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Home Buying Made Simple
Whether you're buying your first home, upgrading, downsizing, or relocating, this guide walks you through every step of the process.
✅ Getting Pre-Approved
✅ Understanding Closing Costs
✅ Home Search Strategies
✅ Making Competitive Offers
✅ Home Inspections Explained
✅ Avoiding Costly First-Time Buyer Mistakes
Your Home Buying Journey
Buying a home doesn't have to be overwhelming. Here's what the process typically looks like from start to finish.
🏡 Download Your Buyer Guide
Start by learning the basics. Our free guide covers financing, inspections, negotiations, closing costs, and common mistakes first-time buyers make.
Goal: Understand the process before you begin.
💰 Get Pre-Approved
Meet with a trusted lender to determine your budget and loan options. A pre-approval helps you shop with confidence and shows sellers you're a serious buyer.
Goal: Know exactly what you can comfortably afford.
🔍 Start Your Home Search
Now the fun begins. We'll help you identify the neighborhoods that fit your lifestyle, set up custom property alerts, schedule private showings, and compare homes based on your goals and budget.
Goal: Find the right home at the right price.
✍️ Make An Offer
Once you've found the right property, we'll prepare a competitive offer, negotiate terms, and guide you through inspections and contingencies.
Goal: Secure the home at the best possible price and terms.
⚖️ Attorney Review & Loan Approval
Your attorney reviews the contract while your lender finalizes financing. During this stage, inspections, appraisals, and underwriting are completed.
Goal: Move smoothly from contract to closing.
🔑 Closing Day
Sign the final paperwork, receive the keys, and celebrate your new home. We'll be there to guide you through the final steps and answer any last-minute questions.
Goal: Welcome home!
Ready To Start Your Home Search?
Schedule a free buyer consultation with Russell Froiland Residential.
Frequently Asked Questions About Buying a Home
Whether you're buying your first home or your fifth, it's normal to have questions. Here are answers to some of the most common questions we hear from buyers throughout Chicago, Berwyn, Oak Park, Riverside, Brookfield, Forest Park, Westchester, Elmwood Park, Maywood, Melrose Park and the surrounding western suburbs.
How Much Money Do I Need To Buy A Home? Many buyers are surprised to learn that a 20% down payment is not required. Depending on the loan program, some buyers may qualify with as little as 3% to 5% down. In addition to your down payment, you'll also need to budget for closing costs, inspections, earnest money, and moving expenses.
What Credit Score Do I Need To Buy A Home? While requirements vary by lender and loan program, many conventional loans require credit scores in the low-to-mid 600s, while some FHA loan programs may allow lower scores. A higher credit score can help you qualify for better interest rates and lower monthly payments. If your score isn't where you'd like it to be, don't worry. Many buyers spend a few months improving their credit before purchasing a home.
Should I Get Pre-Approved Before Looking At Homes? Yes. A pre-approval helps you understand your budget, monthly payment, and loan options before you begin shopping. It also strengthens your offer when competing with other buyers because sellers know you've already started the financing process. Most successful buyers get pre-approved before scheduling home tours.
How Long Does It Take To Buy A Home? Every transaction is different, but most home purchases take between 30 and 60 days from accepted offer to closing. The overall timeline depends on: Financing approval Home inspections Appraisal completion Attorney review Title work Seller timing Some transactions move faster, while others require additional time.
How Much Are Closing Costs In Illinois? Closing costs typically range from 2% to 5% of the purchase price. These costs may include: Loan origination fees Appraisal fees Title insurance Attorney fees Recording fees Prepaid taxes and insurance In the western suburbs like Berwyn and Oak Park, local transfer stamps can also impact your final numbers, which we will calculate together. Your lender will provide a detailed estimate early in the loan process so there are no surprises.
What Is Earnest Money? Earnest money is a good-faith deposit submitted with your offer. The funds are held in escrow and credited toward your purchase at closing. In most cases, earnest money is fully protected as long as you follow the terms and contingencies outlined in the contract.
What Happens During A Home Inspection? A licensed home inspector evaluates the home's major systems and components, including: Roof Foundation Electrical Plumbing HVAC Windows and doors Structural concerns The inspection helps buyers understand the condition of the property before moving forward. If significant issues are discovered, buyers may negotiate repairs, credits, or other solutions with the seller.
Do I Need A Real Estate Attorney In Illinois? Yes. Illinois is an attorney-review state, meaning attorneys play an important role in reviewing contracts, negotiating modifications, resolving title issues, and helping buyers navigate the closing process. Your attorney serves as an additional layer of protection throughout the transaction.
Can I Buy A Home And Sell My Current Home At The Same Time? Absolutely. Many homeowners successfully buy and sell simultaneously. The key is careful planning and timing. We help clients coordinate both transactions to reduce stress, minimize overlap, and create a smooth transition from one home to the next.
How Much House Can I Afford? Affordability depends on several factors, including: Income Existing debt Down payment Interest rates Property taxes Homeowners insurance The easiest way to determine your budget is to get pre-approved and use our mortgage payment calculator.
Should I Buy A Home Or Continue Renting? The answer depends on your goals, finances, and timeline. Homeownership can provide: Stable monthly housing costs Equity growth Tax advantages Greater control over your living space If you're planning to stay in the area for several years, buying may be worth exploring.
Why Work With Russell Froiland Residential? Buying a home is one of the largest financial decisions you'll ever make. Our goal is to make the process simple, transparent, and enjoyable. We help buyers throughout Berwyn, Oak Park, Riverside, Brookfield, Forest Park, Westchester, La Grange, River Forest, and the surrounding western suburbs with: Home searches Negotiations Inspections Attorney coordination Closing guidance Local market expertise From your first showing to closing day, we're here to help every step of the way.
Still Have Questions?
Schedule a free buyer consultation today.
We'll answer your questions, discuss your goals, connect you with trusted lenders and attorneys, and help you create a personalized plan for buying your next home.
Ready To Take The Next Step?
Talk to a Local Lending Expert
Joel Schaub
VP of Mortgage Lending - Rate Mortgage
NMLS: 224512
(773) 654-2049
(773) 744-1968
Helping buyers with:
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Pre-approvals
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Conventional loans
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FHA loans
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VA loans
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Refi
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First-time buyer programs
💰 Preferred Mortgage Partner
About Joel Schaub
Joel Schaub has over 16 years of lending experience and ranks among the top mortgage professionals in Illinois. Contact Joel for pre-approval and financing options. Joel has been at Rate generating almost $1 Billion in Sales.
He ranks in the Top 1 % of all Loan Officers in the country according to Scotsman Guide.: Ranking in the top 10 for Illinois. He prides himself on his Givers Gain philosophy and implements it in his community.
⚖️ Real Estate Attorney Partners
Jill Daniels
Attorney - Jill Daniels Law LLC
T 630.270.3393
C 630.269.9203
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Dominick DiMaggio
Attorney - DiMaggio Law LLC
T 847.452.7992
O 847-383-5538
Helping buyers with:
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Contract review
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Attorney review period
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Title review
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Closing coordination
Helping buyers with:
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Contract review
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Attorney review period
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Title review
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Closing coordination
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Short Sale Expert