Illinois Mortgage – What to Expect When Buying a Home in Illinois
Maybe youre buying your first home in Illinois, or perhaps youre relocating to Illinois from another state. Either way, its important that you educate yourself on Illinois home loans before shopping for a home and mortgage. This article explains what youll need to know before buying a home in Illinois:
The price of homes in Illinois varies widely between zip codes. For example, in Chicago, Illinois, the median price of a home in the summer of 2005 was $305,000; however, the median price of a home in Oak Brook, Illinois, was 1.5 million. Overall, the median price of a home in Illinois in 2004 was $179,000.
The rate of job growth in Illinois is lower than the national average, among the lowest in the nation. Additionally, in the last few years the prices of homes in Illinois have been rising faster than personal incomes. However, the rate of foreclosures and bankruptcies in Illinois are lower than the national average. The rate of home appreciation is lower-than, but close to, the average national rate of home appreciation.
Illinois has certain laws that apply to their mortgages....
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