What to Know Before Buying a Home in Lancaster, CA

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Understanding the Lancaster, CA Housing Landscape

Thinking about buying a home in Lancaster? Great idea! You picked a colorful city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers across the country and know the Lancaster housing market well.

Lancaster is growing by the day, which means Lancaster homes don't always come cheap. Continued cultural expansion and economic growth have helped to attract young families, new businesses, and retirees to the Lancaster area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Lancaster and its nearby areas still offer a variety of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your perfect home! When buying a house in Lancaster, 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 home's location will influence almost every aspect of your life. Discovering different parts of Lancaster will help you see how the northern part differs from the southern part, where to find Lancaster's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Lancaster, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. 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 could choose to buy a home in California or elsewhere. We help first-time homeowners and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Lancaster.

First, calculate how much house you can afford. This will help determine the price range for your Lancaster house hunt. Next, jot down 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 Lancaster 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.

Then, look at how much money you can put toward a down payment. A down payment of at least 20% can help improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). That said, the required down payment will depend on the type of loan you get. 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, check 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 options are always a good thing!

Make Your Move: Buy a Home in Lancaster, 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 Lancaster. Contact Mr. Cooper as you prepare to buy a house in Lancaster. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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