What to Know Before Buying a Home in Lawrence, IN

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Understanding the Lawrence, IN Housing Landscape

Ready to lay down some roots and buy a house in Lawrence? Congratulations! You've chosen 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 have the inside scoop on Lawrence's housing scene.

Lawrence'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 retirees, new businesses, and young families to the Lawrence area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Lawrence and its nearby areas still offer an array of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream home! When buying a home in Lawrence, double check that you're factoring in the home's distance from your daily activities. If you can, 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. Discovering different parts of Lawrence will help you see how the northern part differs from the southern part, what the communities are like, and where to find Lawrence's coolest attractions.

Are your finances in the right place to buy a home in Lawrence? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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 don't even have to stick with your decision to buy a house in Lawrence. We serve new and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Lawrence.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Lawrence. Next, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Lawrence will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, look at how much money you can put toward a down payment. A down payment of at least 20% can help boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, the required down payment will depend on the type of loan you get. At this stage, getting prequalified for a loan can be extremely helpful. 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. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

Move Up and Out: Buying Your Dream House in Lawrence, IN

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Lawrence. Contact Mr. Cooper as you prepare to buy a house in Lawrence. We're here to help you along the way 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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