All About Buying a House in Santa Monica, CA

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Understanding the Santa Monica, CA Housing Landscape

Strongly considering a home purchase in Santa Monica? Awesome! You've chosen a vibrant city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers nationwide and know the Santa Monica housing market well.

Given all of California's growth, Santa Monica homes aren't always easy to find at a comfortable price. Sustained support for local businesses and cultural growth have helped to attract retirees, new businesses, and young families to the Santa Monica area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Santa Monica and the surrounding areas still offer a variety of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your perfect home! When buying a house in Santa Monica, double check that you're factoring in the home's distance from your daily activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your house's location will affect everything, from your morning routine to how you spend your evenings. Exploring Santa Monica will also help you get a feel for how homes in east Santa Monica differ from west Santa Monica, where to find Santa Monica's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Santa Monica? 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. You don't even have to stick with your decision to buy a house in Santa Monica. We support first-time homeowners 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 Santa Monica.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Santa Monica. After that, jot down your 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 Monica will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, consider how much you can contribute to a down payment. A down payment of at least 20% can help improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, the minimum down payment requirements depend on the type of loan. 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, consider your credit profile. Lenders place a high importance on credit history when looking at 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 Monica, 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 Monica. Contact Mr. Cooper as you get ready to buy a house in Santa Monica. 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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