All About Buying a House in Louisville, KY

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Understanding the Louisville, KY Housing Landscape

Thinking about buying a home in Louisville? Smart move! You picked a lively city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers across the country and know the Louisville housing market well.

Given all of Kentucky's growth, Louisville homes aren't always easy to find at a comfortable price. Continued support for local businesses and cultural growth have helped to attract retirees, new businesses, and young families to the Louisville area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Louisville and the surrounding areas still offer an array of homes in price and amenities. You can find single-family homes, condos, townhomes, and (ideally) your perfect home! When looking to buy a house in Louisville, consider the home's location in relation to your everyday 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 Louisville will also give you an idea of why homes in west Louisville are priced differently than homes in east Louisville, what the communities are like, and where to find Louisville's coolest attractions.

Are your finances in the right place to buy a home in Louisville? 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 try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Kentucky or somewhere else entirely. We help new and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Louisville.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Louisville. After that, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, 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 Louisville will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

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). That said, the minimum down payment requirements depend on the type of loan. 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, check your credit. Lenders place a high importance on credit history when looking at your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and who doesn't want more choices in life?

It's Go Time! Buy a House in Louisville, KY

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 can also be incredibly rewarding, especially when you get to live in an amazing city like Louisville. Contact Mr. Cooper as you get ready to buy a house in Louisville. We're here for you every step of the way 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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