What to Know Before Buying a Home in Urbana, IL

Busy? Have us call you back. Call Me Back

More Information

Exploring Urbana, IL From North to South

Ready to lay down some roots and buy a house in Urbana? Awesome! You selected a colorful city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers from coast to coast and know the Urbana housing market well.

Urbana is growing by the day, which means Urbana homes don't always come cheap. Sustained cultural expansion and economic growth have helped to attract retirees, new businesses, and young families to the Urbana area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Urbana and the surrounding areas still offer a variety of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your perfect home! When looking to buy a house in Urbana, double check that you're factoring in the home's distance from your daily activities. If possible, 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. Traveling around Urbana will also give you an idea of why homes in west Urbana are priced differently than homes in east Urbana, what the communities are like, and where to find Urbana's coolest attractions.

Are you financially prepared to buy a house in Urbana? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Illinois or somewhere else entirely. We support new and experienced homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Urbana.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Urbana. Then, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Urbana will usually point you in the right direction. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Now, figure out what a realistic down payment would be for you. Putting at least 20% down will boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. This is where getting prequalified for a mortgage comes in handy. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, take a good look at your credit. Credit history is one of the main factors that lenders look at when considering 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 Urbana, 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 Urbana, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Urbana. We're here for you from start to finish 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.*

Mr. Cooper Reviews from Real Customers in Urbana, IL

Read actual reviews from actual Mr. Cooper customers in Urbana, IL. Then call us to see how we can help you.

Make buying or selling a Urbana home easier.

Put Mr. Cooper in your corner for a better home buying or selling experience.