Home Buyer FAQ

In practice, yes. Most listing agents in Kendall and Kane County expect a pre-approval letter with any offer, and in a competitive situation you will not have time to get one after you find the house. Pre-approval also tells you your real budget, which shapes everything else. It usually takes a lender a day or two. Start with our home financing guide, then get connected with a lender before your first showing.

Less than most people think. Twenty percent down avoids private mortgage insurance, but it is not the entry price. Conventional loans start around 3 to 5 percent down, FHA requires 3.5 percent, and VA and USDA loans allow zero down for eligible buyers. Illinois buyers may also qualify for IHDA down payment assistance programs. On a $350,000 home, 5 percent is $17,500 — a very different number than $70,000.

As a general rule, conventional financing looks for a score around 620 or higher, and FHA programs can work with lower scores, often down to about 580. A stronger score earns better loan pricing, but lenders weigh your whole file — income, debt-to-income ratio, and payment history. If your score is borderline, talk to a lender early; a few targeted moves over a couple of months can change what you qualify for.

Plan on roughly 2 to 3 percent of the purchase price on top of your down payment. That covers lender fees, title charges, recording fees, your attorney (Illinois transactions customarily include one — typically a flat fee of a few hundred dollars), and prepaid items like insurance and tax escrows. One local quirk in your favor: Illinois property taxes are paid in arrears, so buyers generally receive a tax proration credit from the seller at closing.

Agent compensation is negotiable and is spelled out in a written buyer representation agreement before we tour homes together — that is now standard practice nationwide. In many Fox Valley transactions the seller offers compensation to the buyer’s agent, and we discuss exactly how it works for your situation at the first consultation, before you owe anything or sign anything.

Earnest money is a good-faith deposit that accompanies your offer, held in escrow and credited toward your purchase at closing. Locally it commonly runs about 1 to 2 percent of the purchase price. It is protected by the contingencies in your contract — attorney review, inspection, and financing — so walking away for a covered reason means the deposit comes back to you.

Illinois has a rhythm to it: first comes attorney review (typically five business days under the Multi-Board contract, when your attorney can propose modifications), then the home inspection, then your lender orders the appraisal and finalizes underwriting. We do a final walk-through right before closing. From acceptance to keys is usually 30 to 45 days on a financed purchase.

We rarely recommend it. An inspection is a few hundred dollars protecting a few hundred thousand. In a multiple-offer situation there are safer ways to compete — a shorter inspection window, an information-only inspection where you agree not to ask for minor repairs, or stronger terms elsewhere in the offer. We will walk you through the trade-offs listing by listing.

The Fox Valley has both in volume — active new-construction communities in Yorkville, Oswego, Plano, and Montgomery alongside established resale neighborhoods. New builds offer warranties and modern layouts at a premium, with six-to-nine-month timelines. Resale closes in 30 to 45 days, often with mature lots and established taxes. One thing many buyers do not know: you can bring your own agent to the builder’s sales office at no cost to you — just bring us to the first visit.

Illinois property taxes are among the higher in the country, and they vary meaningfully by community and taxing district, so we look at the actual tax bill on every home you consider. Taxes are paid one year in arrears, and exemptions — homeowner, senior, and others — can reduce the bill on your primary residence. The right move is simple: budget with the real number, not the listing estimate.

Yes, and there are several ways to structure it: a home-sale contingency, bridge financing or a HELOC on your current home, or negotiating timelines so both closings line up. The right path depends on your equity and the market for your current home. Since we would be handling both sides, we coordinate the two transactions so you are not moving twice or carrying two mortgages longer than necessary.

The search is the variable — some buyers find the right home in two weekends, others take six months. Once you are under contract, the timeline is predictable: 30 to 45 days to close on a financed purchase, faster with cash. If you have a lease ending or a relocation date, tell us up front and we will build the search around your deadline.