What to Know Before Buying a Home in Libertyville, IL

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Understanding the Libertyville, IL Housing Landscape

Strongly considering a home purchase in Libertyville? Great idea! You picked a colorful city with a great balance of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers from coast to coast and know the Libertyville housing market well.

Libertyville'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. Sustained economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Libertyville area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Libertyville and its neighboring areas still offer a variety of homes in price and amenities. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream house! When buying a house in Libertyville, consider the home's location in relation to your everyday activities. If possible, 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 Libertyville will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Libertyville's hottest attractions.

Are your finances in the right place to buy a home in Libertyville? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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. It doesn't matter whether you want to buy a home in Illinois or somewhere else entirely. We help experienced homeowners and first-time homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Libertyville.

First, estimate how much house you can afford. This will help determine the price range for your Libertyville house hunt. Then, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Searching the web for Libertyville 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.

Next, look at how much money you can put toward a down payment. 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). That said, down payment requirements can differ depending on the loan type. 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, consider your credit profile. 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 who doesn't want more choices in life?

Move Up and Out: Buying Your Dream House in Libertyville, IL

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Libertyville. Contact Mr. Cooper as you look to buy a home in Libertyville. 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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