All About Buying a House in Collinsville, IL

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Understanding the Collinsville, IL Housing Landscape

Ready to lay down some roots and buy a house in Collinsville? Congratulations! You've chosen a colorful city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers from coast to coast and have the inside scoop on Collinsville's housing scene.

Collinsville'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 attract entrepreneurs, retirees, and new graduates to the Collinsville area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Collinsville and its nearby areas still offer a wide range of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream home! When looking to buy a house in Collinsville, double check that you're factoring in the home's distance from your daily activities. If you can, 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. Exploring Collinsville will also help you get a feel for how homes in east Collinsville differ from west Collinsville, what the communities are like, and where to find Collinsville's coolest attractions.

Are you financially prepared to buy a house in Collinsville? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. It doesn't matter whether you want to buy a home in Illinois or somewhere else entirely. We serve new and experienced homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Collinsville.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Collinsville. After that, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Collinsville averages will usually give you some solid estimates. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, consider how much you can contribute to a down payment. A down payment of at least 20% can help 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. Here's where it can help to get prequalified for a mortgage. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, take a good look at your credit. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?

Move Up and Out: Buying Your Dream House in Collinsville, 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 when you get to live in a stellar city like Collinsville, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Collinsville. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

Mr. Cooper Reviews from Real Customers in Collinsville, IL

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