What to Know Before Buying a Home in Joliet, IL

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Get Familiar with the Lay of the Land in Joliet, IL

Ready to lay down some roots and buy a house in Joliet? Great idea! You picked a vibrant city with a great balance of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers across the country and know the Joliet housing market well.

Given all of Illinois's growth, Joliet 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 Joliet area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Joliet and its nearby areas still offer a variety of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream house! When buying a house in Joliet, double check that you're factoring in the home's distance from your daily activities. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Discovering different parts of Joliet will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Joliet's hottest attractions.

You're ready to buy a house in Joliet, but is your bank account? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and try our best to make the journey easier and more rewarding. You could choose to buy a home in Illinois or elsewhere. We work with new and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Joliet.

Before anything else, estimate how much house you can afford. This will help determine the price range for your Joliet house hunt. Next, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Searching the web for Joliet 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.

Then, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can boost your chances of getting a great 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. 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 more options are always good!

Make Your Move: Buy a Home in Joliet, 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 Joliet. Contact Mr. Cooper as you look to buy a home in Joliet. 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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