What to Know Before Buying a Home in California, MD

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Understanding the California, MD Housing Landscape

Strongly considering a home purchase in California? Awesome! You picked an energetic city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers across the country and are familiar with the ins-and-outs of the California housing market.

California'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 cultural expansion and economic growth have helped to attract entrepreneurs, retirees, and new graduates to the California area, but so much change also means more traffic, more competition, and a need for more schools. That said, California and the surrounding areas still offer a wide range of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream home! When buying a house in California, consider the home's location in relation to your everyday activities. If possible, 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. Discovering different parts of California will help you see how the northern part differs from the southern part, where to find California's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in California? 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 Maryland or elsewhere. We support experienced homeowners and first-time homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in California.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in California. Then, 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 California will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, look at how much money you can put toward a down payment. A down payment of at least 20% can help improve 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. 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, take a good look at your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and options are always a good thing!

Make Your Move: Buy a Home in California, MD

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 California. Contact Mr. Cooper as you prepare to buy a house in California. We're here for you every step of 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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