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What to Know Before Buying a Home in Springfield, MO

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Understanding the Springfield, MO Housing Landscape

Thinking about buying a home in Springfield? Congratulations! You picked a colorful city with a great balance of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Springfield housing market.

Springfield'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. Sustained cultural expansion and economic growth have helped to beckon entrepreneurs, retirees, and new graduates to the Springfield area, but so much change also means more traffic, more competition, and a need for more schools. That said, Springfield and the surrounding areas still offer an array of home types and prices. You can find single-family homes, condos, townhomes, and (hopefully) your dream house! When buying a home in Springfield, consider the home's location in relation to your everyday activities. If possible, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Discovering different parts of Springfield will help you see how the northern part differs from the southern part, what the communities are like, and where to find Springfield's coolest attractions.

Are your finances in the right place to buy a home in Springfield? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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 Missouri or somewhere else entirely. We serve new and experienced homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Springfield.

First, calculate how much house you can afford. This will help determine the price range for your Springfield house hunt. Next, 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 Springfield averages will usually give you some solid estimates. 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. Putting at least 20% down will improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. 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. 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 Springfield, MO

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Springfield. Contact Mr. Cooper as you get ready to buy a house in Springfield. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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