333 Council Trl, Lake In The Hills, IL 60156
3 beds · 2 baths · 1,600 sqft
We would love to welcome you to this charming, spacious 3 bedroom, 2 bath raised ranch on Willow Lake. Perfect or first-time homebuyers or those downsizing who are looking for more space than a condo has to offer. The upper level greets you with natural light through the abundant windows in the living room. The kitchen includes many cabinets for much-needed storage and a generous dining space. This level also consists of the primary suite, two additional bedrooms and a second full bath. There is ample closet space both in the bedrooms and hall. Walk down to the lower level and you will find a large laundry/mud room, two-car garage and under-stair closet, all offering you even greater storage. Make your way down the hall to the family room, that includes a gas fireplace for cozy evenings. There is more than enough area for entertaining, relaxing and even space for an at-home office. The family room includes walk-out sliding doors that lead to the back deck, which overlooks a tremendous yard that could be fenced in for pets to enjoy safely. Since your property has its own access to Willow Lake, it's perfect for you to enjoy leisurely canoe or motorless craft rides for recreation. Many upgrades to the home including the roof (2023), windows (2019), painting (2023-24), hot water tank (2023) and an updated deck (2020). Located just west of downtown Algonquin and the Fox River, you will be minutes from great dining, shopping and entertainment.
Source: MRED #mrd12123366
Source: MRED #mrd12123366
Assuming a mortgage can seem complex and unfamiliar. We simplify the process by providing white-glove support and expertise at every step.
Whether you have an agent or you’re just starting your search, reach out to us and we’ll help set up a home tour.
Roam works with you, your agent, and the listing agent to prepare a mortgage assumption agreement and finalize all details.
Roam coordinates all parts of the transaction and keeps all parties up to date to provide a seamless 45-day close.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
What is Roam?
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
What is an assumable mortgage?
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
Why is an assumable mortgage valuable?
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
How can you find assumable mortgage listings?
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Get Notified” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
How do I qualify for an assumable mortgage?
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
MLS ID: #mrd12123366