What to Know Before Buying a Home in Downers Grove, IL

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Understanding the Downers Grove, IL Housing Landscape

Ready to lay down some roots and buy a house in Downers Grove? Congratulations! You picked an energetic city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers from coast to coast and know the Downers Grove housing market well.

Given all of Illinois's growth, Downers Grove homes aren't always easy to find at a comfortable price. Sustained economic growth and cultural expansion have helped to attract retirees, new businesses, and young families to the Downers Grove area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Downers Grove and the surrounding areas still offer an array of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream home! When buying a home in Downers Grove, 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. Your home's location will influence almost every aspect of your life. Traveling around Downers Grove will also give you an idea of why homes in west Downers Grove are priced differently than homes in east Downers Grove, what the communities are like, and where to find Downers Grove's coolest attractions.

Are you financially prepared to buy a house in Downers Grove? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. You don't even have to stick with your decision to buy a house in Downers Grove. We help new and experienced homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Downers Grove.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Downers Grove. Next, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Searching the web for Downers Grove averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Next, consider how much you can contribute to a down payment. Putting at least 20% down will increase your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, 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, take a good look at your credit. Credit history is an important part of your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and who doesn't want more choices in life?

It's Go Time! Buy a House in Downers Grove, 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 Downers Grove. Contact Mr. Cooper as you look to buy a home in Downers Grove. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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