All About Buying a House in Franklin Park, IL

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Get Familiar with the Lay of the Land in Franklin Park, IL

Strongly considering a home purchase in Franklin Park? Smart move! You've chosen a colorful city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers nationwide and are familiar with the ins-and-outs of the Franklin Park housing market.

Given all of Illinois's growth, Franklin Park homes aren't always easy to find at a comfortable price. Sustained economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Franklin Park area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Franklin Park and its nearby areas still offer a wide range of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When looking to buy a house in Franklin Park, consider how near or far away the home is from the places you visit most. If you can, test drive your trip from the house to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around Franklin Park will also give you an idea of why homes in west Franklin Park are priced differently than homes in east Franklin Park, what the neighborhoods are like, and where to find Franklin Park's hottest attractions.

Are you financially prepared to buy a house in Franklin Park? 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 work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Illinois or elsewhere. We serve experienced homeowners and first-time homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Franklin Park.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Franklin Park. Next, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Franklin Park 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.

Now, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can boost your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, the required down payment will depend on the type of loan you get. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at your credit. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!

It's Go Time! Buy a House in Franklin Park, 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 can also be incredibly rewarding, especially when you get to live in an amazing city like Franklin Park. Contact Mr. Cooper as you look to buy a home in Franklin Park. We're here for you from start to finish 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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