All About Buying a House in Traverse City, MI

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Get Familiar with the Lay of the Land in Traverse City, MI

Thinking about buying a home in Traverse City? Awesome! You picked a lively 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 serve 3.8 million customers across the country and know the Traverse City housing market well.

Traverse City is growing by the day, which means Traverse City homes don't always come cheap. Continued economic growth and cultural expansion have helped to beckon entrepreneurs, retirees, and new graduates to the Traverse City area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Traverse City and the surrounding areas still offer a wide range of home types and prices. You can find single-family homes, condos, townhomes, and (ideally) your dream home! When buying a home in Traverse City, consider how near or far away the home is from the places you visit most. If you can, test drive your route 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 Traverse City will also give you an idea of why homes in west Traverse City are priced differently than homes in east Traverse City, what the communities are like, and where to find Traverse City's coolest attractions.

You're ready to buy a house in Traverse City, but is your bank account? 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 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 first-time homeowners and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Traverse City.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Traverse City. Next, 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. Searching the web for Traverse City averages will usually give you a solid estimate, though everyone's situation is different. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, look at how much money you can put toward 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 required down payment will depend on the type of loan you get. Here's where it can help to get prequalified for a mortgage. Prequalification points you in the right direction as far as how much you may be eligible to borrow. 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 healthier your credit is, the more mortgage options you may have open to you— and who doesn't want more choices in life?

Move Up and Out: Buying Your Dream House in Traverse City, 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 feels more rewarding when you get to live in a place like Traverse City. Contact Mr. Cooper as you prepare to buy a house in Traverse City. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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