What to Know Before Buying a Home in Stanford, CA

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Understanding the Stanford, CA Housing Landscape

Strongly considering a home purchase in Stanford? Smart move! You selected a lively city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers nationwide and know the Stanford housing market well.

Stanford'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. Sustained support for local businesses and cultural growth have helped to attract young families, new businesses, and retirees to the Stanford area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Stanford and the surrounding areas still offer a wide range of home styles and prices. You can find single-family homes, condos, townhomes, and (ideally) your dream house! When buying a house in Stanford, double check that you're factoring in the home's distance from your daily activities. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Traveling around Stanford will also give you an idea of why homes in west Stanford are priced differently than homes in east Stanford, where to find Stanford's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Stanford, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. You could choose to buy a home in California or elsewhere. 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 Stanford.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Stanford. Next, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Stanford 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.

Then, look at how much money you can put toward a down payment. Placing a minimum of 20% down can boost your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified helps you know how much you might be eligible to borrow from a lender. 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. The healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

Move Up and Out: Buying Your Dream House in Stanford, 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 Stanford. Contact Mr. Cooper as you look to buy a home in Stanford. We're here for you every step of 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.*

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