All About Buying a House in Farmington Hills, MI

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Get Familiar with the Lay of the Land in Farmington Hills, MI

Thinking about buying a home in Farmington Hills? Great idea! You selected a colorful city with a dynamic selection 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 Farmington Hills housing market.

Farmington Hills is growing by the day, which means Farmington Hills homes don't always come cheap. Continued cultural expansion and economic growth have helped to attract young families, new businesses, and retirees to the Farmington Hills area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Farmington Hills and its neighboring areas still offer a variety of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream house! When buying a home in Farmington Hills, consider how near or far away the home is from the places you visit most. If possible, test drive your trip from the house 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 Farmington Hills will also give you an idea of why homes in west Farmington Hills are priced differently than homes in east Farmington Hills, where to find Farmington Hills's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Farmington Hills? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Farmington Hills. We work with new and experienced homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in Farmington Hills.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Farmington Hills house hunt. Then, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Farmington Hills will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Next, 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). That said, 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 will give you an idea of how much you might qualify to borrow. Also, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

Move Up and Out: Buying Your Dream House in Farmington Hills, 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 Farmington Hills. Contact Mr. Cooper as you prepare to buy a house in Farmington Hills. We're here for you every step of 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.*

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