Closing on Your Home?

Closing on Your Home? What to Expect

If it’s your first time buying a home — or it’s been a while since you bought one — you might be wondering what to expect when it comes time to close on your purchase. Keep reading so you’ll be prepared when the big day comes.

What Is a Closing?
Sometimes called a settlement, a closing is the final step in the process of buying and financing a home.The parties involved meet at a predetermined location to sign the necessary documents to finish the transaction. This meeting could include buyers, sellers, loan officers, real estate agents, attorneys and representatives from the title insurance and escrow companies.

How to Prepare
Make sure to thoroughly go over the Closing Disclosure you receive. This five-page form lets you know how much your projected mortgage payments will be, what the terms of your loan are and which fees you will be expected to pay. The numbers on this document should be similar to the loan estimate you previously received. Federal law dictates that you receive the Closing Disclosure al least three business days before the closing date so you have time to review it and ask questions.

What to Bring
Closings can vary from purchase to purchase, but you’ll most likely need to bring a current driver’s license or passport, a cashier’s or certified check for the down payment and closing costs, proof of insurance and a copy of the final contract. If you are separated or going through a divorce, be sure to bring a copy of any relevant agreements or court orders as well.

Information brought to you by:  

Matt Isadore, Senior Mortgage Consultant 

Midwest Community Bank 

Contact Linda

Linda Kelleher

Swanson Real Estate

503 E. Church St.

Sandwich, IL 60548

815.742.8161 Direct

815.786.9418 Office 

Areas Served: Big Rock, Hinckley, Marseilles, Naperville, Newark, Oswego, Plano, Sandwich, Sheridan, Somonauk , Sugar Grove, Yorkville

Design by Willow Marketing Solutions

The Costs of Homeownership Beyond the Sale

Saving up for a down payment and closing costs, determining how much you can afford and qualifying for a loan are key steps in buying a home. But what happens once the dust settles? Plan ahead so you won’t be caught off guard by other costs. Here are a few areas where new homeowners often end up spending after the sale:

New Household Items

Buying new furniture and decorative items can be a fun part of moving into a new home. But there are other less exciting purchases, such as new locks for entry doors or a new water heater, that can put a dent in your wallet. To help limit financial surprises, put some savings aside specifically for this purpose and identify what you’d need to buy or replace in each home you consider.

Maintenance and Repairs

For most homeowners, repairs and maintenance cost 1 to 4 percent of their home’s value annually. Factor these regular needs into your budget so when it’s time to replace the roof or fix the plumbing, it won’t be a shock to your bank account. In addition, you may want to consider a home warranty to help offset repair costs if you are worried about outdated systems.

HOA Fees and Taxes

If your new home is governed by a homeowners association, factor in the monthly or annual dues that maintain the buildings, amenities and common areas. Additionally, keep property taxes in mind when making your monthly or yearly budget.

By planning for all of the responsibilities that come along with homeownership, you can enjoy your new place without financial stress.

Brought to you and shared by Mattew Isadore, at Midwest Community Bank our preferred loan provider

Senior Mortgage Consultant
NMLS: 497896
3755 E. Main St. Suite #140 St. Charles, IL 60174 USA
Phone: (630) 696-4636 Mobile: (630) 688-4308

6 Reasons You Should NEVER Buy or Sell a Home Without an Agent

Oh, dear home buyer (or seller!)—we know you can do it on your own. But you really, really shouldn’t. This is likely the biggest financial decision of your entire life, and you need a Realtor® if you want to do it right.

Here’s why.

They have loads of expertise:

Want to check the MLS for a 4B/2B with an EIK and a W/D? Real estate has its own language, full of acronyms and semi-arcane jargon, and your Realtor is trained to speak that language fluently.

Plus, buying or selling a home usually requires dozens of forms, reports, disclosures, and other technical documents. Realtors have the expertise to help you prepare a killer deal—while avoiding delays or costly mistakes that can seriously mess you up.

They have turbocharged searching power

The Internet is awesome. You can find almost anything—anything! And with online real estate listing sites such as yours truly, you can find up-to-date home listings on your own, any time you want. But guess what? Realtors have access to even more listings. Sometimes properties are available but not actively advertised. A Realtor can help you find those hidden gems.

