By Jake Kilts, HomeSmart Realty Group · 630-487-1896
Buying your first home in Naperville, Lisle, Downers Grove or the rest of the western suburbs comes down to eight steps. This roadmap walks through each one in order, what it costs, and how long it usually takes, with links to the official sources so you can check the details yourself.
At a glance
Your roadmap
Tap any step to jump to it.
Loan programs, limits and fees change. Treat this as a starting point and confirm anything important with your lender, your attorney or me.
Step 1: Know your number
Start with the monthly payment you are comfortable with, not the price a lender will approve. Your payment includes principal and interest, property taxes and homeowners insurance, plus mortgage insurance with a small down payment and HOA dues if the home has them. Property taxes in DuPage and Will counties are a big part of the payment, so look at the tax bill on every listing, not just the price.
The Consumer Financial Protection Bureau has free tools for this in its Buying a House guide.
Step 2: Get pre-approved
A pre-approval means a lender has checked your income, assets and credit and will put in writing how much they expect to lend. Sellers here expect one with every offer. It usually takes a few days once you send your documents.
- Last 30 days of pay stubs
- W-2s for the last 2 years (tax returns if self-employed)
- Last 2 months of bank and investment statements
- Photo ID
- Where your down payment is coming from, including any gift letter
Talk to at least two lenders and compare their official Loan Estimates side by side. If you want a starting point, my Trusted Pros page lists the lender many of my buyers use. You are always free to choose your own.
Step 3: Find down payment help
The Illinois Housing Development Authority (IHDA) offers down payment and closing cost assistance for qualifying buyers, including some programs that are forgiven over time. Programs have income and purchase price limits and are offered through participating lenders. See current programs at ihda.org and ask your lender whether you qualify before you start touring.
Step 4: Sign a buyer agreement and start your search
Before we tour homes together, you will sign a written buyer agreement that spells out what I do for you and how I am paid. Read it, ask questions, and know that the terms are negotiable.
Then the fun part. Search every home on the MLS by town, and set up alerts so you see new homes the day they hit the market.
Step 5: Make an offer
When you find the one, I pull the recent sales nearby so we can decide on a price with real numbers behind it. Your offer includes the price, your earnest money deposit, your loan type and down payment, the closing date, and any contingencies such as inspection and financing.
Step 6: Attorney review and home inspection
Illinois buyers usually hire a real estate attorney. Once your offer is accepted, a short attorney review period begins, often five business days, where either side’s attorney can propose changes. Your home inspection happens during the same window. If the inspector finds problems, your attorney can ask for repairs or a credit.
Step 7: Appraisal and final loan approval
Your lender orders an appraisal to confirm the home is worth what you are paying, then underwriting gives final approval. Avoid opening new credit, changing jobs or making large purchases until you close. Shop for homeowners insurance during this step too, since your lender needs proof of coverage.
Step 8: Closing day
You will get a Closing Disclosure at least three business days before closing. Compare it with your Loan Estimate and ask about anything that changed. Do a final walk-through, bring your ID, sign, and get your keys.
What it really costs up front, and when you pay it
Ask your lender for a full cash-to-close estimate before you make an offer so there are no surprises.
Keep exploring
Jake Kilts, Broker, HomeSmart Realty Group, 651 N. Washington St., Naperville, IL 60563. This guide is general information, not legal, tax or lending advice. Equal Housing Opportunity.
