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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. |
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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. |
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Do you know your price range and housing budget? Your lender can help determine what you can comfortably afford. |
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Do you know which neighborhood or community you want to live in? |
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What type of property is ideal? Contemporary or traditional? Vintage or new? Loft or high-rise? |
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Are you interested in doing some renovation to the home you purchase? |
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How much space do you need? How many bedrooms? Do you need a home office? What about parking? |
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How do you commute? Do you need to be near the expressway or public transportation?
Will this change in the near future? |
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Are there any timing issues such as relocation, an apartment lease or a school enrollment deadline? |
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Property Inspection: $250-$750, depending on the size of the home |
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Lender Application/Appraisal Fee: $250-$350 |
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Lender Underwriting Fee: $75 - $225 |
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Lender Processing or Administrative Fee: $150 - $200 |
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Attorney's Fee: $500-$750 |
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Title Insurance Fees: $600 - $1500 (includes Document Preparation and Recording Fee, Lender Title Insurance Policy Fee, and Settlement or Escrow Closing Fee) |
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Homeowner's Insurance: For condominium or cooperatives: property insurance is typically included in your assessment; you will need to obtain a certificate of insurance from the association's carrier. For other properties: buyers are typically required to purchase a full year's homeowner's policy - check with your insurer regarding cost. |
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Revenue Transfer Stamps: Chicago: $7.50 per $1,000 of the purchase price. Wilmette: $3.00 per $1,000 of purchase price (Typically, buyer pays this although it is negotiable.) |
