Buy a Home
Homebuyer Education in Greater Chicago
Get mortgage smart with United Home Loans. We help people realize the power of having the right mortgage for their financial goals. We do this by providing honest
consultation, a transparent process, and expert
loan advice to each client for life.
How much does having the right lender matter? When it comes to knowledge, cost savings, and overall ease of experience, it matters as much as finding the right home. Ask around. Check reviews. You’ll see why United Home Loans is the best in the business.
Get Pre-ApprovedPre-approval is the first step in the homebuying process. It helps you figure out your budget, gain leverage to negotiate, and saves time when home shopping.
Find Your Home
A good Realtor will help you find the perfect home in your price range. Remember to factor in other expenses such as real estate taxes and homeowners’ association (HOA) dues. These expenses, along with any immediate need to replace major home components, should always be evaluated when determining the affordability of the home purchase.
Make An Offer
You found your perfect home. It’s time for you and your Realtor to work together and make an initial offer. Included in this offer are terms like how much you are willing to pay, when you want to close, how much of a good faith deposit you can make (earnest money), and the amount and type of your mortgage loan. A good real estate agent will know how much homes are selling for in a specific market and how much you should pay if you want your offer to be taken seriously.
Most real estate contracts have some back and forth between the buyer and seller. These negotiations are typically handled by the real estate agents for each side as they communicate with their clients. Once the price, closing date, mortgage terms, and other items are agreed upon, the seller will accept the offer and sign, which makes it an executed contract.
Home Inspection & Attorney Review
Almost every contract provides the opportunity for an attorney review and a home inspection, which happens after the sales contract is executed by both the buyer and seller.
The attorney review will protect the buyer from items that may create additional liability or exposure, and the home inspection provides an evaluation of the major components of the home (heating, cooling, electrical, roof, windows, etc.).
Pay attention to the terms of the purchase agreement as not meeting them could constitute a default and possible termination of the contract. The application date, intent to proceed date, and mortgage approval dates are all tracked as part of the buyer’s contractual obligations under the terms of the real estate contract.
The Mortgage & Closing Process
Now it’s time to order a home appraisal and proceed to loan underwriting.
Your lender will let you know if any additional information is needed during this process. You will also need to obtain homeowner’s insurance during this time.
As you near the closing date, you’ll have to review closing disclosures, conduct a final walk-through, and send down payment funds to the title company.
On the day of the closing, you’ll sign all documents and get the keys to your new home. Congratulations, you’re now ready to move-in and enjoy your new investment.