What to Know Before Buying a Home in Lincoln, IL

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Understanding the Lincoln, IL Housing Landscape

Strongly considering a home purchase in Lincoln? Great idea! You selected a vibrant city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers across the country and know the Lincoln housing market well.

Lincoln is growing by the day, which means Lincoln homes don't always come cheap. Continued economic growth and cultural expansion have helped to entice entrepreneurs, retirees, and new graduates to the Lincoln area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Lincoln and the surrounding areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When buying a home in Lincoln, 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 home's location will influence almost every aspect of your life. Exploring Lincoln will also help you get a feel for how homes in east Lincoln differ from west Lincoln, what the neighborhoods are like, and where to find Lincoln's hottest attractions.

Are you financially prepared to buy a house in Lincoln? 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. It doesn't matter whether you want to buy a home in Illinois or somewhere else entirely. We support first-time homeowners and experienced homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Lincoln.

Before anything else, calculate how much house you can afford. This will help you set a price range while house shopping in Lincoln. Then, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Lincoln 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.

Then, consider how much you can contribute to a down payment. Putting at least 20% down will increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, 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, take a good look at your credit. Credit history is an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!

Move Up and Out: Buying Your Dream House in Lincoln, 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 Lincoln. Contact Mr. Cooper as you prepare to buy a house in Lincoln. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

Mr. Cooper Reviews from Real Customers in Lincoln, IL

Read real stories from real Mr. Cooper home buyers and sellers in Lincoln, IL. Then contact us to see what we can do for you.

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