapproval letter, you can shop with greater confidence that you will be able to receive the loan that you need.

Finally, one thing to keep in mind here — you may have heard that federal interest rates are rising. While this is true, it also doesn’t mean that the interest rates are the same for everyone. Your individual interest rate will ultimately depend on your credit score, debt-to-income ratio, and other relevant financial factors.

This is the fun part! What do you want your dream home to look like? How much space do you want? What amenities are important for you? What locations do you want to be close by? As you think about some of your needs and preferences, communicate with your Real estate agent about what you’re looking for. This will help them recommend properties that may interest you as they come onto the market.

It’s never too early to start looking at homes online. However, once you’re serious about purchasing a home, you’ll want to start scheduling some in-person showings. This is when you’ll have a chance to thoroughly look at a house and determine whether it’s a wise investment. Remember, online listings can be deceiving. Some homes show up well online but may be underwhelming in person. At the same time, you may be disappointed by an online listing, but you decide to see a home in person anyway, and when you do, you fall in love with the property.

Once you find a home that you love and that checks all of your most important boxes, you’ll make an offer to the seller to buy a home. It’s helpful to know the state of your market since this will help you better understand what a competitive offer looks like. If homes are selling quickly in your area, with sales prices often exceeding the asking amount, it may not be smart to ask for several concessions. The seller may have multiple offers to choose from and could reject yours outright if you try to lowball them. However, if the home has spent several weeks on the market and is still available, your seller may feel more motivated to accept an offer lower than what they initially thought they could receive. Your Real estate agent can offer you sound guidance in this area since they have tons of experience making initial offers on homes.

While it’s important to get your finances in order and learn more about the area where you’re buying, the best homebuying guide will tell you that there’s nothing more important than choosing an experienced real estate agent to work with. A Real estate agent knows the area and understands how to get a fair deal for each client they work with. Your Real estate agent can answer any questions you have as you look at potential homes and as you prepare for closing.

Many people find that relying on Rose Alvarez was the best decision they made when shopping for Lincoln Park real estate. Rose was born and raised in the Chicago area, and she enjoys working with each client to help them find their dream home and have the best possible experience when shopping for property in the area. She would love to partner with you in buying or selling your home.