Thinking about tapping your 401(k) for a down payment? It can be tempting, especially when saving enough cash feels like the biggest hurdle to buying a home. But accessing retirement savings early can come with taxes, potential penalties, and the bigger long-term cost of missing out on future investment growth. Before touching your retirement account, explore other possibilities. Qualified buyers may be able to use an FHA loan with as little as 3.5% down, and down payment assistance programs may also be available. Talk with a qualified financial advisor about the financial side, and if you're wondering what home-buying options are available in Northern Illinois, contact The Kombrink Team at 630-402-0021.
Northern Illinois Real Estate Videos & Market Updates
Get straightforward real estate advice, housing market updates and local insights from The Kombrink Team. Our Northern Illinois real estate videos cover home buying, selling, home prices, mortgage rates, home equity and current market conditions throughout Geneva, St. Charles, Batavia, Aurora, Elgin, Naperville and communities across Kane and DuPage Counties.
Whether you're planning a move or simply keeping an eye on the market, browse the latest videos below or choose a topic to get started.
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Found 4 videos about "Home Buying Tips"
If you’ve owned your home for several years, you may have built more buying power than you realize. The typical repeat buyer is putting around 23% down on their next home, often using equity from the home they’re selling. That larger down payment can mean a smaller mortgage, lower monthly payments, less interest over time, and potentially no private mortgage insurance. So if today’s mortgage rates have you wondering whether your next move is still possible, don’t assume the answer is no. Your current home equity could change the math quite a bit.
A lot of buyers are putting their plans on hold until mortgage rates come down. But historically, today’s rates are closer to normal than many people realize. The ultra-low rates during the pandemic were the exception, not the rule. Waiting for those record-low rates to return could mean missing opportunities that are available right now. If buying a home is important to you, The Kombrink Team can help you explore strategies that make today’s market work for your budget.
Moving soon but not sure whether to sell your current house or buy your next home first? Selling first can help you avoid carrying two mortgages, give you a clear picture of the money available for your next purchase, and make your offer more attractive to sellers because it isn’t dependent on another home selling. The best order depends on your finances, timeline, and the local housing market. Reach out to The Kombrink Team, and let’s create a moving plan that keeps the stress and surprises to a minimum.
