All About Buying a House in Royal Oak, MI

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Exploring Royal Oak, MI From North to South

Ready to lay down some roots and buy a house in Royal Oak? Great idea! You selected a vibrant city with an ideal amount of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers nationwide and have the inside scoop on Royal Oak's housing scene.

Royal Oak is growing by the day, which means Royal Oak homes don't always come cheap. Ongoing economic growth and cultural expansion have helped to beckon young families, new businesses, and retirees to the Royal Oak area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Royal Oak and its nearby areas still offer a variety of home styles and prices. You can find single-family homes, condos, townhomes, and (ideally) your dream home! When looking to buy a house in Royal Oak, 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 Royal Oak will also give you an idea of why homes in west Royal Oak are priced differently than homes in east Royal Oak, what the neighborhoods are like, and where to find Royal Oak's hottest attractions.

Are your finances in the right place to buy a home in Royal Oak? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We think the dream of homeownership should never fade 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 work with 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 Royal Oak.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Royal Oak house hunt. Then, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Royal Oak will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, consider how much you can contribute to a down payment. A down payment of at least 20% can help boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. 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 healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

Make Your Move: Buy a Home in Royal Oak, 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 Royal Oak, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Royal Oak. 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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