What to Know Before Buying a Home in Salinas, CA

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Understanding the Salinas, CA Housing Landscape

Ready to lay down some roots and buy a house in Salinas? Awesome! You've chosen a vibrant city with a great balance 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 nationwide and know the Salinas housing market well.

Salinas is growing by the day, which means Salinas homes don't always come cheap. Ongoing support for local businesses and cultural growth have helped to beckon entrepreneurs, retirees, and new graduates to the Salinas area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Salinas and its neighboring areas still offer an array of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When looking to buy a house in Salinas, consider the home's location in relation to your everyday activities. If possible, 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 Salinas will help you see how the northern part differs from the southern part, where to find Salinas's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Salinas? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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 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 Salinas.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Salinas. Then, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Salinas will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, consider how much you can contribute to a down payment. Putting at least 20% down will 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 helps you know how much you might be eligible to borrow from a lender. Also, consider your credit profile. Credit history is one of the main factors that lenders look at when considering your mortgage application. The better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?

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

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Salinas, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Salinas. We're here for you every step of 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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