Buying your first home goes in a predictable order: set your budget and get pre-approved, sign a buyer agreement, tour and make offers, complete inspection and attorney review, then close. Knowing the order makes each step feel manageable.
1. Budget and pre-approval
Start with a lender, not a listing. A pre-approval shows what a lender may be willing to offer based on your finances, and it tells sellers you are serious. Compare more than one lender, and ask each to explain every fee.
2. Plan for the full cost of owning
The monthly payment is only part of it. Plan for property taxes, homeowners insurance, maintenance, and any association dues. Cash to close also includes your down payment and closing costs. Ask your lender about programs, since the Illinois Housing Development Authority and other programs may offer down payment help. Eligibility varies, so verify details with a lender.
3. Sign a buyer agreement and tour
Your agent will review a written agreement with you before touring homes. See our guide to buyer agreements for what it covers.
4. Offer, inspection and attorney review
After your offer is accepted, your attorney reviews the contract and you schedule an inspection. Deadlines are set by the contract, so keep them in view.
5. Closing
Before closing, you will complete a final walk-through, wire or deliver funds as directed, and sign. Always confirm wiring instructions by phone with a number you trust, since wire fraud targets buyers.
Frequently asked questions
How much do I need to put down?
It depends on the loan program and your lender. Ask for options so you can compare, and remember to budget for closing costs and reserves too.
Do I need a real estate attorney in Illinois?
It is not required by law, but most Chicagoland buyers and sellers use one for contract review.
What is pre-approval?
It is a lender review of your finances that indicates what you may qualify to borrow. It is not a final loan commitment.
Sources
- Illinois Housing Development Authority — homebuyer programs
- Consumer Financial Protection Bureau — Owning a Home tools
This article is general educational information for Illinois home buyers and sellers. It is not legal, tax, lending or financial advice, and rules, rates and fees change. Confirm details with your attorney, lender or title company. Darren Reagan, REALTOR®, License 475.170639, Charles Rutenberg Realty.
