The Process of Buying a Home in Monterey, CA

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Understanding the Monterey, CA Housing Landscape

Ready to lay down some roots and buy a house in Monterey? Awesome! You've chosen a colorful city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers nationwide and know the Monterey housing market well.

Monterey is growing by the day, which means Monterey homes don't always come cheap. Continued cultural expansion and economic growth have helped to beckon entrepreneurs, retirees, and new graduates to the Monterey area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Monterey and its neighboring areas still offer a wide range of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your perfect home! When buying a house in Monterey, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Discovering different parts of Monterey will help you see how the northern part differs from the southern part, where to find Monterey's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Monterey? 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 work to make every stage of the journey more enjoyable and less worrisome. It doesn't matter whether you want to buy a home in California or somewhere else entirely. We support new and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Monterey.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Monterey. Next, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. Searching the web for Monterey averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Now, figure out what a realistic down payment would be for you. Putting at least 20% down will improve your chances of getting a great 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. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at your credit. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and options are always a good thing!

Move Up and Out: Buying Your Dream House in Monterey, 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 Monterey. Contact Mr. Cooper as you prepare to buy a house in Monterey. We're here to help you along the way 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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