What to Know Before Buying a Home in O'Fallon, IL

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Get Familiar with the Lay of the Land in O'Fallon, IL

Ready to lay down some roots and buy a house in O'Fallon? Awesome! You selected a colorful city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers nationwide and know the O'Fallon housing market well.

O'Fallon'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. Ongoing cultural expansion and economic growth have helped to attract retirees, new businesses, and young families to the O'Fallon area, but so much change also means more traffic, more competition, and a need for more schools. Even so, O'Fallon and the surrounding areas still offer a wide range of home types and prices. You can find single-family homes, condos, townhomes, and (ideally) your dream home! When buying a house in O'Fallon, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your route to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Discovering different parts of O'Fallon will help you see how the northern part differs from the southern part, where to find O'Fallon's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in O'Fallon, 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 try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Illinois or somewhere else entirely. We serve experienced homeowners and first-time homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in O'Fallon.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in O'Fallon. Then, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Searching the web for O'Fallon 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, consider how much you can contribute to a down payment. Putting at least 20% down will increase your chances of getting a favorable 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. Prequalification points you in the right direction as far as how much you may be eligible to borrow. 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 O'Fallon, 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 O'Fallon. Contact Mr. Cooper as you look to buy a home in O'Fallon. We're here to help you along 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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