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When buying a home -- whether it's your first, second, or a getaway vacation home -- you're bound to have many questions. For example, how will you find a home that suits your needs? How much money will you need to afford the monthly payments? And how long will the home buying process take?

Sound familiar? If so, you've come to the right place. Our Web site offers a wealth of information about the home buying process. Begin your journey by discovering the benefits of working with Peter Fotopoulos. Types of mortgages, how to apply for a mortgage, and finding a lender are a few other factors you should know about before purchasing your dream home. While you're here, be sure to use the financial calculators to determine how much home you can afford or what you can expect in terms of monthly payments. Have you considered tax savings advantages or how much principal and interest you'll pay each year for your home?

Checklist for Buying a Home

 The Search

• Find out as much as you can about Chicago's neighborhoods. Make a list of what is most important to you: schools, transportation, shopping, etc..
• Make a list of what you need/want in your new home.
• Yes, you can negotiate on price...but start with a realistic idea of your limits.
• Use a qualified, professional real estate agent. Peter will work with you through the entire process.
• Go back to properties you like more than once, at different times of the day, so you can see the neighborhood and the property in "a different light."

The Purchase

• Forward a copy of the Contract to Purchase to your attorney immediately following acceptance. If you do not have an attorney, we will be happy to recommend several from which you can choose.
• Act immediately on any contingencies which you must satisfy. Any testing or inspections required on your part should be scheduled as soon as possible.
• Be certain to apply for your mortgage in a timely manner. We will assist you with your selection of a mortgage to ensure you find the best available financing to meet you're needs.
• Do not wait until the last minute to obtain Homeowners Insurance. YOU MUST BRING A COPY OF THE ACTUAL POLICY TO THE CLOSING WITH A RECEIPT. Remember, your mortgagee must be named as the primary beneficiary.
• All funds necessary to close must be brought to closing in the form of CASHIERS OR CERTIFIED CHECKS. Personal checks are not acceptable.
• A walk-through will be scheduled for you in accordance with the terms contained in the Purchase Contract. Your real estate agent will accompany you to verify that all items included in your Contract to Purchase are present.
• Your attorney or closing agent will contact you with closing figures. Remember that the exact amount of money you will need often will not be determined until your closing is scheduled.
• Usually, the closing is held at a title company or an attorney's office. Set aside two hours for closing. Generally, possession is transferred at closing unless your contract calls for another arrangement.

Costs Associated with Buying a Home

 Avoid unwelcome surprises by knowing what costs are the responsibility of the buyer. Check with your mortgage company before the closing since they might vary. Here are some estimated closing costs that are the buyers' responsibility.

• Loan Application Fee: Paid to mortgage company to cover appraisal and credit report - $350-$550
• Final Inspection/Recertification of Value: $75-$100
• Points: Paid to lender at closing, calculated as a percentage of loan amount (i.e. 1 point equal 1% of loan amount). May be disclosed as either discount points used to buy the rate down, or organization points.
• Private Mortgage Insurance (PMI:) Required when loan is greater than 80% - approximately .52% of loan amount annually - higher premiums required for loan-to-value greater than 90%.
• Prepaid Interest: Paid to lender from the date of the closing through the end of the month.
• Underwriting Fee: Charged by lender - $175-$250
• Processing Fee: Paid to mortgage broker to process loan and reimburse miscellaneous expenses - $150-$200
• Document Preparation Fee: Charged by lender to cover the cost to prepare closing documents - $100-$150
• Tax Service Fee: Charged by lender to obtain real estate tax bills and monitor payments of real estate taxes, $60-$98
• Flood Certification Fee: Charged by lender in order to ascertain if property is in an area of flood hazard - $25-$30
• Lender's Title Insurance Policy: Required by lender and paid to the title company to insure lender's interest in property - $150-$400
• Settlement/Escrow Closing Fee: Paid to title company to act as lenders' agent in handling closing - $100-$350
• Transfer Taxes: Varied by local ordinance - $7.50 per $1,000 (Chicago)
• Escrow/Reserves: Varies by month of closing
• Tax Reserve Fund: A minimum of two months of estimated taxes put into escrow, if required by lender
• Survey: For purchases, typically provided by seller. For refinances, new survey required unless previous is less than five years old and no new improvements. Not required for condominiums. $120-$300
• Attorney Fees: Fees vary by attorney. Generally $400-$700 or by hourly rate.
• Recording Charges: Charge by recorder's office to record mortgages and assign mortgage and deed or release - $60-$130
• Property Inspection: Optional - $250-$500
• Lead Paint Inspection: Optional - $200-$350
• Homeowner's Insurance: Cost varies.
• Condominium Charges: Condominium associations may charge an application fee, move-in fee, etc.
• Service Release : Compensation paid by lender to mortgage broker, average is 1.0-1.5% of loan.

