The Process of Buying a Home in Key West, FL

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Understanding the Key West, FL Housing Landscape

Ready to lay down some roots and buy a house in Key West? Congratulations! You selected a colorful city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers across the country and are familiar with the ins-and-outs of the Key West housing market.

Key West'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 beckon retirees, new businesses, and young families to the Key West area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Key West and its nearby areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (ideally) your perfect home! When buying a house in Key West, consider the home's location in relation to your everyday activities. If you can, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Discovering different parts of Key West will help you see how the northern part differs from the southern part, where to find Key West's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Key West? 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. It doesn't matter whether you want to buy a home in Florida or somewhere else entirely. We work with experienced homeowners and first-time 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 Key West.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Key West. Then, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Searching the web for Key West averages will usually give you a solid estimate, though everyone's situation is different. 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 chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, the minimum down payment requirements depend on the type of loan. This is where getting prequalified for a mortgage comes in handy. Getting prequalified will give you an idea of how much you might qualify 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 healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

Make Your Move: Buy a Home in Key West, FL

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But when you get to live in a stellar city like Key West, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Key West. 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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