331 Granby Rd Lake Forest, IL 60045
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About this home
Transformed Storybook Cottage One Block From Downtown Lake Forest. Just moments from the train, shopping, dining, and the beach. Tucked along a quiet enclave in East Lake Forest, this extensively renovated 1925 gabled cottage offers the best of in-town living just down the street. Storybook charm gives the home instant curb appeal while bright, sunny interiors blend vintage character with modern updates-the result of the current owner's meticulous stewardship. Tall ceilings, arched doorways, traditional millwork, and newly lightened original hardwood floors give the main level a timeless quality. The living and dining areas can function as a flexible, open-flow space, equally suited to everyday living and casual entertaining. The kitchen has been completely reimagined with modern appointments, including a Sub-Zero refrigerator, Samsung appliances, a farmhouse sink, updated cabinetry, a breakfast bar, and a well-organized pantry. Just beyond, a rear mudroom offers practical access to the fenced backyard. The first-floor bedroom, with abundant natural light, has easy access to a renovated full bath and direct access to the second floor. Upstairs, the architecture shifts into a cozier scale-a pair of tandem rooms with pitched ceilings ideal for bedrooms, a playroom, or a cozy creative retreat. The fully finished lower level expands the home's footprint. Featuring painted exposed ceilings, luxury vinyl flooring, and thoughtful zoning to accommodate multiple functions, it includes a large recreation area, an office or bonus room, an added full bath, a new laundry room, and generous closeted storage. A rare walkout feature connects directly to the backyard with a storage room beyond. Outside, the property has been transformed with new landscaping, a paver patio, new fencing, and cozy front porch. Behind the scenes, major mechanical upgrades-new copper water service and lines, new electrical, a new furnace and boiler, new HVAC units, a new hot water heater-bring peace of mind to a home with nearly a century of character. Every space reflects the care of a thoughtful renovation that honors the charm of a 1920s cottage while elevating the way the home lives today. If you're seeking in-town proximity, vintage style, and move-in ready spaces in the heart of Lake Forest, this home checks all of the boxes.
Source: MRED #12518054
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FAQs
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.
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.
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.
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.
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 “Save search” 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.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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