The Process of Buying a Home in Miami, FL

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Get Familiar with the Lay of the Land in Miami, FL

Thinking about buying a home in Miami? Smart move! You've chosen a vibrant city with a dynamic selection 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 Miami housing market well.

Miami is growing by the day, which means Miami homes don't always come cheap. Ongoing cultural expansion and economic growth have helped to entice young families, new businesses, and retirees to the Miami area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Miami and its neighboring areas still offer a wide range of home types and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream house! When buying a home in Miami, 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. Your home's location will influence almost every aspect of your life. Discovering different parts of Miami will help you see how the northern part differs from the southern part, where to find Miami's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Miami, but is your bank account? 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. You don't even have to stick with your decision to buy a house in Miami. We support first-time homeowners 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 Miami.

Before anything else, calculate how much house you can afford. This will help you set a price range while house shopping in Miami. After that, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. Searching the web for Miami averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Next, look at how much money you can put toward a down payment. 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). However, the minimum down payment requirements depend on the type of loan. 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 an important part of 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 Miami, FL

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Miami. Contact Mr. Cooper as you get ready to buy a house in Miami. We're here for you every step of the way 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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