What to Know Before Buying a Home in Gilroy, CA

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Understanding the Gilroy, CA Housing Landscape

Ready to lay down some roots and buy a house in Gilroy? Awesome! You picked an energetic city with a great balance of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers across the country and know the Gilroy housing market well.

Gilroy'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. Continued support for local businesses and cultural growth have helped to beckon retirees, new businesses, and young families to the Gilroy area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Gilroy and its nearby areas still offer an array of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream house! When looking to buy a house in Gilroy, 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 Gilroy will also give you an idea of why homes in west Gilroy are priced differently than homes in east Gilroy, where to find Gilroy's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Gilroy, but is your bank account? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in California or elsewhere. We help 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 Gilroy.

Before anything else, calculate how much house you can afford. This will help you set a price range while house shopping in Gilroy. Then, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. While everyone's situation is different, an online search for Gilroy 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, look at how much money you can put toward a down payment. Putting at least 20% down will 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, check your credit. 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 options are always a good thing!

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

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 Gilroy. Contact Mr. Cooper as you prepare to buy a house in Gilroy. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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