May 31, 2013

Chicago Area First Time Homebuyers

The greater Chicago housing market offers numerous housing opportunities. Chicagoland has something to offer every type of home buyer. Whether you are looking for a spacious home in the suburbs to raise a family, a swanky loft overlooking Lake Michigan or anything in between, Chicago has something to offer. With diverse neighborhoods in downtown and in the suburbs, Chicago and the surrounding area, will suit anyone’s needs. Shopping, museums, sporting events and hundreds of restaurants are all just around the corner.

As potential first time homebuyers in the greater Chicago housing market, many young people may be under the impression that they are incapable of purchasing a home in their early to mid-20s; however this is not the case. If you have been working for a few years and have saved some money, there is no reason you shouldn’t be able to find a house you like. Purchasing a home can be a great investment for most people, young and old alike.

Most people think that they cannot afford a home because of the monthly payments, but in reality your mortgage payments won’t be too much more than what you are already paying in rent. There is also the assumption that you need to be able to make a large down payment on a home, but with many different types of loans this is not the case. With today’s mortgage options you can put as little as 3.5% down with an FHA mortgage loan. There are also some conventional mortgage loans that only require 3.0% down.

Buying a home is an investment. Buying a smaller house when you are younger gives you many opportunities and options. More often than not home values increase. With the money you earn on a home purchase, you can refinance and fix up your home (also increasing its value) or you could sell your home and use the equity to buy a bigger home.

United Home Loans offers free mortgage pre-approval’s for potential home owners looking to purchase a home in the greater Chicago area. To get started, contact us below or call 708-531-8388.

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