First-Time Homebuyer in Oakbrook Terrace, IL

Buying your first home in Oakbrook Terrace doesn't have to be overwhelming.

At The Kombrink Team, we make the process simple, smart, and stress-free—from your first showing to the final signature. Your Oakbrook Terrace real estate experts for first-time homebuyers since 1991.

happy first time homebuyers

Buying Your First Home in Oakbrook Terrace?

Step 1: Get Pre-Approved
We'll connect you with local Oakbrook Terrace-area lenders to help define your budget early.

Step 2: Build Your Wish List
We’ll help you narrow down the Oakbrook Terrace neighborhoods, schools, and commute times that best fit your lifestyle.

Step 3: Tour With Confidence
We point out resale potential and dealbreakers—not just the pretty stuff.

Step 4: Make a Competitive Offer
In a market like Oakbrook Terrace, you need a strategy. We know how to win the home without overpaying.

Step 5: Close With Ease
No last-minute surprises—just keys, smiles, and a smooth closing.

First-Time Buyer FAQ for Oakbrook Terrace, IL

What is the average price of a starter home in Oakbrook Terrace, Illinois?

Starter homes in Oakbrook Terrace typically range from $275,000 to $375,000 depending on condition, size, and proximity to shopping or commuter routes.

Are there first-time homebuyer programs available in Oakbrook Terrace?

Yes. Buyers may be eligible for state and county-level assistance programs that offer help with down payment and closing costs.

Who qualifies for homebuyer assistance in Oakbrook Terrace?

Qualifications often include being a first-time buyer, meeting income requirements, completing a homebuyer education class, and planning to live in the home as your primary residence.

Can I combine multiple assistance programs?

Yes, many buyers in Oakbrook Terrace combine state programs like IHDA with local or county-level grants to reduce their upfront costs.

How much of a down payment do I need?

You might need as little as 3% to 5% for a conventional loan, or even 0% to 3.5% if you qualify for VA or FHA financing.

What types of homes are available for first-time buyers in Oakbrook Terrace?

Oakbrook Terrace offers a variety of condos, townhomes, and smaller single-family homes, often near Yorktown Center or expressways.

How competitive is the housing market?

Inventory is limited, especially in starter home price ranges. Being pre-approved and working with a local agent helps you act fast when new listings pop up.

How long does it usually take to close on a home?

Typical closing times are 30 to 45 days, depending on lender processing, inspections, and appraisals.

What are property taxes like in Oakbrook Terrace?

Property tax rates generally fall between 2.1% and 2.4% of assessed value. The exact amount depends on the home's location within the township and school district.

Do I need a real estate agent to buy in Oakbrook Terrace?

Yes—and as a buyer, it costs you nothing. A trusted agent helps negotiate, explain documents, and connect you to local resources and incentives.

Is Oakbrook Terrace a good option for first-time homebuyers?

Yes. It offers easy access to shopping, dining, expressways, and job centers while remaining more affordable than nearby suburbs like Oak Brook or Elmhurst.

Can I get approved if I have student loans?

Yes. Approval is based on your debt-to-income ratio, not just the presence of student debt. Many buyers with student loans still qualify.

What hidden costs should I budget for?

Plan for closing costs (2–5%), inspections, appraisals, homeowner's insurance, and any condo or HOA fees if applicable.

What’s the difference between being pre-qualified and pre-approved?

Pre‑qualification is an informal estimate. Pre‑approval means a lender has reviewed your credit and income—making your offer stronger and more credible.

Is now a good time to buy a home in Oakbrook Terrace?

If you're financially prepared, yes. Home values are holding steady, and locking in ownership now can give you stability while avoiding rising rents.

First Time Homebuyer Opportunities in Oakbrook Terrace IL

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$269,900

↓ $5,100

1s150 Spring Road 5b, Oakbrook Terrace

2 Beds 2 Baths 1,190 SqFt Residential MLS® # 12470734

$249,900

1s150 Spring Road 4l, Oakbrook Terrace

2 Beds 2 Baths 1,378 SqFt Residential MLS® # 12501748

Why Use The Kombrink Team?

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✅ Trusted and Proven – Over 900 5-star reviews and an A+ rating with the BBB means you're in experienced, reliable hands.
✅ Full-Time Agents, Full-Time Support – Our dedicated team of 6 full-time Realtors is always available to answer your questions (yes, even the "silly" ones).
✅ We Speak First-Time Buyer – No jargon, no pressure—just clear, honest advice to help you make smart decisions.
✅ We Give Back – A portion of every home sold supports the Children’s Miracle Network and other local causes.

^{Cindy Loppnow}

Trustworthy

"Always puts our best interests up front, building trust from the beginning."

^{Bernadette Sweeney}

Knowledgeable

"His real estate knowledge is why we continue to use him over the years."

^{Hannah Swegarden}

Attentive

"Took the time to chat with us about our needs and wants."

Oakbrook Terrace First-Time Buyer Guide

Homebuying 101: Your Step-by-Step Guide to Buying a Home in Oakbrook Terrace, IL

Our free buyer guide includes:

What questions to ask your lender
The full homebuying timeline—from pre-approval to keys
Hidden costs to budget for
A checklist of must-have documents
Oakbrook Terrace IL first home tips

Our Preferred Mortgage Lenders

^{Claudio Prunotto}

Preferred Rate

As an experienced Senior Mortgage Advisor I am here to provide personalized solutions to suit your needs. I know financing can be an intimidating experience for a lot of people, that's why I strive to provide the highest level of customer satisfaction. I will be with you every step of the way until your loan is funded.

Visit me online

^{Jon Altizer}

Stonehaven Mortgage

As a Sr. Loan Officer, I leverage my 28+ years of experience and expertise in residential mortgage financing to provide the best service, rates, and fees for my clients. I have a proven track record of originating loans for first-time home buyers, conventional and jumbo borrowers, investors, and refinancers, as well as offering programs to meet specific needs.