Get Familiar with the Lay of the Land in Lakeville, MN
Thinking about buying a home in Lakeville? Smart move! You selected 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 service 3.8 million customers across the country and have the inside scoop on Lakeville's housing scene.
Lakeville'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 economic growth and cultural expansion have helped to attract entrepreneurs, retirees, and new graduates to the Lakeville area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Lakeville and its neighboring areas still offer an array of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream home! When buying a house in Lakeville, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Traveling around Lakeville will also give you an idea of why homes in west Lakeville are priced differently than homes in east Lakeville, where to find Lakeville's most popular attractions, and what the neighborhoods are like.
You're ready to buy a house in Lakeville, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade 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 Lakeville. We work with first-time homeowners and experienced homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Lakeville.
First, calculate how much house you can afford. This will help you set a price range while house shopping in Lakeville. Then, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Lakeville 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.
Then, look at how much money you can put toward a down payment. Putting at least 20% down will boost your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, the minimum down payment requirements depend on the type of loan. 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. Credit history is an important part of your mortgage application. You may be presented with more mortgage options if you have healthy credit— and who doesn't want more choices in life?
Make Your Move: Buy a Home in Lakeville, 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 can also be incredibly rewarding, especially when you get to live in an amazing city like Lakeville. Contact Mr. Cooper as you look to buy a home in Lakeville.