You are 30, recently married, hold a good position at a multinational company, and desperately looking for a Chicago mortgage offer to purchase a new home to kick start your new life. It is hard to find suitable offers without preparations. Well, we have you covered. Our simple guide will allow you to plan in advance and get things done ever so smoothly.
Take care of your documents:
Chicago mortgage companies, or any financial service companies for that matter, do not take your words for granted. No matter how hard you try to convince them, without proper documentations you will not receive any suitable offers from a lender. Hence, it is better to prepare necessary documents in advance that include your address history, pay slips, bank statements and credit card information.
Strike an agreement with the lender:
If you want to show your creditworthiness to any vendor, strike an agreement in principle with your lender first. This will include the amount that the lender is prepared to pay you in writing. Once you have that agreement, approach your vendor.
This is the most crucial step and would take longer to complete if you do not prepare well. At first, the mortgage company will likely go through all your documentations and might ask for additional information if they deem it necessary. Be prepared to provide information if they ask for any. Secondly, the company will check out the property and will come up with their own judgment based on the overall condition and the future marketability.
Once done with aforementioned per-requisites, the company would formulate their mortgage offer. They will come up with their own valuation, the amount they are going to loan you and the amount you need to pay per month to pay off your debt. They will send the full offer details to you and the vendor.
Protect your property:
It is not just about buying your property, you will need to protect it from extrinsic and intrinsic hazards too. In case an unfortunate event occurs in future, you might want to get it covered in advance by going for a life insurance policy that would protect your property.
Timing and choosing the right lender:
Timing is a crucial factor here, as well as the choice of lender. Often both of them are inter-related. Some lenders might take more time in coming up with their mortgage offer but they might offer you the lowest rate. While some others might process your application within a week but would charge you a hefty sum. Here, you will need to strike a balance. Sometimes, it is better to pay some extra bucks to secure the offer instantly, so that you can purchase your dream home as soon as possible.