All About Buying a House in Foley, AL

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

Strongly considering a home purchase in Foley? Awesome! You've chosen a vibrant city with an ideal amount of businesses, schools, restaurants 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 know the Foley housing market well.

Foley is growing by the day, which means Foley homes don't always come cheap. Ongoing economic growth and cultural expansion have helped to attract young families, new businesses, and retirees to the Foley area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Foley and its neighboring areas still offer a variety of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream house! When buying a house in Foley, consider how near or far away the home is from the places you visit most. 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. Exploring Foley will also help you get a feel for how homes in east Foley differ from west Foley, where to find Foley's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Foley? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. 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 Alabama or somewhere else entirely. We serve new and experienced homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Foley.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Foley house hunt. Then, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Searching the web for Foley 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, consider how much you can contribute to a down payment. Putting at least 20% down will increase your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). That said, the minimum down payment requirements depend on the type of loan. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at your credit. Credit history is an important part of your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

It's Go Time! Buy a House in Foley, AL

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 Foley. Contact Mr. Cooper as you prepare to buy a house in Foley. We're here to help you along 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.*

Mr. Cooper Reviews from Real Customers in Foley, AL

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