Why is a home a great investment now? Where do we start?

This is one of the best times to purchase a home. The interest rates are low and the prices are low too. That means the home you purchase will be a great value for the price and the rate that you will pay on your mortgage will be low and make your payments lower. A double benefit for the buyer now!
First you have to pay a visit to one of the local lenders. You will need to put down on paper the amounts you make and the amounts you owe. Be sure to include all your student loans, your car loans, your savings amounts, your retirement accounts, 401 K's, all your credit card bills, and any other income and expenses you have. Make an appointment with a lender (if you need a name give me a call and I will fix you up--815-739-6627 my cell) and take in your information. They will tell you how much home you can afford. There really are two numbers, the one is the amount that you can afford and the other one is the amount you are comfortable with. We work with the amount of home you are comfortable with. They will give you a letter of prequalification so be sure you bring that with you when you go to look at homes, because we will put that with your offer when you make it and that is one way the sellers know you are serious about buying their property and you have the funds available to do it. (It may be that you have to wait and build up some money in a savings account or that you need a co-signer, like a relative.) Start making a list of the things you need in a home and a separate list of the things that you want in a home. Buying a home is like filling a grocery bag. You only have so much money to purchase the groceries with so you start with the most important things, the bread and milk, and then you add the extras, like steak, when you see how much you still have in your wallet.

Thinking about buying a home? It's a big decision!

So you're thinking about buying a home. Great idea and a great time to start looking for a home. Someone at work or a good friend just bought one and they started you thinking about making an investment in a home but the thought is overwhelming right now. Been there, done that! When my husband and I went to purchase our first home, in a small beautiful town in Iowa, in 1971, he stood in the basement of the home we wanted and we started to figure how we could pay for it. He said this is what I will take home and this is the car payment amount and how will we be able to do this. (The payment was going to be $193 a month!!) I told him I would get a job and we didn't have any kids so we would be fine. We bought our first house for $27,500 and then added an additional 10 feet of land for another $2500 and the man who sold the 10 feet to us financed the $2500 with no interest. (You have to remember it was 1973 and some people just were kind and wanted to see two green kids start their lives with some help!) It was a good home and we lived there for 13 years. Sold it for $50,000 in a depressed market after renting it for 3 years. So much for the good old days--

Now you need to know why you should think about buying a house and how to go about it. First of all--a house is a great investment. Now is the time to talk about investments. If you invest in a roof over your head it protects you and your family from the outside elements. No one can tell you what color to paint it or what nails you can put in the walls. If you make your payments and pay your taxes no one will take it away from you for the most part. This year has been both good and bad in the real estate market. People who have sold have been able to move on and those who have made purchases have gotten low rates and great buys. And of course are living happily ever after...