What to Know Before Buying a Home in Lake Mary, FL

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Get Familiar with the Lay of the Land in Lake Mary, FL

Ready to lay down some roots and buy a house in Lake Mary? Awesome! You selected an energetic city with a great balance of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers nationwide and know the Lake Mary housing market well.

Lake Mary'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. Ongoing support for local businesses and cultural growth have helped to attract retirees, new businesses, and young families to the Lake Mary area, but so much change also means more traffic, more competition, and a need for more schools. That said, Lake Mary and the surrounding areas still offer a wide range of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream home! When looking to buy a house in Lake Mary, consider how near or far away the home is from the places you visit most. If you can, 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 Lake Mary will also give you an idea of why homes in west Lake Mary are priced differently than homes in east Lake Mary, what the communities are like, and where to find Lake Mary's coolest attractions.

You're ready to buy a house in Lake Mary, 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 don't even have to stick with your decision to buy a house in Lake Mary. We support new and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Lake Mary.

First, calculate how much house you can afford. This will help determine the price range for your Lake Mary house hunt. Then, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Lake Mary 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, look at how much money you can put toward a down payment. Putting at least 20% down will improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, the minimum down payment requirements depend on the type of loan. 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. Lenders place a high importance on credit history when looking at your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and options are always a good thing!

It's Go Time! Buy a House in Lake Mary, FL

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 Lake Mary. Contact Mr. Cooper as you prepare to buy a house in Lake Mary. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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