What to expect When you are buying
A Buyer's Guide & Checklist
Copies of your two most recent and consecutive paystubs Copies of all of your last two years W2 forms or all 1099s if self employed Complete copies of your federal tax returns for the last two years (including all schedules and pages) Complete copies of your last two months bank statements for all asserts we will list on the application If an account generates a monthly statement, I will need copies of the last two months most recent statements (all pages of each statement) If an account generates a quarterly statement, I will need only a copy of the most recent statement (all pages) If there are any large deposits outside of payroll (or payroll is not automatically deposited), the Underwriter will request an explanation and documentation to source any deposits(s). For any retirement fund that we will show as reserves, we also need to dosucment the terms of withdrawl (the fact that you could touch the month in case of emergecny and how much or what percentage you could touch). If applicable, please confirm if any recent inquires on your credit report (within 120 days of my credit pull),any new accounts opened, or any new debt established. Signed and dated letter of explanation for any recent credit inquiries or any recent delinquent credit history. If you currently rent and are looking at FHA financing for your purchase, I will need evidence of the last 12 months rent payment history. If you recent from a management company, this verfication can come from them. If not a managmenet company, it must come from your banking activity. Once you have a contract, completed your home inspection, Attorney Review Period, and have given me permission to order the appraisal, I will need the following: Complete copy of the fully executed sales contract with all applicable disclosures that go with the contract and a copy of your ernest money check. Check payable to GRA, for appraisal. Proof of purchase for a homeowner's insurance policy, which can be bought through an agent of your choice. 1st year's coverage to be set up and paid for a least two weeks prior to closing with an effective date on the policy of the date of closing. Copy of your Photo ID for the Patriot Act Evidence of liquidation of your retirement funds or terms of loan, if you decide to borrow from your retirement Updated printout/activity of your bank account showing your earnest money check has cleared your account, along with receipt of the retirement funds. Updated printouts should be dated from the date of the most recent statement, through the current time, leaving us with an uninterrupted picture of the account (no gap in activity). If applicable, all required Gift Documentation (Gift Letter, evidence of Donor's Ability, complete paper trail to show the gift money coming out of donor's account, and evidence that you have received the gift with an updated activity of your account, dated back to the date on the most recent bank statement, thru the current time, showing an uninterrupted picture of your account, leaving no gap in activity) Contact information for Association/Management Company for HOA
What Documents DO I NEED?
When applying for a mortgage, you’ll need to gather several important documents.
shopping for a home
Now that you know how much you are approved for it's time to start looking! House hunting really begins with a town or neighborhood.
Your lifestyle specifications can help you remain focused on finding the right home. You may need office space or room to entertain in your new home. Are you looking for a home to grow into? Or are you looking to downsize? Look down the road. For instance, buying a home with a nearby school-of-choice may not be a benefit to you now if you don't have children in your home, but could be a great for resale. Stay flexible. Prioritize what you'd love in your home and accept that you may not find every feature, but can perhaps add them later.
SOME THINGS TO CONSIDER
Proximity to work Distance to shopping or restaurants Medical care availability Traffic flow, especially during high volume hours Neighborhood schools Distance to schools, parks, and libraries Are homes in the area holding their value?
life style considerations
your offer
I will prepare the documents that will make your offer official and will present it to the seller or to the agent that represents the seller. The seller could respond to your offer quickly or they could take a few days. Here are a few definitions that will help explain the process.
Purchase Agreement - Sales Contract The purchase agreement is a binding document that indicates the amount of your offer and the terms such as financing, inclusions, contingencies, and closing information. Earnest Money Earnest Money is deposited to show that you're committed to buying the home. Typically, the deposit is a small percentage of the asking price that is later applied to your down payment. The check is typically made payable to the listing broker who will deposit it into an account that is set up specifically for this purpose. The earnest money is turned over to the listing agent as soon as the contract has been accepted. Counteroffer The counteroffer is the seller's response to your offer - made in part to continue negotiations towards a purchase agreement. When your agent presents the seller with your offer, sellers can: Agree to your offer Decline your offer Make a counteroffer Sellers can counteroffer with their desired amount - typically within 24 to 48 hours. At this point, you can either agree with their terms or make another counteroffer. This process continues until you come to an agreement that satisfied everyone. Counter offers are typically done verbally. The final offer will not be solidified until it is in writing.
