The Process of Buying a Home in Novi, MI

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

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

Given all of Michigan's growth, Novi homes aren't always easy to find at a comfortable price. Ongoing cultural expansion and economic growth have helped to beckon entrepreneurs, retirees, and new graduates to the Novi area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Novi and its neighboring areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (hopefully) your perfect home! When buying a home in Novi, 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. Traveling around Novi will also give you an idea of why homes in west Novi are priced differently than homes in east Novi, what the neighborhoods are like, and where to find Novi's hottest attractions.

Are you financially prepared to buy a house in Novi? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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 could choose to buy a home in Michigan or elsewhere. We support experienced homeowners and first-time 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 Novi.

Before anything else, estimate how much house you can afford. This will help determine the price range for your Novi house hunt. Then, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. While everyone's situation is different, an online search for Novi averages will usually give you some solid estimates. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Now, consider how much you can contribute to a down payment. A down payment of at least 20% can help boost your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). That said, the minimum down payment requirements depend on the type of loan. At this stage, getting prequalified for a loan can be extremely helpful. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, consider your credit profile. Credit history is an important part of your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and options are always a good thing!

It's Go Time! Buy a House in Novi, 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 Novi, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Novi. 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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