What to Know Before Buying a Home in Northbrook, IL

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

Strongly considering a home purchase in Northbrook? Smart move! You picked a lively city with an ideal amount of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers from coast to coast and have the inside scoop on Northbrook's housing scene.

Northbrook'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. Continued economic growth and cultural expansion have helped to beckon young families, new businesses, and retirees to the Northbrook area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Northbrook and its neighboring areas still offer a wide range of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your perfect home! When buying a house in Northbrook, 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. Traveling around Northbrook will also give you an idea of why homes in west Northbrook are priced differently than homes in east Northbrook, where to find Northbrook's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Northbrook? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe everyone can find their dream home and try our best to make the journey easier and more rewarding. You could choose to buy a home in Illinois or elsewhere. We support new and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Northbrook.

Before anything else, calculate how much house you can afford. This will help you set a price range while house shopping in Northbrook. Then, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Northbrook averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can improve 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 helps you know how much you might be eligible to borrow from a lender. Also, check your credit. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?

Make Your Move: Buy a Home in Northbrook, 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 when you get to live in a stellar city like Northbrook, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Northbrook. 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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