What to Know Before Buying a Home in Covington, KY

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Understanding the Covington, KY Housing Landscape

Strongly considering a home purchase in Covington? Congratulations! You picked a lively city with a great balance of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers across the country and have the inside scoop on Covington's housing scene.

Covington'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. Continued economic growth and cultural expansion have helped to beckon young families, new businesses, and retirees to the Covington area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Covington and the surrounding areas still offer an array of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream home! When buying a house in Covington, consider how near or far away the home is from the places you visit most. If possible, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Discovering different parts of Covington will help you see how the northern part differs from the southern part, where to find Covington's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Covington? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Kentucky or elsewhere. We serve new and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Covington.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Covington. Next, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Covington averages will usually give you some solid estimates. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Then, figure out what a realistic down payment would be for you. Putting at least 20% down will boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, 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 helps you know how much you might be eligible to borrow from a lender. Also, check 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 options are always a good thing!

Make Your Move: Buy a Home in Covington, KY

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 Covington. Contact Mr. Cooper as you prepare to buy a house in Covington. 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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