What to Know Before Buying a Home in Lincoln Park, MI

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Get Familiar with the Lay of the Land in Lincoln Park, MI

Ready to lay down some roots and buy a house in Lincoln Park? Awesome! You've chosen a vibrant city with a great balance of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers across the country and have the inside scoop on Lincoln Park's housing scene.

Lincoln Park's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Continued economic growth and cultural expansion have helped to attract entrepreneurs, retirees, and new graduates to the Lincoln Park area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Lincoln Park and its neighboring areas still offer a variety of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream house! When looking to buy a house in Lincoln Park, 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 Lincoln Park will also help you get a feel for how homes in east Lincoln Park differ from west Lincoln Park, where to find Lincoln Park's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Lincoln Park, but is your bank account? 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 try our best to make the journey easier and more rewarding. You don't even have to stick with your decision to buy a house in Lincoln Park. We help new 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 Lincoln Park.

First, estimate how much house you can afford. This will help determine the price range for your Lincoln Park house hunt. Then, 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 Lincoln Park 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.

Now, consider how much you can contribute to a down payment. Placing a minimum of 20% down can boost 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, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?

Make Your Move: Buy a Home in Lincoln Park, MI

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Lincoln Park. Contact Mr. Cooper as you prepare to buy a house in Lincoln Park. 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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