Understanding the South Lake Tahoe, CA Housing Landscape
Ready to lay down some roots and buy a house in South Lake Tahoe? Smart move! You selected a vibrant city with an ideal amount of businesses, schools, restaurants 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 South Lake Tahoe housing market.
Given all of California's growth, South Lake Tahoe homes aren't always easy to find at a comfortable price. Continued economic growth and cultural expansion have helped to attract retirees, new businesses, and young families to the South Lake Tahoe area, but so much change also means more traffic, more competition, and a need for more schools. That said, South Lake Tahoe and its neighboring areas still offer a wide range of home styles and prices. You can find single-family homes, condos, townhomes, and (ideally) your perfect home! When buying a home in South Lake Tahoe, 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. Your house's location will affect everything, from your morning routine to how you spend your evenings. Exploring South Lake Tahoe will also help you get a feel for how homes in east South Lake Tahoe differ from west South Lake Tahoe, where to find South Lake Tahoe's most popular attractions, and what the neighborhoods are like.
Are you financially prepared to buy a house in South Lake Tahoe? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe everyone can find their dream home 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 new and experienced homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in South Lake Tahoe.
Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in South Lake Tahoe. 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. While everyone's situation is different, an online search for South Lake Tahoe averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.
Now, figure out what a realistic down payment would be for you. A down payment of at least 20% can help improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). That said, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, consider your credit profile. 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 options are always a good thing!
Move Up and Out: Buying Your Dream House in South Lake Tahoe, 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 South Lake Tahoe. Contact Mr. Cooper as you get ready to buy a house in South Lake Tahoe.