The Process of Buying a Home in Elmhurst, IL

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Understanding the Elmhurst, IL Housing Landscape

Strongly considering a home purchase in Elmhurst? Awesome! You've chosen a lively city with an ideal amount of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers nationwide and are familiar with the ins-and-outs of the Elmhurst housing market.

Elmhurst'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. Ongoing economic growth and cultural expansion have helped to attract entrepreneurs, retirees, and new graduates to the Elmhurst area, but so much change also means more traffic, more competition, and a need for more schools. That said, Elmhurst and its nearby areas still offer an array of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream house! When looking to buy a house in Elmhurst, double check that you're factoring in the home's distance from your daily activities. 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. Discovering different parts of Elmhurst will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Elmhurst's hottest attractions.

Are your finances in the right place to buy a home in Elmhurst? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe everyone can find their dream home and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Illinois or somewhere else entirely. We help first-time homeowners and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Elmhurst.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Elmhurst house hunt. After that, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Elmhurst will usually point you in the right direction. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Then, look at how much money you can put toward 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). However, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. 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 better your credit is, the more mortgage options you may be presented with— and more options are always good!

Make Your Move: Buy a Home in Elmhurst, IL

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Elmhurst, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Elmhurst. We're here to help you along 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 Elmhurst, IL

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