A close-knit residential community with large, gracious homes located near forest preserves and parks, Sauganash is one of Chicago’s top neighborhoods for those who are looking for some peace and quiet without straying too far from the city life. Sauganash is truly a refreshing place to visit or live in due to the wonderful woods homeowners in Illinois.
Sauganash Woods Homeowner’s Association, a well-known Homeowners Association in Chicago, Illinois, lists 3 things that you should avoid before buying a Sauganash home.
- Do not forget to check your credit
Your credit score says a lot about who you are. It lets a lender know whether you are financially responsible and indicates the likelihood that you will be able to pay off your debts. Since it is often one of the major criteria that lenders use when approving homebuyers for mortgages, it is a good idea to check your credit score before you fill out an application for a home loan. If you notice any discrepancies or other issues, have it corrected immediately.
- Do not make major purchases
Whether its furniture, jewelry, appliances, vacations, a car, or anything else that would create a debt of any kind – resist the urge to make major purchases until your home purchase is complete. Big-ticket items purchased before buying a home can alter your debt quality, credit status, and it may cause the lender to take a second look at your financial stability. When you are buying a home, it is best to stay away from anything that will make it look like you do not have your finances under control.
- Do not change jobs
Changing jobs in the middle of purchasing a home is highly unadvisable. Lenders look closely at your employment history. After all, they want to make certain that you are financially capable and stable of making your loan payments. By changing jobs before or during your loan application, you may become less appealing to the lender. Changing situations may cause the lender to think that you are unstable or that you will not have a steady income to keep up with your mortgage payments.
The Bottom Line
If you cannot buy a house without getting a mortgage, it is in your best interest to avoid any moves that could prevent you from qualifying for one. To make sure that you are making good financial decisions and to stay on track financially, consider working with a financial advisor.
If you would like to learn more about the Sauganash community, let us help! Our association is composed of friendly community homeowners who would be happy to answer your inquiries.