What to Know Before Buying a Home in Merritt Island, FL

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Understanding the Merritt Island, FL Housing Landscape

Ready to lay down some roots and buy a house in Merritt Island? Congratulations! You picked a colorful 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 across the country and know the Merritt Island housing market well.

Merritt Island is growing by the day, which means Merritt Island homes don't always come cheap. Continued economic growth and cultural expansion have helped to entice retirees, new businesses, and young families to the Merritt Island area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Merritt Island and its nearby areas still offer a wide range of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream home! When looking to buy a house in Merritt Island, 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 house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of Merritt Island will help you see how the northern part differs from the southern part, what the communities are like, and where to find Merritt Island's coolest attractions.

Are your finances in the right place to buy a home in Merritt Island? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. 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 help 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 Merritt Island.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Merritt Island house hunt. After that, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Merritt Island 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.

Next, consider how much you can contribute to a down payment. 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, the required down payment will depend on the type of loan you get. 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, check your credit. Credit history is an important part of your mortgage application. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!

Make Your Move: Buy a Home in Merritt Island, 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 moving can also be incredibly rewarding, especially when you get to live in an amazing city like Merritt Island. Contact Mr. Cooper as you prepare to buy a house in Merritt Island. 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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