What to Know Before Buying a Home in Hammond, IN

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Understanding the Hammond, IN Housing Landscape

Strongly considering a home purchase in Hammond? Smart move! You selected an energetic city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers nationwide and have the inside scoop on Hammond's housing scene.

Hammond'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 retirees, new businesses, and young families to the Hammond area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Hammond and the surrounding areas still offer a variety of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your perfect home! When buying a house in Hammond, consider how near or far away the home is from the places you visit most. If possible, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Exploring Hammond will also help you get a feel for how homes in east Hammond differ from west Hammond, what the neighborhoods are like, and where to find Hammond's hottest attractions.

Are you financially prepared to buy a house in Hammond? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. You could choose to buy a home in Indiana or elsewhere. We support first-time homeowners and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Hammond.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Hammond house hunt. Next, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. While everyone's situation is different, an online search for Hammond averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, look at how much money you can put toward a down payment. A down payment of at least 20% can help increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, the minimum down payment requirements depend on the type of loan. This is where getting prequalified for a mortgage comes in handy. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?

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

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving feels more rewarding when you get to live in a place like Hammond. Contact Mr. Cooper as you prepare to buy a house in Hammond. We're here to help you along 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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