All About Buying a House in Oak Park, IL

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Get Familiar with the Lay of the Land in Oak Park, IL

Ready to lay down some roots and buy a house in Oak Park? Smart move! You picked a colorful city with a great balance of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers from coast to coast and have the inside scoop on Oak Park's housing scene.

Oak Park is growing by the day, which means Oak Park homes don't always come cheap. Ongoing support for local businesses and cultural growth have helped to beckon young families, new businesses, and retirees to the Oak Park area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Oak Park and its neighboring areas still offer a variety of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream home! When buying a home in Oak Park, 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. Your home's location will influence almost every aspect of your life. Discovering different parts of Oak Park will help you see how the northern part differs from the southern part, what the communities are like, and where to find Oak Park's coolest attractions.

Are your finances in the right place to buy a home in Oak Park? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe in keeping the dream of homeownership alive and work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Illinois or elsewhere. We work with first-time homeowners and experienced homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Oak Park.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Oak Park. 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 Oak Park averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, look at how much money you can put toward a down payment. Putting at least 20% down will improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). That said, the minimum down payment requirements depend on the type of loan. Here's where it can help to get prequalified for a mortgage. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, check your credit. Credit history is one of the main factors that lenders look at when considering 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?

It's Go Time! Buy a House in Oak Park, IL

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving feels more rewarding when you get to live in a place like Oak Park. Contact Mr. Cooper as you look to buy a home in Oak Park. We're here for you every step of 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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