The Process of Buying a Home in Addison, IL

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Understanding the Addison, IL Housing Landscape

Ready to lay down some roots and buy a house in Addison? Congratulations! You've chosen a lively city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers nationwide and know the Addison housing market well.

Given all of Illinois's growth, Addison homes aren't always easy to find at a comfortable price. Continued support for local businesses and cultural growth have helped to attract entrepreneurs, retirees, and new graduates to the Addison area, but so much change also means more traffic, more competition, and a need for more schools. That said, Addison and its nearby areas still offer an array of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream house! When buying a house in Addison, consider the home's location in relation to your everyday activities. If you can, test drive your route to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around Addison will also give you an idea of why homes in west Addison are priced differently than homes in east Addison, what the neighborhoods are like, and where to find Addison's hottest attractions.

You're ready to buy a house in Addison, but is your bank account? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe in keeping the dream of homeownership alive and work to make the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Addison. We serve first-time homeowners and experienced homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Addison.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Addison. Next, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Searching the web for Addison averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Next, figure out what a realistic down payment would be for you. Putting at least 20% down will increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, the required down payment will depend on the type of loan you get. This is where getting prequalified for a mortgage comes in handy. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, check your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and options are always a good thing!

Make Your Move: Buy a Home in Addison, IL

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving feels more rewarding when you get to live in a place like Addison. Contact Mr. Cooper as you get ready to buy a house in Addison. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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