Frequently asked questions

Less than you might think. Conventional loans start at 3–5% down, FHA at 3.5%, and VA loans at 0% for eligible veterans. Putting less than 20% down usually means paying PMI (see our real estate terms page), but waiting years to save 20% often costs more than the PMI does. Illinois also offers down payment assistance programs for qualifying buyers, ask us what you might be eligible for.

Yes, and it's a good thing. Illinois is an attorney-review state: after the contract is signed, your attorney reviews and can modify it during the attorney review period. Fees are typically a flat $650 to $1,000 for the entire transaction, paid at closing rather than upfront, and it's some of the best money you'll spend. We can recommend attorneys our clients trust.

Earnest money is a good-faith deposit that accompanies your offer, typically 1–5% of the purchase price in Chicago, delivered in two installments (an initial deposit with the offer, the balance after attorney review). It's held in escrow and credited toward your purchase at closing. If the deal falls apart during your contingency periods, you generally get it back.

Closing costs are everything you pay at the closing table beyond the price of the home itself. For buyers in the Chicago area, plan on roughly 2 to 5% of the purchase price, and the percentage tends to run higher on lower-priced homes because several of the fees are flat. They break into a few buckets: lender charges (loan origination fees, discount pointsOptional upfront interest you can pay at closing to permanently lower your mortgage rate. One point costs 1% of the loan amount. if you choose to buy your rate down, the appraisal, and credit report fees), title and closing charges (title insuranceA one-time-premium policy that protects you and your lender if a problem from the property's ownership history ever surfaces, like an old lien or a forged signature. and the title company's closing fee), your attorney's fee (typically a flat $650 to $1,000 for the whole transaction), recording fees and transfer taxesGovernment fees for transferring ownership. In Chicago the buyer customarily pays the larger city portion, while the seller covers the state, county, and a smaller city share., and prepaids and escrowsCosts paid in advance at the closing table: your first year of homeowners insurance, a cushion of property taxes into your escrow account, and interest from closing day to month's end.. Condo buildings often add a move-in fee, and remember your earnest money comes back to you here as a credit toward the total. Also worth knowing: before closing day, your only out-of-pocket costs besides earnest money are the home inspection, paid directly to your inspector, and the appraisal fee, which your lender collects. Everything else waits for the closing table.

Nothing about this number should be a surprise: your lender gives you an estimate when you apply, and the final Closing DisclosureThe standardized final statement of your loan terms and every dollar due, delivered by your lender at least three business days before closing so there are no surprises. arrives at least three business days before closing, which we and your attorney review with you line by line. Tax prorationsClosing credits that fairly split ongoing costs, like property taxes, between buyer and seller based on the closing date. from the seller often offset a meaningful chunk. Sellers have their own set of costs (commission, transfer taxes, prorations), covered in the selling question below.

From accepted offer to keys, plan on 30–45 days for a financed purchase (cash can close in as little as two weeks). The search itself varies wildly, some clients find the one in a weekend, others take a year. We're patient; we work on your timeline.

The main costs: brokerage commission, attorney fees, title and transfer taxes (in Chicago, the seller pays state, county, and a portion of city transfer tax), prorated property taxes, and any negotiated repair credits. We'll walk you through a net sheet before you list so there are no surprises at the closing table.

Before you fall in love with anything. A pre-approval defines your real budget, strengthens every offer you write, and surfaces any credit issues while there's still time to fix them. It costs nothing and doesn't lock you in.

Illinois property taxes are paid in arrears, this year you're paying last year's taxes. At closing, the seller credits the buyer for taxes accrued but not yet billed. Cook County reassesses on a three-year cycle, and exemptions (homeowner, senior, etc.) can meaningfully lower the bill, worth checking that they're applied.

Chicago's rental market moves fast, the best apartments often go within days. Expect to provide proof of income (typically 2.5–3× monthly rent), a credit check, and possibly a co-signer. Our team has closed nearly 1,000 rental transactions; we'll tell you what it takes to win the unit you want.