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What to Know Before Buying a Home in Folsom, CA

Folsom is changing every day. Get the information you need to make your best move. Learn more about buying a house in Folsom, CA.

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Get Familiar with the Lay of the Land in Folsom, CA

Thinking about buying a home in Folsom? Great idea! You selected a colorful city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers across the country and have the inside scoop on Folsom's housing scene.

Given all of California's growth, Folsom homes aren't always easy to find at a comfortable price. Ongoing support for local businesses and cultural growth have helped to entice young families, new businesses, and retirees to the Folsom area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Folsom and its nearby 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 buying a house in Folsom, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your route to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of Folsom will help you see how the northern part differs from the southern part, what the communities are like, and where to find Folsom's coolest attractions.

You're ready to buy a house in Folsom, 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 the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Folsom. We support new and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Folsom.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Folsom. Then, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Folsom will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, figure out what a realistic down payment would be for you. A down payment of at least 20% can help increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, the minimum down payment requirements depend on the type of loan. Here's where it can help to get prequalified for a mortgage. 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 an important part of your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and options are always a good thing!

It's Go Time! Buy a House in Folsom, CA

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving feels more rewarding when you get to live in a place like Folsom. Contact Mr. Cooper as you prepare to buy a house in Folsom.

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