Chicago-area mortgage guide

Buying in Chicago or the surrounding suburbs means looking beyond the advertised rate. Your property type, taxes, association charges, financing structure, and closing timeline all affect the decision. Faulkner Financial Group can help compare available loan programs through Barrett Financial Group, subject to appropriate licensing and lender approval.

Start with the property, not just the payment

• Condo: share the association’s contact information early. Project eligibility, insurance, assessments, and association finances may affect the lender’s review.
• Older home: identify repairs before choosing a loan. Compare a conventional purchase with a renovation loan or FHA 203(k) if the home needs work.
• Two- to four-unit property: tell your originator whether you will live in a unit. Occupancy, rental-income documentation, and property eligibility affect the program comparison.

Budget for taxes and association costs

Look up the actual property record, then ask how the buyer’s taxes may differ from the seller’s bill. Existing senior benefits or exemptions do not establish what a new owner will pay. Our Illinois property tax guide links to Cook, Lake, DuPage, Kane, and Kendall county offices.

Example: comparing two homes at the same price

Two homes listed at the same price can have different monthly housing costs because of property taxes, insurance, and association charges. Ask for a comparison that includes those costs alongside principal, interest, mortgage insurance, and upfront closing costs. This is a planning example, not a loan quote.

Before making an offer

1. Prepare your income and asset documents for a pre-approval review.
2. Share the property address, type, estimated taxes, association charges, and condition.
3. Discuss the financing contingency and closing schedule with your agent, attorney, and originator.
4. If you need proceeds from another home, review buying before selling before committing.

Conventional, FHA, VAUSDA, and jumbo options serve different needs. Ask which choices are available for your specific property.