What to Know Before Buying a Home in Santa Ana, CA

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Understanding the Santa Ana, CA Housing Landscape

Strongly considering a home purchase in Santa Ana? Great idea! You picked an energetic city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Santa Ana housing market.

Santa Ana is growing by the day, which means Santa Ana homes don't always come cheap. Sustained economic growth and cultural expansion have helped to attract retirees, new businesses, and young families to the Santa Ana area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Santa Ana and the surrounding areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your perfect home! When buying a house in Santa Ana, double check that you're factoring in the home's distance from your daily activities. 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. Traveling around Santa Ana will also give you an idea of why homes in west Santa Ana are priced differently than homes in east Santa Ana, what the communities are like, and where to find Santa Ana's coolest attractions.

Are your finances in the right place to buy a home in Santa Ana? 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 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 Santa Ana. We serve first-time homeowners and experienced homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Santa Ana.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Santa Ana. Then, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Santa Ana averages will usually give you some solid estimates. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Next, look at how much money you can put toward a down payment. Placing a minimum of 20% down can improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. This is where getting prequalified for a mortgage comes in handy. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, check 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 Santa Ana, CA

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving feels more rewarding when you get to live in a place like Santa Ana. Contact Mr. Cooper as you get ready to buy a house in Santa Ana. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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