What to Know Before Buying a Home in Belleville, IL

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Get Familiar with the Lay of the Land in Belleville, IL

Thinking about buying a home in Belleville? Great idea! You've chosen a lively city with an ideal amount of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers across the country and have the inside scoop on Belleville's housing scene.

Belleville is growing by the day, which means Belleville homes don't always come cheap. Ongoing cultural expansion and economic growth have helped to beckon entrepreneurs, retirees, and new graduates to the Belleville area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Belleville and the surrounding areas still offer an array of homes in price and amenities. You can find single-family homes, condos, townhomes, and (hopefully) your dream home! When buying a house in Belleville, consider how near or far away the home is from the places you visit most. If possible, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Traveling around Belleville will also give you an idea of why homes in west Belleville are priced differently than homes in east Belleville, where to find Belleville's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Belleville? 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 try our best to make the journey easier and more rewarding. You could choose to buy a home in Illinois or elsewhere. We work with new and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Belleville.

First, estimate how much house you can afford. This will help determine the price range for your Belleville house hunt. After that, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Belleville averages will usually give you some solid estimates. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Next, look at how much money you can put toward a down payment. Placing a minimum of 20% down can increase your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, consider your credit profile. Credit history is one of the main factors that lenders look at when considering your mortgage application. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

Move Up and Out: Buying Your Dream House in Belleville, IL

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But moving feels more rewarding when you get to live in a place like Belleville. Contact Mr. Cooper as you look to buy a home in Belleville. 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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