What to Know Before Buying a Home in Troy, MI

Busy? Have us call you back. Call Me Back

More Information

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

Ready to lay down some roots and buy a house in Troy? Great idea! You picked a colorful 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 know the Troy housing market well.

Troy is growing by the day, which means Troy homes don't always come cheap. Ongoing economic growth and cultural expansion have helped to attract entrepreneurs, retirees, and new graduates to the Troy area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Troy and the surrounding areas still offer a variety of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream house! When buying a house in Troy, 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. The location of your house will impact virtually every part of your life. Traveling around Troy will also give you an idea of why homes in west Troy are priced differently than homes in east Troy, what the neighborhoods are like, and where to find Troy's hottest attractions.

Are you financially prepared to buy a house in Troy? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe in keeping the dream of homeownership alive and work to make every stage of the journey more enjoyable and less worrisome. It doesn't matter whether you want to buy a home in Michigan or somewhere else entirely. We support first-time homeowners and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Troy.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Troy. Then, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Troy will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can increase your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. 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 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 Troy, 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 Troy. Contact Mr. Cooper as you prepare to buy a house in Troy. We're here for you every step of 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.*

Troy, MI Mr. Cooper Customer Reviews

Read actual reviews from actual Mr. Cooper customers in Troy, MI. Then call us to see how we can help you.

Simplify the home buying or selling process in Troy with Mr. Cooper.

Put Mr. Cooper in your corner for a better home buying or selling experience.