The Process of Buying a Home in Bloomington, IN

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Understanding the Bloomington, IN Housing Landscape

Thinking about buying a home in Bloomington? Awesome! You selected an energetic city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers nationwide and know the Bloomington housing market well.

Bloomington'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. Continued economic growth and cultural expansion have helped to beckon entrepreneurs, retirees, and new graduates to the Bloomington area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Bloomington and its neighboring areas still offer a variety of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your perfect home! When buying a home 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. Your home's location will influence almost every aspect of your life. Exploring Bloomington will also help you get a feel for how homes in east Bloomington differ from west Bloomington, what the communities are like, and where to find Bloomington's coolest attractions.

You're ready to buy a house in Bloomington, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe everyone can find their dream home 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 Indiana or somewhere else entirely. We support new and experienced homeowners alike. Walk 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.). It's okay if these numbers are educated guesses. 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.

Now, figure out what a realistic down payment would be for you. A down payment of at least 20% can help improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, check your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!

It's Go Time! Buy a House in Bloomington, IN

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving feels more rewarding when you get to live in a place like Bloomington. Contact Mr. Cooper as you look to buy a home in Bloomington. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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