All About Buying a House in Highland Park, IL

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

Strongly considering a home purchase in Highland Park? Awesome! You've chosen a lively city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers nationwide and have the inside scoop on Highland Park's housing scene.

Highland Park is growing by the day, which means Highland Park homes don't always come cheap. Ongoing economic growth and cultural expansion have helped to entice entrepreneurs, retirees, and new graduates to the Highland Park area, but so much change also means more traffic, more competition, and a need for more schools. That said, Highland Park and its neighboring areas still offer an array of homes in price and amenities. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream house! When looking to buy a house in Highland Park, consider the home's location in relation to your everyday activities. If you can, 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 Highland Park will help you see how the northern part differs from the southern part, where to find Highland Park's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Highland Park? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Highland Park. We work with first-time homeowners and experienced 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 Highland Park.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Highland Park. Next, jot down your 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 Highland Park will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, figure out what a realistic down payment would be for you. 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). Even so, the minimum down payment requirements depend on the type of loan. 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 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 Highland Park, IL

Moving remains one of the biggest stressors, despite being a practically universal experience. But when you get to live in a stellar city like Highland Park, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Highland Park. We're here for you every step of the way 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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