The Process of Buying a Home in Waterford, MI

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

Strongly considering a home purchase in Waterford? Awesome! You selected a vibrant city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers from coast to coast and know the Waterford housing market well.

Given all of Michigan's growth, Waterford homes aren't always easy to find at a comfortable price. Sustained cultural expansion and economic growth have helped to beckon retirees, new businesses, and young families to the Waterford area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Waterford and its neighboring areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (hopefully) your dream house! When buying a home in Waterford, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Exploring Waterford will also help you get a feel for how homes in east Waterford differ from west Waterford, where to find Waterford's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Waterford, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive 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 support first-time homeowners and experienced homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Waterford.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Waterford. Then, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Waterford will usually point you in the right direction. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Now, figure out what a realistic down payment would be for you. Putting at least 20% down will improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. 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, check your credit. Credit history is an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?

It's Go Time! Buy a House in Waterford, 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 Waterford. Contact Mr. Cooper as you get ready to buy a house in Waterford. We're here to help you along 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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