What to Know Before Buying a Home in Pasadena, CA

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Understanding the Pasadena, CA Housing Landscape

Strongly considering a home purchase in Pasadena? Great idea! You've chosen an energetic 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 support 3.8 million customers from coast to coast and have the inside scoop on Pasadena's housing scene.

Pasadena'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. Sustained economic growth and cultural expansion have helped to entice retirees, new businesses, and young families to the Pasadena area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Pasadena and the surrounding areas still offer an array of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your perfect home! When buying a house in Pasadena, 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. Traveling around Pasadena will also give you an idea of why homes in west Pasadena are priced differently than homes in east Pasadena, what the neighborhoods are like, and where to find Pasadena's hottest attractions.

Are you financially prepared to buy a house in Pasadena? 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 don't even have to stick with your decision to buy a house in Pasadena. We work with first-time homeowners and experienced homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in Pasadena.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Pasadena. Then, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. While everyone's situation is different, an online search for Pasadena averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, figure out what a realistic down payment would be for you. A down payment of at least 20% can help boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, the minimum down payment requirements depend on the type of loan. At this stage, getting prequalified for a loan can be extremely helpful. 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. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

Make Your Move: Buy a Home in Pasadena, CA

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Pasadena. Contact Mr. Cooper as you prepare to buy a house in Pasadena. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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