Chicago housing is a steal. Ready to make your move?
January 15 2019
There’s great news for would-be Windy City homebuyers. According to new data, Chicago’s housing -- along with that of its surrounding suburbs -- is the most undervalued in the entire nation. Add in the season’s lower buying demand along with increasing price cuts, and there’s never been a better (or more affordable) time to buy a home.
Are you ready to leverage these prime conditions and buy in? Then you should start getting organized now. Here’s how:
1. Gather your financial documents.
Start collecting these important records:
- Your two most recent tax returns and W-2 forms
- One month’s worth of pay stubs, 1099 forms or other proof of income
- Two months of bank account statements and other financial docs
If you have assets like stocks, bonds, a 401(k) or other retirement investments, make sure to gather documentation of those as well.
2. Research your mortgage options.
Explore the variety of loan products available, as well as the required down payment for each type. A loan officer can help you determine if you want a fixed or adjustable rate mortgage and the loan terms that would be right for your financial situation.
3. Get prequalified for your loan.
Getting prequalified for your mortgage loan not only gives you an accurate price range to base your home search on, but it also makes the final mortgage application process easier and more efficient. Being prequalified also shows sellers that you’re a serious buyer with financing available.
Now is the perfect time to buy a home in Chicago. Want to make sure you’re ready? Then reach out today -- I'll prequalify you and guide the way.