Resources for Buyers

Financial Considerations

• Have you met with your lender to be pre-approved? Don't bother with pre-qualification—obtain a pre-approval; it's a commitment from the lender.
• Do you need to sell your current home before purchasing? Talk to your lender to see how you can bridge the financial gap between the purchase and sale.
• Do you know your price range and housing budget? Your lender can help determine what you can comfortably afford.

Property Considerations

• Do you know which neighborhood or community you want to live in?
• What type of property is ideal for your lifestyle? Contemporary or traditional? Vintage or new? Loft or high-rise?
• Are you interested in renovating to the home you purchase?
• How much space do you need? How many bedrooms? Do you need a home office? What about parking?
• How do you commute? Do you need to be near the expressway or public transportation?
• Are there any timing issues to consider such an apartment lease or a school enrollment deadline?

Some of your Costs of Purchasing

• Property Inspection: $250-$750, depending on the size of the home
• Lender Application/Appraisal Fee: $250-$350
• Lender Underwriting Fee: $75 - $225
• Lender Processing or Administrative Fee: $150 - $200
• Attorney's Fee: $400-$750
• Title Insurance Fees: $600 - $1500 (includes document preparation and recording fee, lender title Insurance policy fee and settlement or escrow closing fee)
• Homeowner's Insurance: For condominium or cooperatives, property insurance is typically included in your assessment. For other properties, buyers are typically required to purchase a full year homeowner's policy. Check with an insurance agent for more details.
• Revenue Transfer Stamps: Chicago: $7.50 per $1,000 of the purchase price. Price varies by community.