The Process of Buying a Home in Lexington, KY

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Understanding the Lexington, KY Housing Landscape

Thinking about buying a home in Lexington? Smart move! You selected a vibrant city with a great balance 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 are familiar with the ins-and-outs of the Lexington housing market.

Given all of Kentucky's growth, Lexington homes aren't always easy to find at a comfortable price. Ongoing cultural expansion and economic growth have helped to entice retirees, new businesses, and young families to the Lexington area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Lexington and its neighboring areas still offer a wide range of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your perfect home! When buying a home in Lexington, consider the home's location in relation to your everyday activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Traveling around Lexington will also give you an idea of why homes in west Lexington are priced differently than homes in east Lexington, what the communities are like, and where to find Lexington's coolest attractions.

Are your finances in the right place to buy a home in Lexington? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe in keeping the dream of homeownership alive and work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Kentucky or elsewhere. We work with new and experienced homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Lexington.

Before anything else, estimate how much house you can afford. This will help determine the price range for your Lexington house hunt. Then, jot down 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 Lexington averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, consider how much you can contribute to a down payment. A down payment of at least 20% can help increase your chances of getting a great 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. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, consider your credit profile. Credit history is one of the main factors that lenders look at when considering your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!

Make Your Move: Buy a Home in Lexington, 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 Lexington, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Lexington. We're here to help you along 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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