What to Know Before Buying a Home in Berkley, MI

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Exploring Berkley, MI From North to South

Strongly considering a home purchase in Berkley? Smart move! You picked a vibrant city with a dynamic selection of businesses, schools, restaurants 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 know the Berkley housing market well.

Berkley'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. Sustained support for local businesses and cultural growth have helped to attract entrepreneurs, retirees, and new graduates to the Berkley area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Berkley and its nearby areas still offer a wide range of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your perfect home! When buying a house in Berkley, double check that you're factoring in the home's distance from your daily activities. 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. Traveling around Berkley will also give you an idea of why homes in west Berkley are priced differently than homes in east Berkley, what the communities are like, and where to find Berkley's coolest attractions.

You're ready to buy a house in Berkley, but is your bank account? 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 try our best to make the journey easier and more rewarding. You don't even have to stick with your decision to buy a house in Berkley. We serve 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 Berkley.

First, calculate how much house you can afford. This will help determine the price range for your Berkley house hunt. Next, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. Searching the web for Berkley averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Then, look at how much money you can put toward a down payment. Putting at least 20% down will boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. This is where getting prequalified for a mortgage comes in handy. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, take a good look at 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?

Make Your Move: Buy a Home in Berkley, MI

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But when you get to live in a stellar city like Berkley, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Berkley. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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