All About Buying a House in San Luis Obispo, CA

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Exploring San Luis Obispo, CA From North to South

Thinking about buying a home in San Luis Obispo? Awesome! You selected a lively city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers nationwide and are familiar with the ins-and-outs of the San Luis Obispo housing market.

San Luis Obispo'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 cultural expansion and economic growth have helped to beckon retirees, new businesses, and young families to the San Luis Obispo area, but so much change also means more traffic, more competition, and a need for more schools. Even so, San Luis Obispo and the surrounding areas still offer a variety of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream house! When buying a home in San Luis Obispo, consider how near or far away the home is from the places you visit most. If you can, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Exploring San Luis Obispo will also help you get a feel for how homes in east San Luis Obispo differ from west San Luis Obispo, what the neighborhoods are like, and where to find San Luis Obispo's hottest attractions.

You're ready to buy a house in San Luis Obispo, but is your bank account? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and try our best to make the journey easier and more rewarding. You don't even have to stick with your decision to buy a house in San Luis Obispo. We serve new 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 San Luis Obispo.

First, estimate how much house you can afford. This will help you set a price range while house shopping in San Luis Obispo. After that, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for San Luis Obispo averages will usually give you some solid estimates. 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 odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, 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 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. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!

Move Up and Out: Buying Your Dream House in San Luis Obispo, 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 when you get to live in a stellar city like San Luis Obispo, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in San Luis Obispo. We're here for you every step of 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.*

Mr. Cooper Customer Reviews for San Luis Obispo, CA

Read real stories from real Mr. Cooper home buyers and sellers in San Luis Obispo, CA. Then contact us to see what we can do for you.

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