Fixtures & Personal Property - what is being converyed with the property? Home Warranty - Is it being offered or do you want to ask for it? Purchase Price - What amount will you be offering? Earnest Money - What amount will you be submitting with the offer? Closing - What date will you choose to close? Disclosures - Did you receive copies of all Property Disclosures? Tax Proration - What are the taxes, assessments, and association fees? Attorney Review - Do you have a Real Estate Attorney? Professional Inspections - Will you be hiring a professional inspector? Mortgage Contingency - What is the rate and terms of your loan? House Sale/Close Contingency - What are the terms of your house sale? Credit at Closing - Are you asking for a seller credit? Termite Inspection - Are you asking for a termite inspection? As-Is Condition - Is the property being sold an "AS-IS" condition? Dual Agency - Is your Agent also the Listing Agent? Miscellaneous Provisions - Are there special provisions with the sale?
I will guide you through the contract - step by step.
What makes up An offer
Items in your offer
funds available for earnest money This is money that is presented with the Sales Contract and shows that your offer is being made in good faith. The stronger the amoung of earnest money - the stronger you appear as a Buyer. This is a check that is made payable to the Listing Broker and is cashed and placed into an escrow account until closing. The earnest money become a part of your down payment. Letter of pre-approval from a mortgage lender This letter is presented with your offer and confirms your qualifications as a financially secure buyer. Contracts that are presented without this letter are not considered as strong or may not be considered at all. Most agents and sellers require this pre-approval letter before they will accept an offer. Signed Sales Contract for the Sale of Your Home (Copy) This is needed if your offer is contingent on the "close" of your current home. Your Buyer's Pre-Approval letter (copy) This is needed if your offer is contingent on the "close" of your current home.
Contract Accepted Date: ________________________ FIRST WEEK Day 1 - Day 3: Needs to be completed by ____________________ Deliver a copy of your contract to your Attorney As per the contract, you have five business days from the acceptance date to go over the contract with your attorney. Any modifications must be made within this five day time period. Schedule your home inspection for the property including any additional inspections you might require - termite, radon, etc. As per the contract, you have five business days from the acceptance date to have the property inspected and any issues noted to the seller's attorney. If more time is needed your attorney will ask the seller's attorney for an extension - it is then up to the sellers to agree to your request for more time. Schedule your loan application with your lender Turn in your earnest money to the Listing Broker's office Day 4 - Day 7: Needs to be completed by ____________________ Work out the details of the home inspection issues This is handled through the Attorneys and the Real Estate Agents involved. Meet with your Lender (Mortgage Broker) to make your loan application. Bring a copy of your Sales Contract PLUS all the necessary financial documents needed for your lender Get your witten loan commitment by: ___________________ You will be paying an application fee at this point and will have the option of locking-in a mortgage rate. PLEASE NOTE: Your lender will need to provide a written loan commitment by the date noted in the contract - in some cases, this is not possible so your attorney will request an extesion allowing extra time for this commitment. second WEEK Needs to be completed by ____________________ Follow-up with your Lender Make sure they have everything they need to move forward with your loan. The lender should order the appraisal once the Attorney Review and Inspection period is over. Follow-up with your Attorney Make sure all inspection issues have been resolved to your mutual satisfaction
Buyer checklist
After the contract has been accepted For your own protection, this is the time to hire a qualified, professional home inspector who will go over every inch of the home you want to buy, and tell you what needs attention. To find an inspector As friends, family, and your agent for recommendations. Be sure to find someone who: has experience and references is licensed and insured The costs will vary and can range from $250 - $600 depending on the property and optional tests added. Most homeowners will say that a thorough home inspection is worth every penny spent. A Thorough Inspection Should Include Heating, cooling, plumbing systems, electric systems, walls, floors, ceilings, foundation, roof, gutters, downspouts, insulation, ventilation, major appliances, and the garage. You may pay extra for tests such a radon or carbon monoxide levels, mold and lead paint. It is advisable for you to be present during the inspection. You'll learn not only about the condition, but also how everything works. This is a good time to get an unhurried look at the house. The inspection can take several hours depending on the size of the home. There are very few perfect homes! Most inspections will leave you with an action list, perhaps several things that will need attention after you move in. If the inspection turns up bigger items that need to be addressed, you can discuss options to request seller repairs or give credits with your agent or attorney. If the inspection reveals more than you have bargained for in the way of repairs or damage, youcan withdraw your offer, get your earnest money deposit back and resume your house hunting. Homeowner's Insurance No lender will complete the mortgage process without homeowner's insurance. This means you will have to provide proof of insurance at the closing. It's important that the lender's investment is fully insured, as well as your equity in the home and personal possessions. A good place to start exploring options is the company that insures your car. Often insurance companies offer discounts when you hold more than one policy. Shop around and do your homework. You may find a signficant price difference between insurance providers.
