What to Know Before Buying a Home in Valley, AL

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

Thinking about buying a home in Valley? Great idea! You picked a colorful 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 support 3.8 million customers nationwide and have the inside scoop on Valley's housing scene.

Given all of Alabama's growth, Valley homes aren't always easy to find at a comfortable price. Continued cultural expansion and economic growth have helped to attract entrepreneurs, retirees, and new graduates to the Valley area, but so much change also means more traffic, more competition, and a need for more schools. That said, Valley and the surrounding areas still offer a wide range of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream house! When buying a home in Valley, 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. Traveling around Valley will also give you an idea of why homes in west Valley are priced differently than homes in east Valley, what the communities are like, and where to find Valley's coolest attractions.

You're ready to buy a house in Valley, but is your bank account? 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. You could choose to buy a home in Alabama or elsewhere. We serve new and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Valley.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Valley. After that, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. While everyone's situation is different, an online search for Valley 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.

Next, consider how much you can contribute to a down payment. A down payment of at least 20% can help increase your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. 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. 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?

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

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But when you get to live in a stellar city like Valley, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Valley. We're here for you every step of the way 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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