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The questions we hear most, the jargon translated into plain English, and the links worth bookmarking — all in one place.
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 the terms list below), 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 typically run a few hundred dollars, 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.
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 honestly what it takes to win the unit you want.
The questions that separate a tour from due diligence. Bring these with you — or bring us, and we'll ask them for you.
After hundreds of transactions across Chicagoland, we've built a deep bench of professionals we trust with our own clients — mortgage lenders, real estate attorneys, home inspectors, contractors, handymen, movers, and more. Just ask: chrisw@fultongrace.com — referrals are always free, with no strings attached.
No such thing as a silly one. Ask us anything — that's the job.
Ask The Boulevard Group