Purchase a Home
Purchasing a home is a very exciting time, and being well prepared will help you make better decisions. Take this opportunity to learn more about home buying and the mortgage process. Below and throughout this site you will find information that will help you with the purchase of your new home.
Am I really ready to buy?
Buying a home offers many advantages, one of the most significant being that it allows you to build equity (ownership) when you pay your mortgage each month. A common myth is that monthly mortgage payments are more expensive than rent. But, in many cases, mortgage payments can be even less than rent. When considering home ownership for the first time, you need to decide whether buying makes financial and practical sense for you right now or if you are better off renting. Consider both the advantages and disadvantages to renting as well as buying, and weigh the pros and cons for your particular situation.
How much “house” can I afford?
The first step toward finding the right home is to quickly compute your purchasing power and determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range.
Some up front costs include:
Down payment: Typically ranges from 3-30% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20% you may also need to pay mortgage insurance.
Closing Costs: Typically range from 2-6% of the loan amount depending on your area.
On-going Costs: Your housing costs can include the following:
Monthly mortgage payment
If applicable - Flood Insurance
If applicable - Property taxes
How much can I get pre-qualified for?
Before you go looking for a home, you should see if you are financially able to get a mortgage and get an estimate of what you pre-qualify for from a lender. If you are working with a real estate agent, getting pre-qualified lets them know you are a knowledgeable and serious buyer.
Don't Wait! Find out about your options Today!
Our Happy Clients
"We used Vito for our recent purchase of a house in Hoffman Estates. We found Vito very helpful and knowledgeable and easy to work with. He also gave us the best possible rates at the time. We recommend you give him a try if you are in the market for a house. You will not be disappointed."
"I could not have purchased my dream house without the help of Vito, he made the entire process effortless! When other lenders boxed me up against the corner telling me what I couldn't do, Vito made it happen! He made everything seem so easy, while working very hard in the background. I simply can't say enough about how great Vito was to work with."
"Vito was an absolute pleasure to deal with, he definitely helped make our home purchase a lot less stressful. Any questions we had regarding our loan Vito was very quick at getting back to us. I would highly recommend Vito to anyone looking for a home loan expert "
"Vito was amazing!! He helped us to get our credit on track to be able to purchase our first home. He was very professional and helpful with everything we went through. We love our home and will recommend him to all our friends and family. Thank you so much!"
"I have nothing but nice things to say about Vito. He was attentive throughout the whole process. He always answered the phone when I had questions or concerns. He made things run so smoothly. He got my wife and I a fantastic rate (at closing, our interest rate was lower than we thought when we received for the pre-approval)! Once we signed the contract we closed in a matter of weeks! I would HIGHLY recommend Vito!"
"I purchased my first home threw Vito Busano and the experience was Professional, Organized and Timely. At the closing all the bank documents were there a day in advance which allowed me to have a smooth and fast problem Free closing. I HIGHLY RECOMMEND Vito Busano!"
"Vito was absolutely stunning in helping not only obtain a mortgage to get our first home but to help get our credit score up in order to get a lower rate. It was very easy going, incredibly responsive, and beyond helpful with all of our questions. I would highly recommend him for any mortgage assistance you may need."
"My experience with Vito has been outstanding! His confidence was very reassuring to me. I was able to sit back and take a deep breath and just know that Vito had it all under control. He was personable, pleasant to work with, and most importantly he got the job done in exactly the right time frame. He is truly awesome. My realtor and the title company were also VERY impressed with Vito. Thanks to Vito I am comfortably sitting in my new home drinking my first cup of coffee here."
"Vito and his staff at Lifestone Mortgage were AWESOME! They gave me all the numbers upfront and it even came out better than expected! We were ready to close even before the sellers! I would recommend Vito to anyone needing a mortgage broker!"