What to Know Before Buying a Home in North Chicago, IL

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Understanding the North Chicago, IL Housing Landscape

Ready to lay down some roots and buy a house in North Chicago? Great idea! You picked an energetic city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers across the country and are familiar with the ins-and-outs of the North Chicago housing market.

North Chicago'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 entrepreneurs, retirees, and new graduates to the North Chicago area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, North Chicago and the surrounding areas still offer an array of home types and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream house! When buying a house in North Chicago, consider the home's location in relation to your everyday activities. If you can, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Traveling around North Chicago will also give you an idea of why homes in west North Chicago are priced differently than homes in east North Chicago, where to find North Chicago's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in North Chicago, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We think the dream of homeownership should never fade 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 North Chicago. We serve new 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 North Chicago.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in North Chicago. Next, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Searching the web for North Chicago averages will usually give you a solid estimate, though everyone's situation is different. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, figure out what a realistic down payment would be for you. Putting at least 20% down will increase 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. 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, check 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 who doesn't want more choices in life?

Make Your Move: Buy a Home in North Chicago, 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 North Chicago. Contact Mr. Cooper as you look to buy a home in North Chicago. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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