What to Know Before Buying a Home in Detroit, MI

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Exploring Detroit, MI From North to South

Ready to lay down some roots and buy a house in Detroit? Smart move! You selected a vibrant city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers from coast to coast and have the inside scoop on Detroit's housing scene.

Given all of Michigan's growth, Detroit homes aren't always easy to find at a comfortable price. Continued economic growth and cultural expansion have helped to beckon young families, new businesses, and retirees to the Detroit area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Detroit and its neighboring areas still offer a wide range of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream house! When buying a house in Detroit, consider the home's location in relation to your everyday activities. If possible, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Discovering different parts of Detroit will help you see how the northern part differs from the southern part, what the communities are like, and where to find Detroit's coolest attractions.

Are your finances in the right place to buy a home in Detroit? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Michigan or elsewhere. We work with new and experienced homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Detroit.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Detroit. After that, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Detroit averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can increase your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, the minimum down payment requirements depend on the type of loan. 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 more options are always good!

Move Up and Out: Buying Your Dream House in Detroit, MI

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Detroit. Contact Mr. Cooper as you look to buy a home in Detroit. 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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