Get Familiar with the Lay of the Land in Beverly Hills, CA
Thinking about buying a home in Beverly Hills? Smart move! You selected an energetic city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers from coast to coast and have the inside scoop on Beverly Hills's housing scene.
Beverly Hills is growing by the day, which means Beverly Hills homes don't always come cheap. Ongoing economic growth and cultural expansion have helped to beckon young families, new businesses, and retirees to the Beverly Hills area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Beverly Hills and its neighboring areas still offer a wide range of home types and prices. You can find single-family homes, condos, townhomes, and (ideally) your dream house! When buying a house in Beverly Hills, double check that you're factoring in the home's distance from your daily activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Exploring Beverly Hills will also help you get a feel for how homes in east Beverly Hills differ from west Beverly Hills, what the communities are like, and where to find Beverly Hills's coolest attractions.
Are you financially prepared to buy a house in Beverly Hills? 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 California or elsewhere. We support new and experienced homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Beverly Hills.
Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Beverly Hills. After that, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. Searching the web for Beverly Hills 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.
Now, consider how much you can contribute to a down payment. A down payment of at least 20% can help boost 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. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, take a good look at your credit. Lenders place a high importance on credit history when looking at your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and who doesn't want more choices in life?
Move Up and Out: Buying Your Dream House in Beverly Hills, CA
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 moving feels more rewarding when you get to live in a place like Beverly Hills. Contact Mr. Cooper as you look to buy a home in Beverly Hills.