The Process of Buying a Home in Santa Barbara, CA

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Get Familiar with the Lay of the Land in Santa Barbara, CA

Thinking about buying a home in Santa Barbara? Great idea! You've chosen a vibrant city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers nationwide and have the inside scoop on Santa Barbara's housing scene.

Given all of California's growth, Santa Barbara homes aren't always easy to find at a comfortable price. Continued economic growth and cultural expansion have helped to beckon young families, new businesses, and retirees to the Santa Barbara area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Santa Barbara and its neighboring areas still offer an array of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream home! When buying a house in Santa Barbara, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your trip from the house to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around Santa Barbara will also give you an idea of why homes in west Santa Barbara are priced differently than homes in east Santa Barbara, what the communities are like, and where to find Santa Barbara's coolest attractions.

Are your finances in the right place to buy a home in Santa Barbara? 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. It doesn't matter whether you want to buy a home in California or somewhere else entirely. We support new 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 Barbara.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Santa Barbara house hunt. After that, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Santa Barbara 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. Placing a minimum of 20% down can boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). That said, the minimum down payment requirements depend on the type of loan. Here's where it can help to get prequalified for a mortgage. 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 who doesn't want more choices in life?

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

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Santa Barbara. Contact Mr. Cooper as you prepare to buy a house in Santa Barbara. We're here for you from start to finish 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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