1Do buyers really need to hire an agent?
It is true that buying home does not require you to hire a real estate agent. However, you can get the guidance you need, and you can have a smooth-sailing process. Therefore, agents are quite useful, especially in helping you avoid the pitfalls of the buying procedure.
2Is it necessary to discuss with a bank before you look at homes?
Although it is also not a requirement, you should talk with a bank or lender to get pre-approved. The most significant benefit here is that you can understand how much you can afford when buying home.
3How about if you are a first time home buyer?
Professionals suggest that you should talk with a bank, especially if you are a first time home buyer. You will even find some programs that are mainly directed toward helping you.
Additionally, you can also learn about the costs associated with buying home in Chicagoland. Many first time home buyers, unfortunately, do not understand some terminologies, including pre-paid items, down payment, and escrows. Our real estate agent can provide you with a thorough explanation of these items.
4Should you purchase or continue to rent?
Buying home is a solid investment but renting can also be a good option, depending on your circumstances. The interest rates are quite appealing these days. For instance, a 30-year FHA mortgage can have a locked in rate of approximately 3.5%. The interest rates are quite low, so you may want to choose to pay a mortgage rather than pay rent.