Understanding the Bloomington, MN Housing Landscape
Ready to lay down some roots and buy a house in Bloomington? Smart move! You picked a colorful city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers across the country and have the inside scoop on Bloomington's housing scene.
Given all of Minnesota's growth, Bloomington 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 Bloomington area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Bloomington and its nearby areas still offer a wide range of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream home! When buying a home in Bloomington, consider how near or far away the home is from the places you visit most. If possible, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Traveling around Bloomington will also give you an idea of why homes in west Bloomington are priced differently than homes in east Bloomington, what the communities are like, and where to find Bloomington's coolest attractions.
Are you financially prepared to buy a house in Bloomington? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade 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 Bloomington. We work with first-time homeowners and experienced homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Bloomington.
Before anything else, calculate how much house you can afford. This will help you set a price range while house shopping in Bloomington. After that, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Bloomington averages will usually give you some solid estimates. 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. A down payment of at least 20% can help increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). That said, 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, check your credit. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and who doesn't want more choices in life?
Make Your Move: Buy a Home in Bloomington, MN
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 Bloomington. Contact Mr. Cooper as you look to buy a home in Bloomington.