What to Know Before Buying a Home in Lafayette, IN

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Understanding the Lafayette, IN Housing Landscape

Thinking about buying a home in Lafayette? Great idea! You picked an energetic city with an ideal amount of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers from coast to coast and know the Lafayette housing market well.

Lafayette'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. Sustained cultural expansion and economic growth have helped to entice young families, new businesses, and retirees to the Lafayette area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Lafayette and its neighboring areas still offer an array of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream home! When buying a house in Lafayette, double check that you're factoring in the home's distance from your daily activities. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around Lafayette will also give you an idea of why homes in west Lafayette are priced differently than homes in east Lafayette, where to find Lafayette's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Lafayette, 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 in keeping the dream of homeownership alive and work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Indiana or elsewhere. We help experienced homeowners and first-time homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Lafayette.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Lafayette. After that, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Lafayette will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, consider how much you can contribute to a down payment. Placing a minimum of 20% down can 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. 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, take a good look at your credit. Credit history is one of the main factors that lenders look at when considering 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?

Make Your Move: Buy a Home in Lafayette, 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 when you get to live in a stellar city like Lafayette, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Lafayette. We're here for you every step of 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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