What to Know Before Buying a Home in Skokie, IL

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Exploring Skokie, IL From North to South

Thinking about buying a home in Skokie? Awesome! You've chosen a colorful city with an ideal amount 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 know the Skokie housing market well.

Skokie is growing by the day, which means Skokie homes don't always come cheap. Ongoing support for local businesses and cultural growth have helped to beckon retirees, new businesses, and young families to the Skokie area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Skokie and its neighboring areas still offer a variety of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream home! When buying a house in Skokie, consider how near or far away the home is from the places you visit most. If you can, test drive your trip from the house to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of Skokie will help you see how the northern part differs from the southern part, where to find Skokie's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Skokie? 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. You don't even have to stick with your decision to buy a house in Skokie. We work with first-time homeowners and experienced homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Skokie.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Skokie. Then, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Skokie averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, figure out what a realistic down payment would be for you. A down payment of at least 20% can help boost 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. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified helps you know how much you might be eligible to borrow from a lender. 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 options are always a good thing!

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

Moving remains one of the biggest stressors, despite being a practically universal experience. But when you get to live in a stellar city like Skokie, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Skokie. We're here for you every step of 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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