Free Articles  >>  Business And Finance >>  Page 2346  >> 

Financing A New Home Calls For A Plan

Home ownership has been called the Great American Dream for generations. Given the current housing market, the realization of this dream may seem out of reach for many families. There are a few tricks of the trade, including planning and budgeting, that can help put a family into the home of their dreams. Potential home buyers in the greater Chicago area are fortunate to have options that can see that dream through to reality.

In general, planning for the purchase of your first home begins well before the first appointment with a real estate agent. To prepare for the process, a favorable credit rating is a good place to begin. If you have credit card balances, keeping them under 25% of the total amount of the credit line is advisable. Once you know buying your first home is in the near future, refrain from making large purchases with your credit cards.

Try to make your credit report look as good as possible. Work on paying off other debts, long standing loans such as student loans, that might make your credit look less than desirable. Take a good look at your credit history. If there are outstanding blemishes, get them resolved as quickly as possible.

For those who may find it a challenge to put down a large down payment, government programs exist to assist qualifying families. Dubbed 1st Time Home Buyers, this program sets aside federal funds that assist families who meet income guidelines with $3,000 to even $5,000 toward the down payment. Chicago first time home buyers can take advantage of this program as well because these funds are given to states and come from the Federal Housing Authority. The funding is on-going and capable of helping many families get a mortgage for a home.

As simple as it may sound, sitting down at the kitchen table with a list of bills and a calculator is another essential step to making the dream for first time home ownership come true. Understanding just how much home you can afford serves two purposes. For one, it gives prospective homeowners a place to start when they begin their hunt for a new home. A good grasp on financial planning ensures the homeowner will be prepared for the expenses that go along with the purchase of a new home.

Secondly, knowing what type of payment will work within the monthly budget can help narrow down the type of loan that will be the best fit. Potential 1st time home buyers would do well to consult with a mortgage specialist early in their search for a new home. Other programs exist as well, some that give special funding for veterans, teachers, nurses and others. Some programs may even help specific families find their way into home ownership for 0% down, so get started by talking to a qualified lender as soon as possible.

About Author Nick Messe :

When you are a first time home buyer in Chicago you need mortgage advice you can count on. Call 773-305-LOAN for a free quotation without obligation on a Chicago 1st time home buyer mortgage or mortgage refinance - <a href="" target="_blank"></a>

Article Source:
Article Url:

Article Added on Wednesday, August 25, 2010
Other Articles by Nick Messe

Halt Those Annoying Calls With A Bankruptcy Lawyer
For many Americans in today's economy, a telephone call is enough to trigger that uncomfortable feeling in the pit of your stomach. The call is from another creditor looking for payment and perhaps threatening foreclosure and repossession of your car or home. It's a scary and difficult time, but it's also not a time to ignore the phone and your deepening financial difficulties. You probably have bankruptcy questions and that puts you in a similar situation to millions of other Americans....

What Are Mortgage Home Loans And Equity Home Loans
? Mortgages loans can be a confusing topic even for the financially literate and the government's attempts to clarify matters sometimes does more harm than good. One way to start deciphering the code is by enlisting the help of a mortgage professional, but it pays to know something of the basics from the beginning. The difference between a mortgage home loans and mortgage equity loans is fundamental. First, though, they share the key similarity of being secured loans, which means that both...

Are You Ashamed That Creditors Are Harassing You
? Many men and women that find themselves overwhelmed by consumer debt are ashamed to admit that creditors are harassing them with constant phone calls at all hours of the day and night. In truth, poor financial decisions do not erase your consumer rights and a debt relief attorney can put a cease fire on those phone calls immediately. A good bankruptcy attorney can come alongside you in order to negotiate deals with your creditors and to answer all of the bankruptcy questions that may arise...

Should I Obtain VC For My Fledgling Company
? No matter what new venture you have conceived, most business start ups need initial capital for product development, inventory, marketing, facilities, legal expenses, and a host of other expenses. This article explores some of these alternatives. There are many sources of funding for new businesses, each with a level of risk. You could fund your project with savings or a home equity loan. Obviously, if your business fails you will have nothing to fall back on. Small business loans are an...

