The Process of Buying a Home in Rochester, MI

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Understanding the Rochester, MI Housing Landscape

Strongly considering a home purchase in Rochester? Awesome! You've chosen a lively city with a dynamic selection of businesses, schools, restaurants 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 know the Rochester housing market well.

Rochester is growing by the day, which means Rochester homes don't always come cheap. Sustained economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Rochester area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Rochester and its neighboring areas still offer a variety of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When looking to buy a house in Rochester, double check that you're factoring in the home's distance from your daily activities. If you can, 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. Traveling around Rochester will also give you an idea of why homes in west Rochester are priced differently than homes in east Rochester, where to find Rochester's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Rochester? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. 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 serve experienced homeowners and first-time homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Rochester.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Rochester. Then, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. Searching the web for Rochester averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Now, look at how much money you can put toward a down payment. A down payment of at least 20% can help improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, 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. 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 options are always a good thing!

Move Up and Out: Buying Your Dream House in Rochester, 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 Rochester, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Rochester. 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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