What to Know Before Buying a Home in Homewood, IL

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Understanding the Homewood, IL Housing Landscape

Ready to lay down some roots and buy a house in Homewood? Great idea! You've chosen an energetic city with a great balance of educational opportunities, businesses, 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 Homewood housing market.

Given all of Illinois's growth, Homewood homes aren't always easy to find at a comfortable price. Continued support for local businesses and cultural growth have helped to attract entrepreneurs, retirees, and new graduates to the Homewood area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Homewood and the surrounding areas still offer a variety of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream home! When buying a house in Homewood, 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. Your house's location will affect everything, from your morning routine to how you spend your evenings. Exploring Homewood will also help you get a feel for how homes in east Homewood differ from west Homewood, where to find Homewood's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Homewood, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe in keeping the dream of homeownership alive and work to make the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Homewood. We work with first-time homeowners 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 Homewood.

First, calculate how much house you can afford. This will help determine the price range for your Homewood house hunt. After that, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Homewood will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, look at how much money you can put toward a down payment. Placing a minimum of 20% down can increase your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, the minimum down payment requirements depend on the type of loan. This is where getting prequalified for a mortgage comes in handy. Getting prequalified helps you know how much you might be eligible to borrow from a lender. 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 options are always a good thing!

Make Your Move: Buy a Home in Homewood, 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 Homewood, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Homewood. 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.*

Mr. Cooper Customer Reviews for Homewood, IL

Take it from these Mr. Cooper home buyers and sellers in Homewood, IL: We love helping homeowners. Call now to see how we can serve you.

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