the home inspection
Seller's Name
Seller's Attorney
Seller's Agent
Buyer's Attorney
Buyer's Inspector
Buyer's Lender
Buyer's Agent
The closing
Closing Date: ______________________________________ Items needed Homeowner's Insurance Policy You will need to purchase a home insurance policy and provide a paid receipt that shows that you have paid for the first year in full. This receipt and policy will be brought to the closing or giving to your attorney prior to closing. Certified Check Your attoryney will verify all closing costs and will instruct you as to what your final certified check amount will be. This typically happens within the last few days prior to the closing - sometimes the day before closing Wire Transfer In the event the cash you need to bring to closing is over $50,000, please consult with your attorney to coordinate a wire transfer of the funds. Final Walk Through You will be doing a final walk-through on your new home prior to the closing. This is your opportunity to make sure the house is in good condition and that all the negotiated items on the contract have been left. The final walk-through generally happens right before the closing and is scheduled through the real estate agents. Driver's License and Check Book You will need to provide a picture I.D. at the closing. it is also advisable for you to bring your checkbook in the event additional funds are needed to close. WHO'S INVOVLED IN THE SALE
Appraisal
$300 - $700
Credit Report
$15 - $30
Processing Fee
$250 - 750
Escrow Deposit for Taxes and Insurance
Varies Widely
Transfer of Taxes
Varies Widley
Loan Discount Points
0 - 2% of loan
Title Company Closing Fee
$800 - $1300
Buyer's Attorney Fee
$400 & up
Title Insurance (Lender's Policy)
$400 - $800
Homeowner's Insurance
$300 and up
Underwriting Fee
$250 - $795
Survey Fee
Home Inspection
Pest Inspection
$100 - $250
Down Payment
Flood Determination/Life of Loan Coverage
$12 - $20
Recording Fees
Varies
Courier Fee
$20
Prepaid Interest
Varies on Loan
Application Fee (applied towards closing costs)
$0-$500
Miscellaneous Title Company Charges
$500 - $750
Typical Closing Costs Total
2% - 5% of purchase price of home
It's one of the top questions asked by home buyers. Lenders are required by law to disclose in witing your estimated closing costs and fees. This is known as a Good Faith Estimate. Below is a brief summary of possible closing costs you might have to pay depending on the lender and the loan program you select. Costs vary. Sample closing costs
closing costs
Mortgage A loan you take out to finance the purchase of your home. It's also a legal contract stating that you promise to pay back the loan on a monthly basis. Your monthly payment typicallt goes towards paying back the principal (which is the basic loan amount) and interest. Your monthly payment may also include money for your taxes and insurance. Amortization The gradual reduction of debt over the term of the loan. Amortization occurs through repayment of principal. Annual Percentage Rate (APR) The yearly cost of a mortgage including interest and other expenses or charges such as private mortgage insurance and point expressed as a percentage . Appraisal A written estimate of a porperty's current market value. Closing The conclusion of your real estate transaction when legal documents are signed and funds are disbursed. Closing Costs Expenses over and above the cost of the property, which can include items such as title insurance, appraisal, processing, underwriting, and surverying fees. Credit Report A report from an independent agency detailing credit history and previous and current debts to help determine credit worthiness. Credit Score A mathematical formual that predicts an applicant's credit worthiness based on credit card history, outstanding debt, type of credit, bankruptices, late payments, collection judgements, too little credit history, and too many credit lines. Deed The legal document that transfers property from one owner to another. Down Payment The amount of your home's purchase price you pay up front. Earnest Money Deposit made by a buyer toward the down payment to show good faith when the purchase agreement is signed. Equity The monetary difference between your mortgage balance and the actual market value of your home.
mortgage terms
FHA Loan Fixed or adjustable rate loan insured by the Federal Housing Administration. FHA loans are designed to make housing more affordable, particularly for first-time home buyers. Fixed-Rate Mortgages Have an interest rate and a payment that do not change over the term of the loan. Should the current market interest rate fall below your fixed rate, contact your mortgage expert to discuss the benefits of refinancing. Good Faith Estimate Written estimate of the closing costs the borrower will likely have to pay to obtain the loan. Interest Only Loan An interest only mortgage is one that gives you the option of paying just the interest or the interest and as much principal as you want in any given month during an initial period of time. Interest Rate The percentage rate that a lender charges to borrow money. Lock or Lock-in A lender's guarantee of an interest rate for a set period of time. The lock-in protects you again rate increases during that time. Points (or Discount Points) Points are up-front fees paid to the lender at closing. Typically, one point equals one percent of your total loan amount. Points and interest rates are inherently connected. The more points you pay, the lower your interest rate. Principal The balance - not counting interest - owned on a loan. Private Mortgage Insurance (PMI) Insurance to protect the lender to case the borrower defaults on the loan. With conventional loans, PMI is typically not required with a down payment of 20% or more of the home's pruchase price. Term The number of year you have to pay back the loan. Title Document that shows ownership of a property. Title Search Examination of municipal records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property Underwriting In mortgage lending, the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan.
