The Process of Buying a Home in London, KY

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Understanding the London, KY Housing Landscape

Ready to lay down some roots and buy a house in London? Great idea! You've chosen a vibrant city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers nationwide and know the London housing market well.

London is growing by the day, which means London homes don't always come cheap. Continued economic growth and cultural expansion have helped to attract young families, new businesses, and retirees to the London area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, London and its nearby areas still offer a wide range of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream house! When buying a house in London, consider how near or far away the home is from the places you visit most. If possible, 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 London will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find London's hottest attractions.

Are your finances in the right place to buy a home in London? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We think the dream of homeownership should never fade 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 help 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 London.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in London. Next, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for London averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, look at how much money you can put toward a down payment. A down payment of at least 20% can help increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. 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. The healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

Make Your Move: Buy a Home in London, 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 London, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in London. We're here for you from start to finish 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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