What to Know Before Buying a Home in Birmingham, MI

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Exploring Birmingham, MI From North to South

Ready to lay down some roots and buy a house in Birmingham? Congratulations! You picked a colorful city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers from coast to coast and have the inside scoop on Birmingham's housing scene.

Birmingham is growing by the day, which means Birmingham homes don't always come cheap. Continued cultural expansion and economic growth have helped to beckon retirees, new businesses, and young families to the Birmingham area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Birmingham and its neighboring areas still offer an array of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your perfect home! When buying a house in Birmingham, 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. The location of your house will impact virtually every part of your life. Traveling around Birmingham will also give you an idea of why homes in west Birmingham are priced differently than homes in east Birmingham, where to find Birmingham's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Birmingham? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. It doesn't matter whether you want to buy a home in Michigan or somewhere else entirely. We work with experienced homeowners and first-time homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Birmingham.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Birmingham house hunt. Next, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. Searching the web for Birmingham 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.

Next, look at how much money you can put toward a down payment. Placing a minimum of 20% down can improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. 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!

It's Go Time! Buy a House in Birmingham, MI

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 feels more rewarding when you get to live in a place like Birmingham. Contact Mr. Cooper as you get ready to buy a house in Birmingham. 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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