Coldwell Banker Realty logo Coldwell Banker Realty Illinois Broker, License 475.216203
Stephanie JohnsonBroker

Buy a home

Here is how buying works with me, from the first conversation to the day you get the keys. First-time buyers, this page is for you.

Estimate a payment  Search homes
Stephanie Johnson in a black blazer, studio portrait

The steps, in order

Timing depends on the market, your loan, and the contract, but the steps come in this order.

  1. Talk about what you want

    Where you want to live, what you need in a home, your timing, and your budget. If this is your first home, we start with what you can comfortably afford.

  2. Get preapproved

    A lender reviews your finances and tells you how much you can borrow. You choose the lender. A preapproval letter also shows sellers you're ready.

  3. Sign a buyer agreement

    Before we tour homes together, we sign a written buyer representation agreement that explains my services and how I am paid. Real estate commissions and fees are fully negotiable and are not set by law.

  4. Tour homes

    We look at homes that fit your list and talk through what you see, room by room and street by street.

  5. Make an offer

    Price, terms, contingencies, and a closing date. In Illinois, attorneys usually review the contract next.

  6. Inspections, appraisal, and loan approval

    You schedule inspections, the lender orders an appraisal, and your loan moves to final approval. The contract's deadlines set the pace.

  7. Closing

    A final walkthrough, the closing documents, and the keys.

Estimate a monthly payment

Change any number to see how it moves the monthly cost. The starting numbers are examples only. This is a planning estimate, not a loan offer or a rate quote; a lender can give you real figures.

Percent of the price. That is $30,000.
Use the rate a lender quotes you.
The listing or the county treasurer shows the current bill.

Estimated monthly payment

$2,082

per month, before mortgage insurance

Principal and interest
$1,707
Property taxes
$250
Homeowners insurance
$125
HOA dues
$0

Loan amount: $270,000

Estimate only. It leaves out mortgage insurance, which lenders often require with less than 20 percent down, and one-time costs such as closing costs. Actual payments depend on your lender, loan type, credit, and the property. No lender is recommended or paid through this site.

Down payment help in Illinois

The Illinois Housing Development Authority runs programs for buyers who need help with a down payment or closing costs. Here is where to start.

Illinois Housing Development Authority (IHDA)

  • Access HomeFor first-time buyers, eligible veterans, or purchases in targeted areas: 6% of the price up to $15,000, an interest-free loan repaid when you sell, refinance or pay off the mortgage.
  • Access Forgivable4% of the price up to $6,000, forgiven monthly over 10 years.
  • Access Deferred5% of the price up to $7,500, an interest-free loan deferred for the life of the mortgage.
  • Access Repayable10% of the price up to $10,000, an interest-free loan repaid monthly over 10 years.

These programs have income and purchase price limits. The IHDA Access programs also require a 640 minimum credit score, a buyer contribution of $1,000 or 1% of the price (whichever is greater), and homebuyer education. Program terms, limits and availability change, so confirm current terms with IHDA or a participating lender. Checked October 10, 2026.

How buyer representation is paid

The written agreement we sign before touring spells out what I do for you, how I am paid, and how long the agreement lasts. The amount is something we agree on together, because commissions are negotiable.

We go over the agreement line by line before you sign it, and you can ask about any part of it.

Call (708) 359-2525Send a message
Stephanie Johnson, Broker Coldwell Banker Realty
Call or text
(708) 359-2525
Office
(219) 865-9911
Email
stephanie.johnson1@cbrealty.com
Address
833 W Lincoln Hwy Ste 340
Schererville, IN 46375