New Resident Information

PHONE SERVICES Local Phone Services: SBC Residential Sales and Service 800-244-4444 Long Distance Phone Services: AT& T Corp. Home: 800-222-0300 Business : 800-877-4646 MCI Home: 800-950-5555 Business: 800-888-0800 Sprint Home: 800-877-7746 Customer Service: 800-877-4646 CAR INFO Transferring you Car: Auto Titles and State Licenses Plate 312-793-1010 City Vehicle License Info: State:312-793-1010 800-252-8980 City Clerk Office: City Stickers 312-742-9200 Drivers License Testing Centers: 800-252-8980 5401 Elston 9901 S. Martin Luther King Jr. Dr. |5301 West Lexington Traffic Ticket Information: 312-603-2000 Other License: Dog License 312-744-6875 Marriage License 312-603-5664 All other city Licenses 312-744-6876 SCHOOL INFORMATION Private Schools in Chicago: Francis Parker 773-549-0172 Latin School of Chicago 312-573-4500 Loop Lab School 312-372-4468 Associated Talmud Torahs of Chicago (Hebrew Schools) 773-973-2828 Lutheran Schools of N. Illinois 708-449-3020 Chicago City Day School 773-327-0900 Montessori School System For information on Montessori schools in your area, call 773-384-1434 Archdiocesan School Office (Catholic Schools) 312-751-5200 Public School in Chicago Board of Education: 773-535-8000 Information Line: 773-553-1000 TRANSPORTATION CTA: Local Trains and Buses 312-836-7000 Road Conditions: 847-294-4450 Skyway Info: 312-747-8383 Tollroad Authority: 773-242-3620 ILL State Toll Road: 630-571-2616 Metra: Schedule Information 312-322-6900 Greyhound Bus: Schedule Information 800-231-2222 Amtrak: Schedule Information 800-872-7245 Airports: Midway 773-838-0600 O'Hare 773-686-2200 Flight Info: 800-992-7433

HOME SERVICES Electrical Service: Commonwealth Edison Main number: 800-334-7661 Gas Services: Peoples Energy: Main Number: 312-240-4000 Customer Service: 312-240-7000 TV Cable TV Services: RCN Administrative : 888-790-2121 Comcast / AT&T Broadband (N& W Chicago) Main Number 866-594-1234 Local: 773-202-3860 AT&T Broadband Main number 866-594-1234 Direct TV Main Number 800-347-3288 Prime Cable: NO LONGER TRASH Trash Collection & Street Maintenance Main Number: 800-424-5081 Chicago Sanitation: 312-744-5000 HEALTH SERVICES Chicago Dental Society Referral Services: 312-836-7300 Chicago Medical Society Referral Services: 312-670-2550 POST OFFICE Locations and Info: 800-275-8777 Zip code Info: 800-275-8777 VOTER REGISTRATION City: 312-269-7900 Cook County: 312-603-0992 State Election Board: 312-814-6440 TAXES County Assessor Taxpayer Assistanc: 312-443-7550 County Treasurer Taxpayer Assistance 312-443-5100 County Tax Redemption 312-603-5649 Income -Federal 800-829-1040 Income - State Department of Revenue 800-732-8866 Chicago Sales Sales Tax and Income Tax Info 312-814-5232 OTHER HANDY NUMBERS Chicago Public Library: 312-747-4999 City of Chicago 24hr. information for hearing impaired TDD 312-744-8599 Weather 312-976-5555 Western Union 777 North LaSalle Street 800-325-60

Below is a list of schools located near Lincoln Square and Ravenswood. The type of school, grade levels, and distance are also indicated.
Adult
Lakeview Learning Center	Private	Adult	Adult Education	1.95 miles
Combined
Ravenswood Bapt Christian School	Private	Combined	K - 12	0.47 miles
North Shore Junior Academy	Private	Combined	K - 12	1.53 miles
Lycee Francais De Chicago	Private	Combined	K - 12	1.55 miles
Eagle Wings Urban Academy	Private	Combined	K - 12	2.17 miles
Chicago Math Science Academy	Public	Combined	K - 12	2.97 miles
Francis W Parker School	Private	Combined	K - 12	3.53 miles
Elementary
Mcpherson Elementary School	Public	Elementary	K - 8	0.22 miles
Ravenswood Elementary School	Public	Elementary	K - 8	0.35 miles
Passages Charter School	Public	Elementary	K - 5	0.42 miles
Infinity Elementary School	Public	Elementary	K - 8	0.43 miles
North Park Elementary School	Private	Elementary	K - 8	0.47 miles
Pilgrim Lutheran School	Private	Elementary	K - 8	0.48 miles
Stockton Elementary School	Public	Elementary	K - 8	0.53 miles
Courtenay Language Arts Academy	Public	Elementary	K - 8	0.54 miles
Stockton Child Parent Center	Public	Elementary	Preschool/kindergarten	0.66 miles
Adler School	Private	Elementary	Preschool/kindergarten	0.69 miles
Junior High School
Senn Achievement Academy	Public	Junior High School	7 - 9	1.65 miles
Albany Park Multicultural Academy	Public	Junior High School	7 - 9	2.13 miles
Thurgood Marshall Middle School	Public	Junior High School	7 - 9	2.62 miles
Irving Park Middle School	Public	Junior High School	7 - 9	3.16 miles
Middle
Uplift Community School	Public	Middle	5 - 8	1.05 miles
Northside Cath Academy Middle	Catholic	Middle	5 - 8	1.29 miles
Logandale Middle School	Public	Middle	5 - 8	2.88 miles
Field Elementary School	Public	Middle	5 - 8	3.03 miles
Lincoln Hall Middle School	Public	Middle	5 - 8	3.95 miles
Senior High School
Thresholds Young Adult Program	Private	Senior High School	9 - 12	0.69 miles
Amundsen High School	Public	Senior High School	9 - 12	0.72 miles
Jane Addams Alternative High School	Public	Senior High School	9 - 12	0.75 miles
Lake View High School	Public	Senior High School	9 - 12	0.79 miles
St Benedict High School	Catholic	Senior High School	9 - 12	1.07 miles
St Gregory High School	Catholic	Senior High School	9 - 12	1.21 miles
Prologue School	Private	Senior High School	9 - 12	1.55 miles
Nicholas Senn High School	Public	Senior High School	9 - 12	1.65 miles
Rickover Naval Academy	Public	Senior High School	9 - 12	1.69 miles
Lane Technical College Preparatory High School	Public	Senior High School	9 - 12	1.72 miles

While the experience can be filled with ups and downs, contact Peter Fotopoulos, to guide you through the entire process.