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What to Know Before Buying a Home in Farmington, MN

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Exploring Farmington, MN From North to South

Strongly considering a home purchase in Farmington? Great idea! You've chosen an energetic city with a great balance of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Farmington housing market.

Farmington's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Continued support for local businesses and cultural growth have helped to entice young families, new businesses, and retirees to the Farmington area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Farmington and the surrounding areas still offer an array of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your perfect home! When looking to buy a house in Farmington, consider the home's location in relation to your everyday activities. 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. Exploring Farmington will also help you get a feel for how homes in east Farmington differ from west Farmington, what the neighborhoods are like, and where to find Farmington's hottest attractions.

Are you financially prepared to buy a house in Farmington? 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 try our best to make the journey easier and more rewarding. You could choose to buy a home in Minnesota or elsewhere. We work with 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 Farmington.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Farmington. Then, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Searching the web for Farmington 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, figure out what a realistic down payment would be for you. Putting at least 20% down will boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, 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. 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 better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?

Make Your Move: Buy a Home in Farmington, MN

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 Farmington. Contact Mr. Cooper as you get ready to buy a house in Farmington. 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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Buying or selling a house in Farmington? Mr. Cooper makes it easier.

Mr. Cooper works to save buyers and sellers money at every stage of their journey, from real estate commissions to closing costs.