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News About Real Estate Chicago: You
Don't Need 20% Down Any More
First-Timers Not Necessarily Excluded From Homes
in the Chicago Real Estate Listings Due to Financing
Rachel Caliver discovered there are many new options when it came to financing real estate, Chicago homes being no different. "I had no idea that when it came to help with money for housing, mortgage lenders could be so agreeable."
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The 27 year old account rep, and husband Garrett, were hoping to finally escape the noisy and cramped apartments they had been living in. But like many first-time homebuyers they struggled to save enough for the down payment. And worried that the spiraling prices of Chicago area homes for sale might force them to put their dream on the back burner. "Yes it helped that we had a good credit history, as well as a the income-to-debt ratios the bank was looking for. But we've struggled to save money." That's not to say wages are keeping pace with the cost of housing. They aren't in many cases. Leaving families like the Caliver's priced out of the market for real estate in Chicago at times. |
Then too property taxes are another issue. John Wasik wrote on Bloomberg.com that "a survey of 12 metropolitan areas that included New York, Los Angeles, Boston and Chicago, (showed) property taxes increased 23 percent from 2000 to 2004"
Just don't borrow more than you can afford to pay. And only you know how much you can comfortably pay each month for your home mortgage.
And whether it's real estate Chicago proper or elsewhere in greater Chicagoland, try to lock in a fixed rate mortgage.
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