Spring Into Homeownership: A Guide to Buying a Home This Season

Home Blog Spring Into Homeownership: A Guide to Buying a Home This Season

Posted On: April 14, 2025 by Peoples Bank of Kankakee County in: Home Mortgages

Spring is one of the most popular times of the year to consider Buying a Home This Season. The weather is warming up, the market is bustling with new listings, and families are eager to settle in before summer. If you're thinking about purchasing a home this season, now is the time to start preparing. At Peoples Bank, we’re here to help guide you through the mortgage process so you can make confident decisions on your journey to homeownership.

1. Get Pre-Approved for a Mortgage

Before you start house hunting, getting pre-approved for a mortgage is a crucial first step. A pre-approval helps you:

Understand how much home you can afford
Show sellers you’re a serious buyer
Speed up the closing process once you find the right home

Pro Tip: Having a pre-approval letter in hand can give you a competitive edge in a fast-moving market.

2. Know What You Can Afford

While it’s exciting to browse listings and tour homes, it’s important to establish a realistic budget. In addition to your monthly mortgage payment, consider these costs:

Property taxes
Homeowners insurance & maintenance
HOA fees (if applicable)

The mortgage experts at Peoples Bank can help you determine what you can afford. They’ll estimate your monthly payment so you can find a home that fits within your financial comfort zone.

3. Explore Loan Options for Buying a Home This Season

There’s no one-size-fits-all mortgage. Depending on your financial situation, you may qualify for different loan programs, including:
???? Conventional Home Loans – Ideal for buyers with strong credit and a down payment of at least 3-5%.
???? FHA Loans – Great for first-time buyers with lower credit scores or smaller down payments.
???? VA Loans – Available to eligible veterans and active-duty service members with no down payment required.
???? Very Low Income Purchase (VLIP) – $2,500 down payment and closing cost assistance available for qualifying home buyers earning 50% of area median income or less. VLIP is a program from the Federal Home Loan Mortgage Corporation. Restrictions apply.

???? Downpayment Plus ® Program* – Up to $10,000 may be available to eligible homebuyers to use towards down payment and closing costs. Downpayment Plus is a program from the Federal Home Loan Bank of Chicago. Restrictions apply.

Our mortgage specialists at Peoples Bank can walk you through your options and find the right fit for you.

4. Be Ready to Act Quickly in Buying a Home This Season

Spring is a competitive time for buyers, and desirable homes can go fast. Once you find a home you love, be prepared to make an offer. Working with a trusted real estate agent and lender can help ensure you move swiftly and confidently.

5. Don’t Skip the Home Inspection

A home might look perfect on the surface, but an inspection can reveal potential issues that could cost you down the road. Always schedule a professional inspection before finalizing your purchase.

6. Lock in Your Mortgage Rate

Interest rates can fluctuate, so when you find a rate that works for you, consider locking it in to avoid potential increases before closing.

Your Dream Home Is Within Reach

At Peoples Bank, we’re committed to making your home-buying experience smooth and stress-free. Whether you’re a first-time buyer or looking to upgrade, our mortgage experts are here to help you every step of the way.

Ready to take the next step? Contact us today to start your homeownership journey!

*See the Federal Home Loan Bank of Chicago's website at www.fhlbc.com for complete Downpayment Plus® requirements. “Downpayment Plus” is a registered trademark of the Federal Home Loan Bank of Chicago

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

We have standard overdraft practices that are available after your account has been open for 30 days and as long as you maintain your account in good standing.
We also offer an overdraft protection plan, Overdraft Protection Sweep, a link to a savings account. It may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

After your account has been open for 30 days and as long as you maintain your account in good standing, we do authorize and pay overdrafts for the following types of transactions:

Checks and other transactions made using your checking account number
Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

ATM transactions
Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if Peoples Bank of Kankakee County pays my overdraft?

Under our standard overdraft practices:

We will charge you a fee of up to $30 each time we pay an overdraft.
The maximum daily overdraft fee per presentment or item paid using the Overdraft Reserve Program is $150.00 per day.
No per item handling fee will be charged on de minimis overdrafts. De minimis overdraft for this policy means transactions that overdraw your account by $30 or less.
There is an overdraft fee of $5 per day that will be charged beginning the 4th consecutive business day your account is overdrawn.

Nonsufficient funds (NSF) fees - if an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money in your account and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment. Be aware that such an item or payment may be presented multiple times by the merchant or other payee until it is paid, and that we do not monitor or control the number of times a transaction is presented for payment. You agree that we may charge you an NSF fee each time a payment is presented if the amount of money in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

PAYMENT ORDER OF ITEMS - The law permits us to pay items drawn on your account in any order (for purposes of this section "items" means checks, orders and electronic transactions). To assist you in handling your account with us, we are providing you with the following information regarding how we process those items. When processing checks and orders drawn on your account our policy is to pay lower numbered checks and orders in numerical sequence, but electronic transactions are paid first in the order received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. However, if the largest items are paid first, your most important items might be paid but it may increase the overdraft or NSF fees if funds are not available to pay all of the items. We think our policy attains a reasonable balance between minimizing additional costs to you and paying your more important items. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and incurring the resulting fees.

What if I want Peoples Bank of Kankakee County to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions after your account has been open for 30 days, you may opt in.

You have an ongoing right to change this consent at any time. If your overdraft privilege has been revoked for any reason, the opt-in or opt-out selection may not apply. Please contact your nearest office for more information.

Alternate ways to Opt In/Out or make changes:

By Phone. Our Customer Care Representatives can be reached at 815-936-7600.
By Mail. Peoples Bank of Kankakee County, 333 E. Court Street, Kankakee, IL 60901
In Person. Please visit your local office and ask a representative to help you decide which plan is best for you.