What to Know Before Buying a Home in Danville, KY

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Understanding the Danville, KY Housing Landscape

Ready to lay down some roots and buy a house in Danville? Smart move! You picked a vibrant city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers nationwide and have the inside scoop on Danville's housing scene.

Given all of Kentucky's growth, Danville homes aren't always easy to find at a comfortable price. Ongoing economic growth and cultural expansion have helped to beckon young families, new businesses, and retirees to the Danville area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Danville and the surrounding areas still offer a wide range of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your perfect home! When looking to buy a house in Danville, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Discovering different parts of Danville will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Danville's hottest attractions.

You're ready to buy a house in Danville, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive and work to make every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Danville. We serve first-time homeowners 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 Danville.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Danville. Then, 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. Everyone's situation will differ, but a quick online search for average expenses in Danville will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, figure out what a realistic down payment would be for you. 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). Even so, the required down payment will depend on the type of loan you get. This is where getting prequalified for a mortgage comes in handy. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!

It's Go Time! Buy a House in Danville, KY

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 Danville, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Danville. 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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