Plus, a good local Realtor is going to know the search area way better than you ever could. Have your eye on a particular neighborhood, but it’s just out of your price range? Your Realtor is equipped to know the ins and outs of every neighborhood, so she can direct you toward a home in your price range that you may have overlooked.

They have bullish negotiating chops

Any time you buy or sell a home, you’re going to encounter negotiations—and as today’s housing market heats up, those negotiations are more likely than ever to get a little heated.

You can expect lots of competition, cutthroat tactics, all-cash offers, and bidding wars. Don’t you want a savvy and professional negotiator on your side to seal the best deal for you?

And it’s not just about how much money you end up spending or netting. A Realtor will help draw up a purchase agreement that allows enough time for inspections, contingencies, and anything else that’s crucial to your particular needs.

They’re connected to everyone

Realtors might not know everything, but they make it their mission to know just about everyone who can possibly help in the process of buying or selling a home. Mortgage brokers, real estate attorneys, home inspectors, home stagers, interior designers—the list goes on—and they’re all in your Realtor’s network. Use them.

They adhere to a strict code of ethics

Not every real estate agent is a Realtor, who is a licensed real estate salesperson who belongs to the National Association of Realtors®, the largest trade group in the country.

What difference does it make? Realtors are held to a higher ethical standard than licensed agents and must adhere to a Code of Ethics.

They’re your sage parent/data analyst/therapist—all rolled into one

The thing about Realtors: They wear a lot of different hats. Sure, they’re salespeople, but they actually do a whole heck of a lot to earn their commission. They’re constantly driving around, checking out listings for you. They spend their own money on marketing your home (if you’re selling). They’re researching comps to make sure you’re getting the best deal.

And, of course, they’re working for you at nearly all hours of the day and night—whether you need more info on a home or just someone to talk to in order to feel at ease with the offer you just put in. This is the biggest financial (and possibly emotional) decision of your life, and guiding you through it isn’t a responsibility Realtors take lightly.

Information brought to you by 




Contact Linda

Linda Kelleher

Swanson Real Estate

503 E. Church St.

Sandwich, IL 60548

815.742.8161 Direct

815.786.9418 Office 

Areas Served: Big Rock, Hinckley, Marseilles, Naperville, Newark, Oswego, Plano, Sandwich, Sheridan, Somonauk , Sugar Grove, Yorkville

Design by Willow Marketing Solutions

4 Must Know Tips for Buyers

What do buyers and sellers need to know to be smart about the housing market in 2016?

“The 2016 housing market is forecasted to be mainly a seller’s market, filled with increasing home prices, relatively low inventory and fierce competition between buyers,” says Jonathan Smoke, chief economist for®. “Buyers looking to close this year need to keep an open mind and be prepared to move quickly when they find a home that meets their needs. For sellers, it’s about understanding the ins and outs of their local market so they can optimize the price of their home and close quickly.”® just released “Top Tips for Home Buyers and Sellers in 2016” to help guide house-hunters and home sellers on what’s most important for buying and selling a home this year. Here’s what they had to say.


Top Tips for Buyers in 2016

1. Don’t wait. More than 85 percent of buyers who say they plan to buy a home in the next year say they will wait until the spring or summer, shows a recent® survey. But buyers who start their hunt early will likely face less competition and have just as many homes for-sale to consider.

2. Shop around for a mortgage. Buyers shouldn’t take the first rate-quote they receive and should talk to more than one lender. A lower interest rate could equate to thousands in savings over the life of the loan. Mortgage rates are largely expected to rise over this year.® is predicting mortgage rates to reach 4.65 percent by the end of this year (they’re currently just under 4 percent).

3. Don’t discount buying new. New-home construction is expected to surge this year, with an expected 16 percent increase in new home sales year-over-year. Buying new most likely means less competition and a wider selection of homes. But a caveat: New-homes typically cost more.

4. Buy in the Midwest or South. The Midwest and South will likely offer the most affordable options for home purchasers in 2016.® singles out the following markets as offering buyers high affordability, rising inventory, and some of the most favorable lending standards.

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