What to Know Before Buying a Home in Ann Arbor, MI

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Exploring Ann Arbor, MI From North to South

Thinking about buying a home in Ann Arbor? Congratulations! You selected a vibrant 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 service 3.8 million customers nationwide and are familiar with the ins-and-outs of the Ann Arbor housing market.

Given all of Michigan's growth, Ann Arbor homes aren't always easy to find at a comfortable price. Sustained support for local businesses and cultural growth have helped to attract entrepreneurs, retirees, and new graduates to the Ann Arbor area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Ann Arbor and the surrounding areas still offer an array of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream house! When buying a house in Ann Arbor, consider how near or far away the home is from the places you visit most. 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. Exploring Ann Arbor will also help you get a feel for how homes in east Ann Arbor differ from west Ann Arbor, where to find Ann Arbor's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Ann Arbor, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade 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 Ann Arbor. We work with experienced homeowners and first-time 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 Ann Arbor.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Ann Arbor. Next, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Ann Arbor will usually point you in the right direction. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Now, look at how much money you can put toward a down payment. Putting at least 20% down will improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, take a good look at your credit. Credit history is an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?

Make Your Move: Buy a Home in Ann Arbor, MI

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving feels more rewarding when you get to live in a place like Ann Arbor. Contact Mr. Cooper as you get ready to buy a house in Ann Arbor. 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.*

Mr. Cooper Customer Reviews for Ann Arbor, MI

Read real stories from real Mr. Cooper home buyers and sellers in Ann Arbor, MI. Then contact us to see what we can do for you.

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Mr. Cooper works to save buyers and sellers money at every stage of their journey, from real estate commissions to closing costs.