All About Buying a House in Chicago, IL

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

Thinking about buying a home in Chicago? Awesome! You've chosen a vibrant city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers nationwide and know the Chicago housing market well.

Chicago's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Sustained economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Chicago area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Chicago and its nearby areas still offer a variety of home types and prices. You can find single-family homes, condos, townhomes, and (ideally) your dream house! When buying a house in Chicago, consider how near or far away the home is from the places you visit most. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Discovering different parts of Chicago will help you see how the northern part differs from the southern part, what the communities are like, and where to find Chicago's coolest attractions.

Are your finances in the right place to buy a home in Chicago? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Illinois or elsewhere. We support experienced homeowners and first-time homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in Chicago.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Chicago. Next, 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. Everyone's situation will differ, but a quick online search for average expenses in Chicago will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, look at how much money you can put toward a down payment. A down payment of at least 20% can help improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, the minimum down payment requirements depend on the type of loan. This is where getting prequalified for a mortgage comes in handy. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, take a good look at 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!

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

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Chicago. Contact Mr. Cooper as you look to buy a home in Chicago. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

Mr. Cooper Customer Reviews for Chicago, IL

Take it from these Mr. Cooper home buyers and sellers in Chicago, IL: We love helping homeowners. Call now to see how we can serve you.

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