What to Know Before Buying a Home in University Park, FL

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Understanding the University Park, FL Housing Landscape

Strongly considering a home purchase in University Park? Awesome! You've chosen a lively city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers from coast to coast and have the inside scoop on University Park's housing scene.

University Park is growing by the day, which means University Park homes don't always come cheap. Ongoing economic growth and cultural expansion have helped to attract young families, new businesses, and retirees to the University Park area, but so much change also means more traffic, more competition, and a need for more schools. That said, University Park and the surrounding areas still offer a variety of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream home! When buying a house in University Park, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your route to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Exploring University Park will also help you get a feel for how homes in east University Park differ from west University Park, what the neighborhoods are like, and where to find University Park's hottest attractions.

Are you financially prepared to buy a house in University Park? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and try our best to make the journey easier and more rewarding. You could choose to buy a home in Florida or elsewhere. We serve experienced homeowners and first-time homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in University Park.

Before anything else, calculate how much house you can afford. This will help determine the price range for your University Park house hunt. Next, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in University Park 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, consider how much you can contribute to a down payment. Putting at least 20% down will improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, the minimum down payment requirements depend on the type of loan. Here's where it can help to get prequalified for a mortgage. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, consider your credit profile. Credit history is an important part of your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

Move Up and Out: Buying Your Dream House in University Park, FL

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving feels more rewarding when you get to live in a place like University Park. Contact Mr. Cooper as you get ready to buy a house in University Park. 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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