What to Know Before Buying a Home in Pontiac, MI

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Understanding the Pontiac, MI Housing Landscape

Thinking about buying a home in Pontiac? Awesome! You've chosen an energetic city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers from coast to coast and have the inside scoop on Pontiac's housing scene.

Pontiac'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. Ongoing economic growth and cultural expansion have helped to beckon young families, new businesses, and retirees to the Pontiac area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Pontiac and its neighboring areas still offer an array of home types and prices. You can find single-family homes, condos, townhomes, and (hopefully) your dream house! When buying a house in Pontiac, consider the home's location in relation to your everyday activities. If possible, 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 Pontiac will also give you an idea of why homes in west Pontiac are priced differently than homes in east Pontiac, where to find Pontiac's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Pontiac? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe everyone can find their dream home 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 support new and experienced homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Pontiac.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Pontiac. After that, 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. Searching the web for Pontiac averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Then, 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 required down payment will depend on the type of loan you get. 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 one of the main factors that lenders look at when considering your mortgage application. The better your credit is, the more mortgage options you may be presented with— and options are always a good thing!

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

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Pontiac. Contact Mr. Cooper as you get ready to buy a house in Pontiac. 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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