All About Buying a House in Ferndale, MI

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Get Familiar with the Lay of the Land in Ferndale, MI

Thinking about buying a home in Ferndale? Awesome! You picked 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 serve 3.8 million customers across the country and are familiar with the ins-and-outs of the Ferndale housing market.

Given all of Michigan's growth, Ferndale homes aren't always easy to find at a comfortable price. Ongoing support for local businesses and cultural growth have helped to entice entrepreneurs, retirees, and new graduates to the Ferndale area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Ferndale and its nearby areas still offer a variety of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream home! When looking to buy a house in Ferndale, consider the home's location in relation to your everyday activities. 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. Discovering different parts of Ferndale will help you see how the northern part differs from the southern part, what the communities are like, and where to find Ferndale's coolest attractions.

Are your finances in the right place to buy a home in Ferndale? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Michigan or elsewhere. We serve first-time homeowners and experienced 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 Ferndale.

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

Then, look at how much money you can put toward a down payment. Placing a minimum of 20% down can increase your chances of getting a great 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. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, check 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!

Make Your Move: Buy a Home in Ferndale, MI

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Ferndale, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Ferndale. We're here for you from start to finish 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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