Want to Move to Chicago’s Northside? Here’s a Snapshot of the Mortgage Landscape

The Northside of Chicago is a vibrant, diverse neighborhood with something to offer everyone. The Northside has it all, whether you’re a young professional looking for a lively entertainment scene or a family looking for top-notch schools and parks. But first, it’s important to comprehend the mortgage environment in this region before you start packing your bags and making phone calls to moving companies in Chicago.  

Chicago Northside Mortgage Landscape 

Because of its high demand, real estate on Chicago’s Northside is typically more expensive than in other parts of the city. Comparatively, a home in Lincoln Park will set you back over $1 million, while a property in Lakeview will run you over $600,000. A typical property in Rogers Park or Albany Park, two Chicago neighborhoods with a cheaper cost of living, cost roughly $250,000. 

In order to purchase a property on the North Side of Chicago, you will most likely need a mortgage. A ray of sunshine is that average US 30-year fixed mortgage rates are near historic lows, hovering about 3% right now. But the precise mortgage rate you are offered will depend on a variety of criteria, such as your credit score, down payment, and debt-to-income ratio. 

One of the most important things that lenders take into account when calculating your mortgage rate is your credit score. You are more likely to get approved for a loan with a lower interest rate if you have a higher credit score because it shows you are a low-risk borrower. You should be able to get the best mortgage rates if your credit score is 700 or above. You could still be able to secure a mortgage with a low credit score, but the interest rate will probably be higher. 

Your down payment is a significant component to take into account when making a mortgage application. When purchasing a property, a down payment is the sum of money you pay upfront. Your mortgage will be less expensive the more you put down because you will be borrowing less money. Private mortgage insurance (PMI), which can raise your monthly mortgage payment by hundreds of dollars, is often avoided by making a down payment of at least 20% of the home’s purchase price. 

Lenders also take into account your debt-to-income ratio (DTI) when calculating your mortgage rate. Your DTI is the portion of your gross monthly income that is used to pay down debt. A lower DTI may make you eligible for a lower interest rate because it shows that you have more money available to pay down your mortgage each month. 

It is also important to remember that there are various mortgage options, each with a unique set of benefits and drawbacks. The most usual kind of mortgage is a conventional one, which normally calls for a minimum down payment of 5%. Contrarily, FHA loans are backed by the government and let you put down as little as 3.5% of the home’s buying price. Unfortunately, mortgage insurance is a requirement for FHA loans, which can considerably increase your monthly mortgage payment.  

Understanding the mortgage market in the Northside of Chicago is crucial if you’re thinking about moving there. You might need to get a mortgage to buy a home because the cost of housing tends to be higher here than in other parts of the city. The precise mortgage rate you receive will be determined by a number of variables, including your credit score, down payment, and DTI. It’s crucial to assess the benefits and drawbacks of the many mortgage options that are available. You may discover a mortgage that suits your needs and budget by doing your homework and dealing with a trustworthy lender. Then, you can start taking advantage of all that Chicago’s Northside has to offer. Moreover, don’t be afraid to get in touch with a Chicago moving company like Hollander if you need assistance with your relocation. 

Why move to Chicago’s Northside?

Are you thinking about relocating to Windy City? Here are some reasons why moving to Chicago’s Northside could be the right choice for you. 

  • Diverse Neighborhoods: The Northside of Chicago is home to several diverse communities, each with its own distinct culture, amenities, and community. There is a neighborhood for every lifestyle and price range, from the hipster-friendly Andersonville and Ravenswood to the family-friendly Lincoln Park and Wicker Park.
  • Great Schools: If you have kids or want to start a family, you’ll be glad to know that Chicago’s Northside is home to some of the city’s top educational institutions. The region is home to a variety of great public, private, and charter schools that provide extracurricular activities for students of all ages.
  • Vibrant Culture and Arts Scene: Chicago’s Northside is known for having a thriving arts and culture environment, with a wide variety of theatres, museums, galleries, and music venues to visit. A Broadway performance may be seen in the venerable Cadillac Palace Theatre, modern art can be viewed at the Museum of Contemporary Art, and live music can be enjoyed at the Metro or the Aragon Ballroom.
  • Good access to public transit: Chicago’s Northside has great public transportation that connects it to the rest of the city and the surrounding areas. The Red, Brown, and Purple Lines of the CTA pass through the region, making it simple to reach both downtown Chicago and the suburbs. From a number of Northside stations, you can also ride the Metra commuter train to other areas of the Chicago metropolitan area
  • Beautiful Parks & Outdoor Spaces: Chicago’s Northside has a lot of green space to enjoy despite being a densely populated urban region. There are many places to go for outdoor activities including jogging, biking, picnicking, or just having a stroll, from the picturesque lakeside trail to the sizable Lincoln Park
  • Delicious Food: The Northside is no exception to Chicago’s reputation for its delectable cuisine. There are a variety of culinary alternatives to suit any appetite, including deep-dish pizza, hot dogs, Italian beef sandwiches, and gourmet food. Finding fresh, locally produced food is simple in the area because of the many farmers’ markets and specialty food shops that are located there

If you’re convinced that moving to Chicago’s Northside is the right choice for you, the next step is to find reliable local movers in Chicago to help you with your move. A reputable moving company like Hollander Storage & Moving can provide you with a stress-free and seamless relocation experience. They offer a range of moving services, from packing and loading to transportation and storage, to ensure that your move is hassle-free and on time. 


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