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Where Is Naperville Illinois?

You may have heard it’s a great place to live but if you are not familiar with the Chicago area you may find yourself asking, “Where is Naperville Illinois?”

This popular suburb is located just 30 miles outside of Chicago. Naperville is often well rated as a great place to live, retire and raise a family. The school system is nationally acclaimed and the town boasts the best public library system in the country.

Residents of Naperville have the opportunity to look for employment inside the city of Chicago or right in Naperville or another nearby suburb. Naperville has a small downtown that offers shopping and restaurant options for everyone.

Naperville has a total population of nearly 142,000 people. The school system makes it a very desirable area to buy a home and raise a family.

When your career necessitates that you live close to a big city it often limits where you can live and still be within commuting distance. Suburbs of a big city can be limited and sometimes undesirable. Naperville is a quick ride to Chicago’s Loop making the commute painless. There is an array of amenities in Naperville including a strong school system. This means parents don’t need to invest in costly private schools in order to live close to a big city.

Despite being an outstanding place to live, Naperville was not exempt from the recent economic downturn that lowered property values and increased foreclosure rates. In fact, if you’ve been considering relocating to the Naperville area now may be the perfect time. Home values are still reasonable and mortgage interest rates are extremely low.

Naperville’s median home price is over $300,000. Considering the median household income is over $100,000 the home values are on par with the budget of the town’s residents.

If you’re still asking yourself where is Naperville Illinois and why would I move there? Turn to the experts! Naperville has been recognized in the following publications:

  • 3rd best place to live in the country – by Money magazine in 2006
  • Country’s best place to be a kid – by the U.S. Census Bureau in 2004
  • Among top 10 small towns for senior citizens – AARP
  • Among 10 best walking towns – Walking magazine 1999

Before you begin looking for a home to buy in Naperville you need to make sure you do your research. This does not mean to start looking for your favorite streets in town, it means you need to research mortgages and evaluate your finances.

Three Steps to Take When Considering House Prices in Chicago and Buying

1. Set your budget -

People often make the mistake of thinking their home budget is the amount they can qualify for in a home loan. This simply is not the case. Even in today’s conservative lending situation you can probably qualify for a bigger loan than makes sense for you financially. Review your finances¬†and determine how much you can afford to pay monthly for your mortgage. Make sure there is enough left over to cover your other bills and set a little aside for an emergency fund. Use the current interest rates to calculate the home price that will give you a mortgage payment you are comfortable with.

2. Find a lender -

As a borrower you have the option to try to obtain a loan directly from a lender or to work with a mortgage broker who will shop your loan out to various lenders on your behalf. Make sure you understand all the components to the loan including prepayment penalties, appraisal costs, application fees, closing costs, broker fees, points as well as the interest rate. All these factors can make a loan with a bigger interest rate a better deal then the loan with the lowest rate but more costs.

3. Apply for the loan -

This is the easy part. Once you have done your homework you can go ahead and apply for the home loan. Make sure you have all the necessary documentation handy. This typically includes recent tax returns, pay stubs and additional financial documentation. Once all these documents are reviewed your loan will be ready to close.

House prices in Chicago can be high and making the decision to buy a home is a big one. Make sure you do your research about where you want to live and how much it’s going to cost you. Whatever you decide make sure you’re prepared to live there for several years. Gone are the days where it makes financial sense to buy a home and then move out after one or two years.

You may decide that Naperville is not the place for you but once you have your mortgage details organized you can begin looking at homes all over the Chicago area until you find the one that fits you best.