Posted: 5/24/2006 6:57:11 AM EDT
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I will be moving to central IL in a couple of months. I am looking at the price to rent v. the price to buy a small place, and it would seem that renting does not make much sense. What say you ARFCOM? |
| The housing market here is very reasonably priced compared to other areas. If I remember correctly, you're headed for the B-N area, where recent growth has inflated prices a bit, but if you've got your stuff together, you should be able to get into one of the yuppie McMansions that have sprung up there. A lot of them are turning over now from bankrupcies. I live 30 miles from Bloomington, and we're still VERY cheap on housing. |
Yeah, just south of champaign. It seems like a lot of the mcmansions are going to be going that route in the next few years. Should I be looking for a lender in the area, or is there another route that might be better? |
I say you are an idiot for moving INTO Illinois. Other than that, buy quickly. Interest rates are going back up. You should have bought a year ago. |
+1 Just be sure you understand Illionis firearm laws before moving there. If you post here, there is probably a good chance you own something you will not be able to take with you to Illinios. |
Shop around... some. They will all want to pull your credit report, and I understand that can affect your rating. Try your current bank, a mortgage company, and a mortgage broker. Compare them all for rates and service. Trust your gut, too. The mortgage industry is ripe with poor business practices. You will not get as good of a rate as you would have a year ago, but with rates going up lenders will be working harder to get their share of reduced business. Never pay anything upfront. Also, your realtor will be able to suggest some mortgage sources, that's part of their job. Congradulations on your new teaching job! (Got anything you want me to...uhhhh... store for you?) 
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Don't forget the cost of a house is much more than just the mortgage. Insurance. PMI if you don't have 20 percent. Another 2k-5k for taxes, plus another 2k or so for repairs/upgrades every year. Bigger water bill, gas and electric bills. These things all surprised me in my first house. So say for a 100k home, expect to shell out around 14k-16k a year. |
| Busey Bank is real good to work with, and their main base of operation is just up the road from you in C-U. You'll probably qualify for a rural development loan in Tolono, which is great if you don't have a lot of scratch to lay down. When you're getting monthly payments quoted, ask them what the escrow amount is so you get a better idea of your real payments. |
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Read this book: Home Buying For Dummies It is the best book I've read for homebuying. It takes you through the entire process (including IF you should buy). Best of luck. |
And add even more if you plan to do any remodeling. I'm always doing remodeling. |