What to Know Before Buying a Home in Waterloo, IA

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Understanding the Waterloo, IA Housing Landscape

Strongly considering a home purchase in Waterloo? Smart move! You've chosen an energetic city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers nationwide and know the Waterloo housing market well.

Waterloo'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 attract entrepreneurs, retirees, and new graduates to the Waterloo area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Waterloo and its nearby areas still offer a variety of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your perfect home! When looking to buy a house in Waterloo, 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 Waterloo will also give you an idea of why homes in west Waterloo are priced differently than homes in east Waterloo, where to find Waterloo's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Waterloo? 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 don't even have to stick with your decision to buy a house in Waterloo. We work with experienced homeowners and first-time homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Waterloo.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Waterloo. Then, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Searching the web for Waterloo averages will usually give you a solid estimate, though everyone's situation is different. 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 boost your odds of getting a good 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 will give you an idea of how much you might qualify to borrow. Also, take a good look at your credit. Credit history is an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and options are always a good thing!

Move Up and Out: Buying Your Dream House in Waterloo, IA

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 Waterloo, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Waterloo. 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.*

Mr. Cooper Reviews from Real Customers in Waterloo, IA

Read real stories from real Mr. Cooper home buyers and sellers in Waterloo, IA. Then contact us to see what we can do for you.

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