So you want to buy a home in NorthWest Indiana, now what?

So you want to buy a home in NWI! Now what?

So you’ve decided you want to buy a home in Northwest Indiana. 

That’s awesome!

But what is the first step?

That’s what I’m going to answer for you!

The typical answer that has been popular for years is - “TALK TO A MORTGAGE PROFESSIONAL!”

I get it.

It makes sense.

But who does it make sense for?

It makes sense for the real estate agent.

The real estate agent who would love to only show homes to fully Pre-approved buyers.

Sure, that sounds amazing.

But I’m real life. 

I know that sometimes you just want to look at a few homes, to get a feel for the market. 

So, with that being said, my advice is to talk to a realtor (me!) first.

When we first meet, I am going to go over a lot of things.

• Where do you want to live?

• What budget would you like to stick to?

• What are your “must haves” in your new house?

• What is your time frame?

• How will you be purchasing? 

• Any other concerns you may have about buying.

Where do you want to live

Personally I think this is most important. You have to love the city you live in. 

This is where I would spend the most time and effort in narrowing down what you want.

What budget would you like to stick to?

I always ask what monthly payment can you afford on a bad month. When we budget we tend to think of an “ideal month”, but you should budget based on a bad month.

What are you must haves in your home?

This is where you’re going to narrow down what you want in your home. 

How many bedrooms?

How many bathrooms?

Basement?

Garage?

Fenced in yard?

These are all the questions you need to ask yourself about your new home. 

What is your time frame?

Do you have a current lease, that you need to be aware of?

How “unique” is the home that you want? Are there many homes that you’re interested in or are you looking for something super specific. 

The reason I ask this, is because if you’re looking for something super rare, then you should start your search sooner rather than later. 

A typical home search in my experience takes about 15 to 60 days. Obviously there are some exceptions to this. 

Once you go under contract it should take anywhere from 30 to 60 days to “close” on your new home.

What is closing?

Closing is the actual transfer from one owner (the seller) to you (the buyer)

But usually the process to get to closing takes about 45 days. 

How will you be purchasing?

Most people are getting a mortgage. You may be purchasing all cash (it does happen more than you’d think).

I will go over all the mortgage options that would make sense for you, but a local lender will be the best option. I will give you a great referral to a lender that works well for your situation. 

Any other questions you may have.

Inevitably at this point your mind has 100’s of questions. At this time I would address those questions and make sure you are comfortable with the process. 

Okay great, now what? 

At this point, once we’ve narrowed down all these different factors. I will set you up on a search for homes you may be interested in. 

You will reach out to a local lender to get a pre approval. They will ask for two months of bank statements and 2 years of tax returns. In total it’s usually a 15 minute phone call. People dread making this call, but honestly it’s really easy.

If you find a home you love, we’ll go see it! I don’t care if your pre approval is in place at this point (cue other realtors screaming at their computers upon reading this). 

I would hate for you to miss out on your dream home over a small formality. 

I hope this post helps you come up with a plan.

As always if I can help in anyway please feel free to reach out to me anytime call or text (219) 218-1181. 

Thanks,

Jeff