What to Know Before Buying a Home in Florence, AZ

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Get Familiar with the Lay of the Land in Florence, AZ

Ready to lay down some roots and buy a house in Florence? Great idea! You picked a colorful city with a great balance 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 are familiar with the ins-and-outs of the Florence housing market.

Florence'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 attract young families, new businesses, and retirees to the Florence area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Florence and its neighboring areas still offer a variety of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream house! When looking to buy a house in Florence, 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 house's location will affect everything, from your morning routine to how you spend your evenings. Exploring Florence will also help you get a feel for how homes in east Florence differ from west Florence, where to find Florence's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Florence, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and work to make every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Florence. We support experienced homeowners and first-time homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Florence.

Before anything else, estimate how much house you can afford. This will help determine the price range for your Florence house hunt. After that, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Florence will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, look at how much money you can put toward 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). That said, down payment requirements can differ depending on the loan type. This is where getting prequalified for a mortgage comes in handy. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, take a good look at your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!

It's Go Time! Buy a House in Florence, AZ

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Florence, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Florence. 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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