What to Know Before Buying a Home in South Elgin, IL

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Get Familiar with the Lay of the Land in South Elgin, IL

Ready to lay down some roots and buy a house in South Elgin? Smart move! You picked a vibrant city with a great balance 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 across the country and know the South Elgin housing market well.

Given all of Illinois's growth, South Elgin homes aren't always easy to find at a comfortable price. Ongoing economic growth and cultural expansion have helped to attract entrepreneurs, retirees, and new graduates to the South Elgin area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, South Elgin and the surrounding areas still offer an array of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream home! When buying a house in South Elgin, 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 home's location will influence almost every aspect of your life. Discovering different parts of South Elgin will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find South Elgin's hottest attractions.

Are you financially prepared to buy a house in South Elgin? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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. It doesn't matter whether you want to buy a home in Illinois or somewhere else entirely. We support new and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in South Elgin.

First, estimate how much house you can afford. This will help you set a price range while house shopping in South Elgin. Then, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in South Elgin will usually point you in the right direction. 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 increase your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, the required down payment will depend on the type of loan you get. At this stage, getting prequalified for a loan can be extremely helpful. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, take a good look at your credit. 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 options are always a good thing!

Move Up and Out: Buying Your Dream House in South Elgin, IL

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like South Elgin, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in South Elgin. 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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