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First-Time Homebuyer’s Guide to Chicago in 2026: From Pre-Approval to Closing Day

Buyer Guides
February 27, 2026•1 min read

Preparing to Buy Your First Home

Buying your first home is an exciting milestone, but preparation is essential—especially in a competitive market like Chicago.

The first step is understanding your financial position and setting a realistic budget.

Step 1: Mortgage Pre-Approval

Pre-approval helps determine how much home you can afford and strengthens your offer when you find the right property.

Lenders evaluate:

  • Credit score

  • Income and employment

  • Debt-to-income ratio

  • Savings and assets

Having pre-approval ready allows buyers to act quickly.

Step 2: Defining Your Priorities

Before touring homes, create a list of priorities:

  • Location

  • Budget

  • Home size

  • Commute time

  • Amenities

Understanding needs versus wants helps streamline the search.

Step 3: Touring Homes and Making an Offer

When touring properties, focus on both condition and long-term potential. A broker can help evaluate comparable sales and recommend a competitive offer strategy.

Offers typically include:

  • Purchase price

  • Earnest money deposit

  • Financing details

  • Contingencies

Step 4: Inspections and Appraisal

Once an offer is accepted, inspections help identify potential issues. Buyers can negotiate repairs or credits based on findings.

The appraisal confirms the property’s value for the lender.

Step 5: Final Loan Approval and Closing

During this stage, buyers should avoid major financial changes such as opening new credit accounts or making large purchases.

Closing day involves signing documents, transferring funds, and receiving the keys.

Tips for First-Time Buyers in 2026

  • Start saving early for closing costs

  • Work with experienced professionals

  • Stay flexible during negotiations

  • Think long term when choosing a home

Making a Confident Purchase

Buying a home in Chicago can feel complex, but the right guidance simplifies the process. Preparation, patience, and expert support help first-time buyers navigate each step with confidence.

First time homebuyer Chicago Buying a home Chicago 2026 Chicago homebuyer guide
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Sohail Salahuddin

When navigating real estate, you need a trusted advisor who understands every aspect of the industry. From smart investing to strategic selling and seamless financing. That’s exactly what Sohail delivers. Starting his real estate journey at just 20 years old, Sohail purchased his first home while earning a degree in Network Engineering. He quickly expanded into multi-unit properties, gaining firsthand experience in what makes a solid investment. His deep understanding of real estate financing led him to build and operate a successful mortgage company, equipping him with the insights to help clients secure the best possible terms. Beyond financing, Sohail’s expertise extends to property development, from building new homes to flipping properties and managing large condo conversions. Whether you’re a buyer, seller, or investor, he brings a well-rounded perspective to every transaction—helping you make informed decisions, maximize returns, and avoid costly pitfalls. As the founder of his own brokerage, Sohail is committed to simplifying the real estate process for his clients. He takes the time to understand your unique goals and crafts a personalized strategy to help you achieve them. With a strong focus on education, transparency, and negotiation, he ensures that every client moves forward with confidence—whether buying their first home, selling for top dollar, or scaling an investment portfolio. With Sohail, you don’t just get an agent—you get a dedicated advocate who puts your success first.

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