What to Know Before Buying a Home in Madison, IN

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Get Familiar with the Lay of the Land in Madison, IN

Strongly considering a home purchase in Madison? Smart move! You picked a lively city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers nationwide and have the inside scoop on Madison's housing scene.

Madison'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. Ongoing economic growth and cultural expansion have helped to entice retirees, new businesses, and young families to the Madison area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Madison and its neighboring areas still offer an array of home types and prices. You can find single-family homes, condos, townhomes, and (ideally) your perfect home! When looking to buy a house in Madison, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your route to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Traveling around Madison will also give you an idea of why homes in west Madison are priced differently than homes in east Madison, where to find Madison's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Madison, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Madison. We work with first-time homeowners and experienced homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Madison.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Madison. Then, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Searching the web for Madison averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Next, consider how much you can contribute to a down payment. Placing a minimum of 20% down can improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, the required down payment will depend on the type of loan you get. 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. 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 more options are always good!

Make Your Move: Buy a Home in Madison, 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 Madison. Contact Mr. Cooper as you get ready to buy a house in Madison. We're here for you from start to finish 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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