What to Know Before Buying a Home in Murray, KY

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Understanding the Murray, KY Housing Landscape

Ready to lay down some roots and buy a house in Murray? Congratulations! You picked a colorful city with an ideal amount of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Murray housing market.

Murray is growing by the day, which means Murray homes don't always come cheap. Ongoing economic growth and cultural expansion have helped to attract entrepreneurs, retirees, and new graduates to the Murray area, but so much change also means more traffic, more competition, and a need for more schools. That said, Murray and its neighboring areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When buying a house in Murray, consider how near or far away the home is from the places you visit most. If you can, 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 Murray will also help you get a feel for how homes in east Murray differ from west Murray, what the communities are like, and where to find Murray's coolest attractions.

Are your finances in the right place to buy a home in Murray? 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 Kentucky or elsewhere. We support 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 Murray.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Murray. After that, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Murray will usually point you in the right direction. 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. Placing a minimum of 20% down can improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, the minimum down payment requirements depend on the type of loan. At this stage, getting prequalified for a loan can be extremely helpful. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, check your credit. 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 who doesn't want more choices in life?

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

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Murray. Contact Mr. Cooper as you look to buy a home in Murray. 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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