What to Know Before Buying a Home in Andover, MN

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Get Familiar with the Lay of the Land in Andover, MN

Thinking about buying a home in Andover? Congratulations! You've chosen an energetic city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers across the country and have the inside scoop on Andover's housing scene.

Given all of Minnesota's growth, Andover homes aren't always easy to find at a comfortable price. Ongoing support for local businesses and cultural growth have helped to beckon young families, new businesses, and retirees to the Andover area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Andover and the surrounding areas still offer an array of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your perfect home! When buying a home in Andover, 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 home's location will influence almost every aspect of your life. Exploring Andover will also help you get a feel for how homes in east Andover differ from west Andover, what the communities are like, and where to find Andover's coolest attractions.

Are you financially prepared to buy a house in Andover? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe in keeping the dream of homeownership alive and work to make every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Andover. We help experienced homeowners and first-time homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Andover.

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

Then, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, the minimum down payment requirements depend on the type of loan. 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, consider your credit profile. Credit history is one of the main factors that lenders look at when considering your mortgage application. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

It's Go Time! Buy a House in Andover, MN

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Andover. Contact Mr. Cooper as you get ready to buy a house in Andover. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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