What to Know Before Buying a Home in Springfield, TN

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Get Familiar with the Lay of the Land in Springfield, TN

Ready to lay down some roots and buy a house in Springfield? Congratulations! You selected a lively city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers from coast to coast and have the inside scoop on Springfield's housing scene.

Given all of Tennessee's growth, Springfield homes aren't always easy to find at a comfortable price. Sustained economic growth and cultural expansion have helped to beckon young families, new businesses, and retirees to the Springfield area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Springfield and its neighboring areas still offer a wide range of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream house! When looking to buy a house in Springfield, consider how near or far away the home is from the places you visit most. If possible, test drive your route to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Exploring Springfield will also help you get a feel for how homes in east Springfield differ from west Springfield, what the neighborhoods are like, and where to find Springfield's hottest attractions.

Are you financially prepared to buy a house in Springfield? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home 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 Tennessee or somewhere else entirely. We serve first-time homeowners and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Springfield.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Springfield house hunt. Then, 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. Everyone's situation will differ, but a quick online search for average expenses in Springfield will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Then, figure out what a realistic down payment would be for you. Putting at least 20% down will 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, consider your credit profile. Credit history is an important part of your mortgage application. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

Move Up and Out: Buying Your Dream House in Springfield, TN

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Springfield. Contact Mr. Cooper as you prepare to buy a house in Springfield. We're here for you from start to finish 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.*

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