What to Know Before Buying a Home in East Chicago, IN

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Get Familiar with the Lay of the Land in East Chicago, IN

Ready to lay down some roots and buy a house in East Chicago? Awesome! You've chosen an energetic city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers across the country and are familiar with the ins-and-outs of the East Chicago housing market.

East Chicago's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Sustained support for local businesses and cultural growth have helped to attract retirees, new businesses, and young families to the East Chicago area, but so much change also means a strain on housing options, school capacities, and city roads. That said, East Chicago and its nearby areas still offer a variety of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your perfect home! When buying a home in East Chicago, consider the home's location in relation to your everyday activities. If possible, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Exploring East Chicago will also help you get a feel for how homes in east East Chicago differ from west East Chicago, what the neighborhoods are like, and where to find East Chicago's hottest attractions.

Are you financially prepared to buy a house in East Chicago? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe everyone can find their dream home and work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Indiana or elsewhere. We serve 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 East Chicago.

First, calculate how much house you can afford. This will help determine the price range for your East Chicago house hunt. Next, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in East Chicago will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can boost your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. 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, consider your credit profile. 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 who doesn't want more choices in life?

Move Up and Out: Buying Your Dream House in East Chicago, IN

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But when you get to live in a stellar city like East Chicago, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in East Chicago. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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