Closing costs are the second part. The lender fees will be close to $1500, but then you have to escrow taxes and prepay interest, which could be much more. Then you have attorney fees and title maybe another 1500. Finally, do not forget the Chicago transfer stamp which is $3.75 per every $500 in purchase price. So most deals require about $5000 in total costs plus down payment, which may be reduced by seller tax credit for previous and current tax years. Long and short, I doubt you would be ok with $1500 but of course your lender and attorney (not your realtor) should provide exacts or close. Good luck!
I agree with Mike about the furnace. My mom's house has a forced air furnace well over 25 years old. Recenthly they replaced the fan motor and it continues operating just fine.
Your agent isn't likely to have the best answers for closing costs. Your lender should have provided you with a Good Faith Estimate (GFE). In today's market it's not unusual to ask the seller to help pay them. So long as they net at or near the same amount, there shouldn't be much objection.
You can reduce/eliminate closing costs by paying a higher interest rate. An additional 1/8% higher rate may net a credit against closing costs equal to approx Â½% of the loan amount. An additional 3/4-percent in interest might eliminate closing costs of up to 3%.
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