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

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

Thinking about buying a home in Lake Placid? Smart move! You selected a lively city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers from coast to coast and have the inside scoop on Lake Placid's housing scene.

Given all of Florida's growth, Lake Placid homes aren't always easy to find at a comfortable price. Continued economic growth and cultural expansion have helped to beckon young families, new businesses, and retirees to the Lake Placid area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Lake Placid and its nearby areas still offer an array of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your perfect home! When looking to buy a house in Lake Placid, 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. The location of your house will impact virtually every part of your life. Exploring Lake Placid will also help you get a feel for how homes in east Lake Placid differ from west Lake Placid, where to find Lake Placid's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Lake Placid? 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 work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Florida or elsewhere. We serve 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 Lake Placid.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Lake Placid. Next, jot down 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 Lake Placid will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, consider how much you can contribute to a down payment. Placing a minimum of 20% down can boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). That said, the required down payment will depend on the type of loan you get. 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, take a good look at your credit. 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 Lake Placid, FL

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Lake Placid, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Lake Placid. We're here for you from start to finish 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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