What to Know Before Buying a Home in Grand Rapids, MI

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Exploring Grand Rapids, MI From North to South

Ready to lay down some roots and buy a house in Grand Rapids? Smart move! You've chosen a lively city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers nationwide and know the Grand Rapids housing market well.

Given all of Michigan's growth, Grand Rapids homes aren't always easy to find at a comfortable price. Continued cultural expansion and economic growth have helped to beckon retirees, new businesses, and young families to the Grand Rapids area, but so much change also means more traffic, more competition, and a need for more schools. That said, Grand Rapids and the surrounding areas still offer an array of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream home! When buying a house in Grand Rapids, consider how near or far away the home is from the places you visit most. 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 Grand Rapids will also help you get a feel for how homes in east Grand Rapids differ from west Grand Rapids, what the neighborhoods are like, and where to find Grand Rapids's hottest attractions.

Are your finances in the right place to buy a home in Grand Rapids? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe in keeping the dream of homeownership alive 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 help experienced homeowners and first-time homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Grand Rapids.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in Grand Rapids. After that, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Grand Rapids 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, figure out what a realistic down payment would be for you. Putting at least 20% down will increase your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, the minimum down payment requirements depend on the type of loan. This is where getting prequalified for a mortgage comes in handy. 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 an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!

Make Your Move: Buy a Home in Grand Rapids, 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 Grand Rapids. Contact Mr. Cooper as you get ready to buy a house in Grand Rapids. We're here to help you along 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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