WHAT YOU'LL NEED TO QUALIFY IN TODAY'S MARKET
DOWN PAYMENT: Generally between 5-20% of the purchase price.
STABLE INCOME: Lenders may choose to review your income from the past 24 months to measure stability.
INCOME VERIFICATION, CREDIT HISTORY AND ASSET DOCUMENTATION
GOOD CREDIT HISTORY: This give lenders a brief overview of how you have managed your credit over time.
IMPARTIAL THIRD-PARTY APPRAISAL: Your lender needs this to verify the value of the house you want to purchase.
Step 1 in the buying process begins with the agent and buyer reviewing the current market conditions as well as what the buyer wants and needs in their new home.
Step 2 is getting pre-approved or a loan to know how much the buyer can spend.
Step 3 involves narrowing the search so the buyer is only looking at houses that meet their criteria. When the buyer is ready to make an offer, that's when step 4 comes in.
The agent helps negotiate the price and terms so the buyer gets the best deal possible. Getting the home inspected is the fifth step.
The final step is the closing. That's when the buyer takes possession of the house.
John Castelli Real Estate
Keller Williams Realty Partners
700 Busse Hwy
Park Ridge, IL 60068