What to Know Before Buying a Home in Monrovia, CA

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

Thinking about buying a home in Monrovia? Congratulations! You've chosen an energetic city with a great balance of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers across the country and know the Monrovia housing market well.

Given all of California's growth, Monrovia homes aren't always easy to find at a comfortable price. Ongoing support for local businesses and cultural growth have helped to entice retirees, new businesses, and young families to the Monrovia area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Monrovia and the surrounding areas still offer a wide range of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream home! When buying a house in Monrovia, consider how near or far away the home is from the places you visit most. If possible, test drive your trip from the house to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around Monrovia will also give you an idea of why homes in west Monrovia are priced differently than homes in east Monrovia, where to find Monrovia's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Monrovia? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. 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 help first-time homeowners and experienced homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Monrovia.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Monrovia. After that, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Searching the web for Monrovia averages will usually give you a solid estimate, though everyone's situation is different. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, figure out what a realistic down payment would be for you. A down payment of at least 20% can help boost your odds of getting a good 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, take a good look at your credit. Credit history is one of the main factors that lenders look at when considering 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 Monrovia, 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 Monrovia. Contact Mr. Cooper as you look to buy a home in Monrovia. 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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Simplify the home buying or selling process in Monrovia with Mr. Cooper.

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