What to Know Before Buying a Home in Fairhope, AL

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Get Familiar with the Lay of the Land in Fairhope, AL

Ready to lay down some roots and buy a house in Fairhope? Awesome! You've chosen a lively city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers across the country and have the inside scoop on Fairhope's housing scene.

Fairhope'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 support for local businesses and cultural growth have helped to entice retirees, new businesses, and young families to the Fairhope area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Fairhope and the surrounding areas still offer a wide range of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream house! When buying a home in Fairhope, consider how near or far away the home is from the places you visit most. If you can, 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. Traveling around Fairhope will also give you an idea of why homes in west Fairhope are priced differently than homes in east Fairhope, what the neighborhoods are like, and where to find Fairhope's hottest attractions.

Are your finances in the right place to buy a home in Fairhope? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. 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 Alabama or somewhere else entirely. We help new and experienced homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in Fairhope.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Fairhope house hunt. Then, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Searching the web for Fairhope averages will usually give you a solid estimate, though everyone's situation is different. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, consider how much you can contribute to a down payment. A down payment of at least 20% can help improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, consider your credit profile. Credit history is one of the main factors that lenders look at when considering your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and options are always a good thing!

Move Up and Out: Buying Your Dream House in Fairhope, AL

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 Fairhope. Contact Mr. Cooper as you get ready to buy a house in Fairhope. 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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