You got your pre-approval letter. Congratulations. That is a real milestone and you should feel good about it. But before we start scheduling showings, I need to ask you something.
Are you really ready to buy?
That’s not me trying to discourage you. That’s me doing my job. Because a pre-approval tells us what a lender is willing to give you. It doesn’t tell us whether buying right now makes sense for your life. And those are two very different conversations.
So let’s have the real one.
How Much Do You Have Saved?
This is always my first question, and it’s the one that catches most people off guard.
In March 2026, with Illinois 30-year fixed mortgage rates averaging 6.33%, a buyer at a
$400,000 price point needs roughly $12,000–$20,000 in liquid cash for closing costs alone, and that’s on top of your down payment. Closing costs in Illinois typically run 2–5% of the purchase price, and they vary depending on whether you’re buying in Cook County or Will County. Cook County tends to run higher due to transfer taxes and recording fees. Will County, areas like Frankfort, Joliet, and New Lenox, can save you a few thousand dollars at the closing table.
There is also a program worth knowing about called the IHDA Access Home Program, which offers eligible Illinois buyers up to $15,000 in down payment and closing cost assistance, structured as a zero interest second mortgage. It sounds like free money but there are terms you need to fully understand before you decide if it is the right move for you. I break down exactly how it works, who qualifies, and what it actually costs you long term in a separate article.
Read: Is the IHDA $15,000 Grant Right For You? A Complete 2026 Breakdown
What Are Your Thoughts on the Number You Were Approved For?
I ask this because most people have one of two reactions. Either they think the number is
too high and they’re nervous about it, or they’re excited and ready to spend every dollar the
lender offered them.
Neither reaction is wrong. But here’s what I want you to think about.
Lenders can approve you with a debt-to-income ratio as high as 45%. That means nearly half of your monthly income could be going toward debt. In 2026, with Illinois utility costs and homeowner’s insurance trending upward, I advise my clients to aim for a DTI at or below 36%. That’s not a hard rule. It’s a comfort rule. It’s the difference between a mortgage payment that fits your life and one that runs it.
Can You Actually Afford That Payment?
This is where we get honest. And I say that with love.
Your approval number is a ceiling, not a recommendation. So let’s look at the real numbers together. Here’s what a $400,000 purchase actually looks like month to month in the South Suburbs:
| Monthly Cost | Estimated Amount |
| Principal & Interest (6.33%, 10% down) | ~$2,240 |
| Cook County Property Taxes (est.) | ~$500–$800 |
| Homeowner’s Insurance | ~$100–$200 |
| HOA Fee (if applicable) | $150–$400 |
| Maintenance Reserve (1% annually) | ~$333 |
| Total Monthly Reality | ~$3,323–$3,973 |
That’s the number we need to be comfortable with, not just the principal and interest figure your lender quoted you. And right now in Cook County, I’ll also tell you that the 2026 Triennial Reassessment is underway, meaning property values are being reviewed across the county. I’m already factoring that into payment estimates for my buyers so nothing changes on you after closing.
How Does That Compare to the Rent You‘re Paying Now?
This is the question that usually brings everything into focus.
If you’re paying $1,800 a month in rent right now, a $3,500 mortgage payment is a
significant jump. But if you’re paying $2,800 in rent for an apartment you’ve outgrown, suddenly that same payment looks different, especially when you factor in that you’re building equity every single month instead of your landlord’s.
The South Suburbs of Chicago offer some of the best value in the entire metro area. In communities like Orland Park, Tinley Park, Matteson, and Homewood, you’re getting significantly more space, more yard, and more home for your dollar than almost anywhere else near Chicago. And if you’re commuting into the city, the Metra Electric District line runs directly through several of these communities. A monthly pass runs roughly $100– $170 depending on your zone, which most of my clients find is a very manageable trade-off for everything they’re gaining.
Have You Factored in Utilities for a House vs. an Apartment?
Most people haven’t. And it’s not their fault. Nobody tells you this part.
Heating a 2,000 square foot house in an Illinois winter is a different conversation than heating a one-bedroom apartment. Depending on the age and insulation of the home, your gas and electric bills can be meaningfully higher. Water bills, lawn care, snow removal if your community doesn’t cover it. These are all real line items that belong in your monthly budget before we go shopping.
This is not a reason not to buy. It’s a reason to buy informed. And that’s exactly what we’re going to make sure you are.
So, Are You Ready?
Here’s what I’m looking for before I say yes:
- Pre-approval letter from a reputable lender
- Savings that cover your down payment and closing costs, or we’ve explored IHDA
- A monthly payment you’ve looked at honestly, including taxes, insurance, and HOA
- A utility and maintenance budget that’s been factored in
- A comfort level with your DTI that leaves room to actually live your life
If you can walk through that list and feel good about it, then yes. You are ready. And I am ready to go find your home with you.
Shawnda Morris is a licensed REALTOR® serving buyers and sellers across the South Suburbs of Chicago, including Orland Park, Tinley Park, Harvey, Homewood, Matteson, and surrounding communities.
