Understanding the Shakopee, MN Housing Landscape
Strongly considering a home purchase in Shakopee? Great idea! You selected a colorful city with a great balance of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers nationwide and are familiar with the ins-and-outs of the Shakopee housing market.
Given all of Minnesota's growth, Shakopee homes aren't always easy to find at a comfortable price. Ongoing cultural expansion and economic growth have helped to beckon entrepreneurs, retirees, and new graduates to the Shakopee area, but so much change also means more traffic, more competition, and a need for more schools. That said, Shakopee and its neighboring areas still offer a variety of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your perfect home! When buying a home in Shakopee, consider the home's location in relation to your everyday activities. If you can, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Traveling around Shakopee will also give you an idea of why homes in west Shakopee are priced differently than homes in east Shakopee, what the neighborhoods are like, and where to find Shakopee's hottest attractions.
Are you financially prepared to buy a house in Shakopee? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe everyone can find their dream home and try our best to make the journey easier and more rewarding. You don't even have to stick with your decision to buy a house in Shakopee. We support new and experienced homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Shakopee.
First, estimate how much house you can afford. This will help you set a price range while house shopping in Shakopee. After that, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Shakopee 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, look at how much money you can put toward a down payment. Putting at least 20% down will boost your chances of getting a favorable 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. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, check your credit. 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 options are always a good thing!
It's Go Time! Buy a House in Shakopee, 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 Shakopee. Contact Mr. Cooper as you prepare to buy a house in Shakopee.