All About Buying a House in Farmington, MI

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Understanding the Farmington, MI Housing Landscape

Strongly considering a home purchase in Farmington? Congratulations! You've chosen an energetic city with a dynamic selection 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 nationwide and have the inside scoop on Farmington's housing scene.

Farmington is growing by the day, which means Farmington homes don't always come cheap. Continued economic growth and cultural expansion have helped to entice entrepreneurs, retirees, and new graduates to the Farmington area, but so much change also means more traffic, more competition, and a need for more schools. That said, Farmington and the surrounding areas still offer an array of homes in price and amenities. You can find single-family homes, condos, townhomes, and (hopefully) your dream house! When buying a home in Farmington, double check that you're factoring in the home's distance from your daily activities. If you can, 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. Exploring Farmington will also help you get a feel for how homes in east Farmington differ from west Farmington, what the communities are like, and where to find Farmington's coolest attractions.

Are your finances in the right place to buy a home in Farmington? 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 every stage of the journey more enjoyable and less worrisome. It doesn't matter whether you want to buy a home in Michigan or somewhere else entirely. We help first-time homeowners and experienced homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Farmington.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Farmington. Next, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, 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 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.

Then, consider how much you can contribute to a down payment. Putting at least 20% down will improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, 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 will give you an idea of how much you might qualify to borrow. 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. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

It's Go Time! Buy a House in Farmington, MI

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving feels more rewarding when you get to live in a place like Farmington. Contact Mr. Cooper as you prepare to buy a house in Farmington. We're here for you from start to finish 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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Mr. Cooper works to save buyers and sellers money at every stage of their journey, from real estate commissions to closing costs.