Buying a home means not only finding the right home, but hiring and coordinating with a lot of professionals that will help bring you to the closing table. Naturally, a good buyer agent will make recommendations and help with the coordination, so don’t be afraid to ask. Below you will find a list of all of the professionals that will assist you with your home purchase and an estimate of what you should expect to pay them. [Read more…]
The total out of pocket costs to purchase a home in Chicago is equal the down payment + closing costs + a few other factors that could have an impact depending on the situation.
Closing costs are separate and in addition to down payment. Closing costs are a combination of all of the fees charged by each vendor who is required to provide services to close your purchase. Even though each vendor sets their own fees, your lender is challenged with the task of giving you the initial estimate of what those fees are. The “lender fees” actually paid to the lender (such as points, underwriting, and processing fees) are usually just a small portion of the overall “closing costs” which are collected by other 3rd parties. [Read more…]
Property taxes are taxes paid to the county where you live to support local government. Some of the money will go to school districts for things like teacher salaries and pension, and some will go to your municipality for police and fire protection. Your tax bill will give you a breakdown of where the money is distributed generally.
Chicago is a city of lush architectural history. Home design in Chicago is particularly unique, and a number of regionally specific styles paint large swaths of it’s neighborhoods.
Ever wondered where your home sits among the heavy hitters of Chicago’s residential landscape? Odds are, if it’s in Chicago, it’s somewhere on this list!
Many first time home buyers are uncertain about when to shop for a mortgage and how to do so. It’s probably easier and less time consuming than you think.
Here are some quick tips on shopping for a mortgage:
- You only need to talk to one bank initially
- All banks follow the same guidelines outlined by Freddy Mac and Fannie May for loan preaprovals
- When you are under contract, then you can shop around to different lenders to find the best loan
ILEBA, or the The Illinois Exclusive Buyer’s Agent Organization, is an Illinois non-profit with a mission of pairing real estate buyers and suitable real estate agents in the state. The organization prides itself on providing functional matches, and connecting buyers with ethical, professional agents that meet their specific needs. [Read more…]