What to Know Before Buying a Home in Kokomo, IN

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Exploring Kokomo, IN From North to South

Ready to lay down some roots and buy a house in Kokomo? Smart move! You've chosen a lively city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers across the country and know the Kokomo housing market well.

Given all of Indiana's growth, Kokomo homes aren't always easy to find at a comfortable price. Continued economic growth and cultural expansion have helped to entice retirees, new businesses, and young families to the Kokomo area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Kokomo and its neighboring areas still offer a wide range of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When buying a house in Kokomo, consider how near or far away the home is from the places you visit most. If you can, test drive your route to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of Kokomo will help you see how the northern part differs from the southern part, what the communities are like, and where to find Kokomo's coolest attractions.

Are your finances in the right place to buy a home in Kokomo? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and work to make every stage of the journey more enjoyable and less worrisome. It doesn't matter whether you want to buy a home in Indiana or somewhere else entirely. We serve new and experienced homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Kokomo.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Kokomo house hunt. After that, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Kokomo will usually point you in the right direction. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Now, figure out what a realistic down payment would be for you. 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). That said, down payment requirements can differ depending on the loan type. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, check your credit. Lenders place a high importance on credit history when looking at 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 Kokomo, IN

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 moving feels more rewarding when you get to live in a place like Kokomo. Contact Mr. Cooper as you get ready to buy a house in Kokomo. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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