Western Suburbs, Downers Grove and Oak Brook Illinois real estate listings, home buying, selling and relocation information

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Buyers Remorse >First Time Loans

Most first-time buyers can qualify for a mortgage loan, but they may need help from parents to make the down payment or closing costs on their home. There are loan programs that minimize the down payment and closing costs for first-time buyers. These programs usually require that 3 to 5 percent of the purchase price come from the buyers' funds, not from a loan or gift. Most lenders ask for the last three months' bank records. The borrower will be asked to reveal the origin of any large deposits. If the money comes from the homebuyer's parents, the lender may not consider those funds when qualifying the buyers.

Parents who are planning to help their children finance a home should transfer any funds several months before the house-hunting process begins. If it is a loan rather than a gift, a formal re-payment agreement should be drawn up between parents and children to eliminate potential misunderstandings or future complications with either estate.

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Q	What does the abbreviation PITI stand for?
A	Principal, Interest, Taxes and Insurance are the four major items included in a monthly mortgage payment.
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RE/MAX Action Associates, REALTOR®, real estate agents and broker for Western Suburbs, Downers Grove and Oak Brook Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

RE/MAX Action Associates
RE/MAX Action
Corporate Office – 1550 Maple Ave
Lisle, IL 60532
Toll-free: 800-276-2600
Email: garyjacklin@NUMBER1EXPERT.com
RE/MAX Action Associates truly are "Mobile Agents. On The Move!" ® We are here to serve you every step of the way. RE/MAX Action's state of the art Corporate Office, Home Showrooms and mobile technologies are enabling our RE/MAX Action Team to provide our client's "Above the Crowd" service in their home purchase or sale. It's no wonder RE/MAX Action is the #1 Technology RE/MAX Office in Illinois and was named the RE/MAX Northern Illinois Technology Award winner for 2003 and 2004! Consummate professionals, RE/MAX Associates on average lead agents of competing brands in advanced real estate education and production. That's why they're known as "The Real Estate Leaders®" and why no one in the world sells more real estate than RE/MAX.

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