What to Know Before Buying a Home in Phoenix, AZ

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Exploring Phoenix, AZ From North to South

Thinking about buying a home in Phoenix? Smart move! You selected a vibrant city with a dynamic selection of parks, businesses, and educational opportunities, 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 Phoenix's housing scene.

Given all of Arizona's growth, Phoenix homes aren't always easy to find at a comfortable price. Ongoing support for local businesses and cultural growth have helped to beckon young families, new businesses, and retirees to the Phoenix area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Phoenix and its neighboring areas still offer a wide range of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your perfect home! When looking to buy a house in Phoenix, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Discovering different parts of Phoenix will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Phoenix's hottest attractions.

Are you financially prepared to buy a house in Phoenix? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. You could choose to buy a home in Arizona or elsewhere. We support first-time homeowners 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 Phoenix.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Phoenix. After that, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Phoenix 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.

Then, look at how much money you can put toward a down payment. Putting at least 20% down will improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, 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, consider your credit profile. 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 Phoenix, AZ

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 Phoenix. Contact Mr. Cooper as you look to buy a home in Phoenix. 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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