A house buying process is a very different experience. But if I know what to expect and take one step at a time, I will be a expert in purchasing a house in Illinois, even if it’s my first time.

Here’s everything I need to know to purchase a house in 10 steps:

1. 1. Get a real estate agent on board.
2. Finding a good real estate agent comes with all-benefits and there are no drawbacks for buyers. It will costs me nothing, but will save my so much time.
3. Agents have access to the Multiple Listing Service (MLS), which gives them first glance to check what’s for sale in the neighborhood. The agent will undoubtedly work according to my desired location and my budget. I will also ask friends and family for referrals or visit a nearby real estate office. I will surely prepare a list of questions to ask my agent and interview him before committing a deal.
4. 2. Shop for a mortgage.
5. I will compare mortgage rates online, and consider the mortgage options available. Few example of mortgages are conventional, FHA, fixed-rate and adjustable rate mortgages. If I will understand the difference between these will indeed help me figure out the house purchasing process fairly well.
6. Next ,I have to get mortgage pre-approval. Pre-approval is the next step. In other words, its basically a commitment from a lender for the amount that I can borrow. Pre-approval makes me a stronger house buying candidate one who’s ready to close a deal instantly, which sellers surely adore.
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8. 3. Prepare a list of needs and wants.
9. I will clearly prepare two lists: one of must-haves and one of nice-to-have items .On the must-haves will include location, it can be in my favorite neighborhood or by food streets. As a result, I can also focus on number of bedrooms and bathrooms, and whatever else I surely can’t (or won’t) live without. My real estate agent can assist me decide what items might best fit on which my list is based. 
10. 4. Browse online house listings.
11. I will surely take out my handy list of needs and wants and start looking around at what’s available. Since, the objective with online browsing isn’t just to find a potential home, it’s also to make sure what I want, what’s available, and what I can afford all line up. If not, I may need to adjust my wants and needs.
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13. 5. Go to house viewings.
14. Once I start seeing houses I like, I will call my agent and ask him to start scheduling viewings. And another, and another. I will visit as many homes and open houses as I can. The more comparing and contrasting I can do, the more knowledge I have about the market and my options. I will ask my agent for suggestions about the house purchasing process that really fits my needs.
15. 6. Make an offer and negotiate.
16. Once I am ready to start house purchasing process, it’s offer time. Here’s where I’ll thank myself for working with a real estate agent. They’ll assist me determine the correct offer to make for a particular property, including things that go beyond the dollar amount. When I make an offer on a property, the seller may accept it or counter-offer, and then my agent will help me decide how and if to negotiate. Once I arrive at a deal everyone likes, I will be considered under contract to buy the house.
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18. 7. Get my loan approved.
19. Remember back when I got pre-approved? Pat yourself on the back. Now I just have to finish things up by making it official. I will Let my lender know I’ve found a house. The lender will order an appraisal and give me a bunch of paperwork to fill out. My loan now goes through the underwriting process before it’s finally approved.
20. 8. Wait for the appraisal.
21. One of the ways my lender makes sure I and my house are a good bet is with a home appraisal. This is when someone does a professional evaluation of how much my home is worth. If the appraisal ends up higher than my offer, I will celebrate. If it’s not, I may either have to make a larger down payment, get a second opinion, or renegotiate the price. Or I may decide to walk away from the deal.​
22. 9. Hire a home inspector.
23. Being under contract means I can still back out if I learn anything unexpected about the house. And a home inspector is the one who finds any potential surprises. It’ll cost around $300 to $500 for my home inspection, but it’s well worth saving me from purchasing a house with a major defect.
24. 10. Close on my house.
25. Consequently, this is the day I get my house keys—but first, I have some serious paperwork to do. I’ll set an appointment for closing on my house, and I’ll need to bring my driver’s license, a cashier’s check for my down payment and closing costs (which range from 2 to 5 percent of the home’s purchase price) and a lot of patience. I will need to sign initial dozens of papers. But at the end of this meeting, I will be a homeowner. I can take my keys and go home. 

When you will start to purchase a house in Illinois? Learn how long it takes to buy a house next, so you know when to begin your search for a place I’ll adore to live. 

Learn Can I be a Real Estate Agent and Mortgage Loan Officer Whilst?