Karolina Klinowski, a perennial top producer in the real estate industry, combines her unparalleled negotiation skills with meticulous research to consistently deliver exceptional results. Fluent in both English and Polish, Karolina caters to a diverse clientele, prioritizing their needs and ensuring seamless communication throughout the process. With a proven track record of success year after year, Karolina's expertise in negotiations and thorough market research sets her apart in the industry. Her dedication to her clients' interests is unwavering, making her a trusted advisor in the Chicagoland area and beyond. As a full-time real estate professional affiliated with the La Grange office of Coldwell Banker Realty, Karolina's commitment to excellence shines through in every transaction. Licensed in both Illinois and Indiana, she offers comprehensive support and invaluable market insights to clients looking to buy, sell, or invest in real estate. Whether it's navigating complex negotiations or conducting in-depth research, Karolina's flexible schedule and prompt responsiveness ensure a seamless experience for her clients. With Karolina Klinowski by your side, you can rest assured that your real estate goals will be achieved with precision, integrity, and unparalleled dedication.
about me
KAROLINA KLINOWSKI Coldwell Banker Realty 708.704.1225 karolina.klinowski@cbrealty.com
Michal Szlachta I had a great experience with Karolina as my agent. From the very beginning she was honest and communicated very well. She provided me with all the steps and details along the way. Karolina listens and understands the needs of her clients. She was always straightforward and provided me with information for the short and long term of purchasing a home. I would highly recommend her to my friends, family, and anyone looking for a home. Crystal Rodriguez I don’t event know where to begin! Karolina went ABOVE and BEYOND for our family. She was so patient with us, extremely attentive to detail, she always responded promptly, and she got things DONE. Never did we imagine to find someone who would fight so boldly for us. She made sure we were taken care of every step of the way. There was nothing she couldn’t ever accomplish for us! If I could recommend her to every single person out there looking to purchase a home I would. I mean I seriously believe there’s nothing she CAN’T do lol. We can’t thank you enough Karolina! Thank you for such a pleasant experience. There truly are no words to express how grateful we are for all of your hard work to make sure we got everything we wanted and MORE! For anyone reading this review, Karolina is THE real estate agent you’re looking for. She is fierce, professional, tenacious, and very thorough. You simply will not find anyone like her. Thanks again Karolina!! Denise Boswell There aren't enough words to convey the level of professionalism and care that Karolina provided to me through the home buying process. As a first-time home buyer, I was navigating so much information and endless details. It took just over two years and many properties to sort through until I found one that worked for me. I had many reservations, questions and a list of preferences and through it all, Karolina was patient, responsive and responsive. She listens and follows up, while being incredibly positive and encouraging. Not only did Karolina guide me through the process, but she also made suggestions and provided connections that were also very helpful. Karolina clearly loves what she does and it shows. If you're looking to buy a new home, contact her. She is amazing to work with and will go above and beyond to help you with finding the home just right for you. Monika Wrzaszczak It’s been a long journey from searching for our perfect house with a beautiful yard. Karolina knew what we were looking for and tried her best to find it for us. And she did it!!! In this crazy house market we bought our perfect home. After that she helped us to sell our first house. She was very helpful and explained everything very well. We knew what was coming without any surprises. Karolina made this long process very smooth and easier for us!! It seems like she works 24/7. She answers her phone any time of the day and night ;) With her help from the start until the day of the closing she took care of everything!!! Very professional and experienced. Ahmad Alshair Karolina was fantastic! So good that we’ll be going through her and her team for any real estate needs going forward. She is attentive, responsive, and always available when needed! We highly recommend Karolina and Coldwell for any home buying and selling services. We’ll be reaching out to her again later this year or early next year to purchase our next home!
testimonials
oak lawn, il
sold
willowbrook, il
ORLAND PARK, IL
Mokena, IL
Success Stories
Frankfort, IL
WESTMONT, IL
I have represented buyers across the Chicagoland area. No matter where you want to buy, I can help you navigate the process with my expert understanding of each neighborhood.
CHICAGO RIDGE, IL
HOFFMAN ESTATES, IL
TINLEY PARK, IL
lake zurich, IL
HOMER GLEN, IL
Justice, IL