All About Buying a House in Bloomington, IL

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Get Familiar with the Lay of the Land in Bloomington, IL

Strongly considering a home purchase in Bloomington? Smart move! You selected an energetic city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers across the country and are familiar with the ins-and-outs of the Bloomington housing market.

Bloomington is growing by the day, which means Bloomington homes don't always come cheap. Sustained cultural expansion and economic growth have helped to beckon entrepreneurs, retirees, and new graduates to the Bloomington area, but so much change also means more traffic, more competition, and a need for more schools. That said, Bloomington and its nearby areas still offer a variety of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream home! When buying a house in Bloomington, consider the home's location in relation to your everyday activities. If possible, 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. Exploring Bloomington will also help you get a feel for how homes in east Bloomington differ from west Bloomington, what the neighborhoods are like, and where to find Bloomington's hottest attractions.

You're ready to buy a house in Bloomington, but is your bank account? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Bloomington. We work with experienced homeowners and first-time homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Bloomington.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Bloomington. After that, 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 Bloomington averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Then, figure out what a realistic down payment would be for you. A down payment of at least 20% can help improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. This is where getting prequalified for a mortgage comes in handy. 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 options are always a good thing!

Make Your Move: Buy a Home in Bloomington, IL

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Bloomington. Contact Mr. Cooper as you prepare to buy a house in Bloomington. 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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