What to Know Before Buying a Home in Birmingham, AL

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Get Familiar with the Lay of the Land in Birmingham, AL

Strongly considering a home purchase in Birmingham? Smart move! You picked an energetic city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers across the country and are familiar with the ins-and-outs of the Birmingham housing market.

Birmingham's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Ongoing cultural expansion and economic growth have helped to beckon entrepreneurs, retirees, and new graduates to the Birmingham area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Birmingham and the surrounding areas still offer an array of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your perfect home! When looking to buy a house in Birmingham, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Discovering different parts of Birmingham will help you see how the northern part differs from the southern part, where to find Birmingham's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Birmingham, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Alabama or somewhere else entirely. We help first-time homeowners and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Birmingham.

Before anything else, calculate how much house you can afford. This will help you set a price range while house shopping in Birmingham. Then, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Birmingham averages will usually give you some solid estimates. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Next, consider how much you can contribute to a down payment. A down payment of at least 20% can help boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, the minimum down payment requirements depend on the type of loan. At this stage, getting prequalified for a loan can be extremely helpful. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, check your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. The better your credit is, the more mortgage options you may be presented with— and options are always a good thing!

It's Go Time! Buy a House in Birmingham, AL

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But when you get to live in a stellar city like Birmingham, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Birmingham. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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