What to Know Before Buying a Home in Oak Lawn, IL

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Exploring Oak Lawn, IL From North to South

Strongly considering a home purchase in Oak Lawn? Congratulations! You picked a colorful city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers nationwide and are familiar with the ins-and-outs of the Oak Lawn housing market.

Oak Lawn is growing by the day, which means Oak Lawn homes don't always come cheap. Continued economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Oak Lawn area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Oak Lawn and the surrounding areas still offer an array of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream house! When looking to buy a house in Oak Lawn, consider how near or far away the home is from the places you visit most. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Exploring Oak Lawn will also help you get a feel for how homes in east Oak Lawn differ from west Oak Lawn, where to find Oak Lawn's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Oak Lawn, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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. 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. Read through the following steps to help you see if you're in a good financial position to buy a house in Oak Lawn.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Oak Lawn house hunt. After that, jot down your 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 Oak Lawn 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.

Now, look at how much money you can put toward a down payment. Placing a minimum of 20% down can boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. 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, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and who doesn't want more choices in life?

Make Your Move: Buy a Home in Oak Lawn, 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 moving can also be incredibly rewarding, especially when you get to live in an amazing city like Oak Lawn. Contact Mr. Cooper as you prepare to buy a house in Oak Lawn. We're here for you from start to finish 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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