If Bill Collectors Are Threatening Get A Debt Relief Lawyer
Being in debt is a stressful situation for anyone to endure. Whatever the cause of your financial problems, the added agony of harassing bill collectors makes the problem even worse. Finding yourself cringing every time that the telephone rings creates an atmosphere in your home that is not conducive to your overall well being. If this is happening in your life, it is time to call a debt relief lawyer. Getting out of debt and retaking control of your finances becomes much easier when you...

Do You Jump Whenever Your Telephone Rings
? In this day and age, it is entirely all too common to see people in debt, far over their heads and light years behind their financial capabilities to repay it. Unfortunately, along with debt frequently comes the harsh reality of harassing telephone calls and rude letters from creditors who demand upfront payment that you simply can't afford. What if there were a way to stop these dreaded telephone calls and letters and find a solution that could erase your less-than-perfect credit history?...

You re Cramped For Space But Don t Want To Move
So you've got a baby on the way or you're getting married or you're taking on a roommate or you just plain need more space for one reason or another. Now, you have two options. The first is to move, the second is to remodel. If you don't want to move, that's understandable. It's difficult finding a great home these days, and even trickier finding one for a reasonable price. Maybe you love the location, maybe you love the neighborhood or the view from the back porch or you just love the home...

Finding a Good Heating Contractor
The design of a new home, or even when planning extensive reconstruction or renovations of an existing home, should include detailed written plans. Many homeowners today will tackle a home renovation or building project on their own using their own plans. However, when choosing this option, homeowners should pay special attention to the location and placement of all heating components. Many homes today, especially those in the northern regions where the seasons can be more harsh, can often...

Collecting Debts Has Become Trickier Due To The FDCPA
Many debtors believe that bill collectors can use any means necessary to collect money. This is far from the case because debtors have specific rights that can stop debt collection harassment dead in its tracks. These laws can help debtors avoid many of the brazen tactics that collectors often still use to collect money from debtors. This is true because of the Fair Debt Collection Practices Act. The FDCPA outlines the procedures that bill collectors can use to collect a legitimate debt. The...

What Are The Advantages Of An Estate Plan
? An estate plan is a legal plan of action to be executed upon the death of the primary owner. An estate plan can help the family members make sure they remain financially comfortable upon either the mental disability or death of the testator, whichever comes first. If mental disability comes, two plans should be in place. One plan will take care of personal decisions. The second will take care of financial decisions. If the planner should die, two other plans are required. One plan is needed...

Click here to see More Articles by Nick Messe
Publishers / Webmasters
Article ID: 256618
DELINK URL from Authors Bio
REMOVE Article
Tell A Friend
Leave A Comment!
Download this article in PDF
Report Article!
Search through all the articles:

216 Users Online!!
Related Articles:
Latest Articles:
Business And Finance >> Top 50 Articles on Business And Finance
Category - >
Advertising Advice Affiliate Programs Automobiles
Be Your Own Mentor Careers Communication Consumers
CopyWriting Crime Domain Names DoT com Entrepreneur Corner
Ebooks Ecommerce Education Email
Entertainment Environment Family Finance And Business
Food & Drink Gardening Health & Fitness Hobbies
Home Business Home Improvement Humour House Holds
Internet And Computers Kiddos and Teens Legal Matters Mail Order
Management Marketing Marriage MetaPhysical
Motivational MultiMedia Multi Level Marketing NewsLetters
Pets Psychology Religion Parenting
Politics Sales Science Search Engine Optimization
Site Promotion Sports Technology Travel
Web Development Web Hosting WeightLoss Women's Corner
Writing Miscellaneous Articles Real Estate Arts And Crafts

Disclaimer: The information presented and opinions expressed in the articles are those of the authors
and do not necessarily represent the views of and/or its owners.

Copyright AwareINDIA. All rights reserved || Privacy Policy || Terms Of Use || Author Guidelines || Free Articles
FAQs Link To Us || Submit An Article || Free Downloads|| Contact Us || Site Map  || Advertise with Us ||
Click here for Special webhosting packages for visitors of this website only!
Vastu Shastra

Linux Web Hosting Provided By AwareIndia

Company IDS