What to Know Before Buying a Home in St. Charles, IL

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Get Familiar with the Lay of the Land in St. Charles, IL

Thinking about buying a home in St. Charles? Smart move! You picked a lively 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 service 3.8 million customers across the country and know the St. Charles housing market well.

St. Charles is growing by the day, which means St. Charles homes don't always come cheap. Ongoing economic growth and cultural expansion have helped to beckon young families, new businesses, and retirees to the St. Charles area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, St. Charles and its neighboring areas still offer a variety of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream home! When buying a home in St. Charles, 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 St. Charles will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find St. Charles's hottest attractions.

Are your finances in the right place to buy a home in St. Charles? 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 could choose to buy a home in Illinois or elsewhere. We help new and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in St. Charles.

Before anything else, calculate how much house you can afford. This will help you set a price range while house shopping in St. Charles. Next, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Searching the web for St. Charles averages will usually give you a solid estimate, though everyone's situation is different. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, consider how much you can contribute to a down payment. Putting at least 20% down will improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, down payment requirements can differ depending on the loan type. This is where getting prequalified for a mortgage comes in handy. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at 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 options are always a good thing!

Make Your Move: Buy a Home in St. Charles, IL

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like St. Charles. Contact Mr. Cooper as you prepare to buy a house in St. Charles. We're here for you from start to finish 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.*

Mr. Cooper Customer Reviews for St. Charles, IL

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