The Process of Buying a Home in Lombard, IL

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Understanding the Lombard, IL Housing Landscape

Strongly considering a home purchase in Lombard? Great idea! You picked a colorful city with a dynamic selection 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 across the country and have the inside scoop on Lombard's housing scene.

Given all of Illinois's growth, Lombard homes aren't always easy to find at a comfortable price. Continued cultural expansion and economic growth have helped to beckon entrepreneurs, retirees, and new graduates to the Lombard area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Lombard and the surrounding areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream house! When looking to buy a house in Lombard, consider how near or far away the home is from the places you visit most. If you can, 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 Lombard will help you see how the northern part differs from the southern part, what the communities are like, and where to find Lombard's coolest attractions.

You're ready to buy a house in Lombard, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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 Lombard. We work with new and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Lombard.

First, estimate how much house you can afford. This will help determine the price range for your Lombard house hunt. Next, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Lombard averages will usually give you some solid estimates. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Next, consider how much you can contribute to a down payment. Putting at least 20% down will boost your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, the minimum down payment requirements depend on the type of loan. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, consider your credit profile. Credit history is one of the main factors that lenders look at when considering your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!

It's Go Time! Buy a House in Lombard, 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 Lombard. Contact Mr. Cooper as you look to buy a home in Lombard. We're here to help you along 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.*

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