What to Know Before Buying a Home in Mobile, AL

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

Thinking about buying a home in Mobile? Congratulations! You picked a vibrant city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers nationwide and are familiar with the ins-and-outs of the Mobile housing market.

Given all of Alabama's growth, Mobile homes aren't always easy to find at a comfortable price. Continued cultural expansion and economic growth have helped to entice entrepreneurs, retirees, and new graduates to the Mobile area, but so much change also means more traffic, more competition, and a need for more schools. That said, Mobile and the surrounding areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your perfect home! When looking to buy a house in Mobile, consider the home's location in relation to your everyday activities. If you can, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Traveling around Mobile will also give you an idea of why homes in west Mobile are priced differently than homes in east Mobile, what the communities are like, and where to find Mobile's coolest attractions.

Are your finances in the right place to buy a home in Mobile? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive and work to make the journey less worrisome and more rewarding every step of the way. 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. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Mobile.

First, calculate how much house you can afford. This will help determine the price range for your Mobile house hunt. Next, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Searching the web for Mobile averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Then, look at how much money you can put toward a down payment. A down payment of at least 20% can help increase your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, 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, consider your credit profile. Credit history is one of the main factors that lenders look at when considering your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

Move Up and Out: Buying Your Dream House in Mobile, AL

Moving remains one of the biggest stressors, despite being a practically universal experience. But when you get to live in a stellar city like Mobile, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Mobile. We're here for you every step of the way 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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