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What to Know Before Buying a Home in San Mateo, CA

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Get Familiar with the Lay of the Land in San Mateo, CA

Ready to lay down some roots and buy a house in San Mateo? Great idea! You selected an energetic city with a great balance of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers nationwide and know the San Mateo housing market well.

San Mateo'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. Continued support for local businesses and cultural growth have helped to entice retirees, new businesses, and young families to the San Mateo area, but so much change also means more traffic, more competition, and a need for more schools. Even so, San Mateo and its nearby areas still offer an array of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your perfect home! When looking to buy a house in San Mateo, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your route to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Discovering different parts of San Mateo will help you see how the northern part differs from the southern part, what the communities are like, and where to find San Mateo's coolest attractions.

Are you financially prepared to buy a house in San Mateo? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade 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 experienced homeowners and first-time homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in San Mateo.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in San Mateo. Next, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Searching the web for San Mateo averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

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). However, 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, check your credit. 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 more options are always good!

Make Your Move: Buy a Home in San Mateo, 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 San Mateo. Contact Mr. Cooper as you look to buy a home in San Mateo. 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.*

Mr. Cooper Reviews from Real Customers in San Mateo, CA

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