Get Familiar with the Lay of the Land in St. Paul, MN
Strongly considering a home purchase in St. Paul? Awesome! You selected a colorful city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers nationwide and have the inside scoop on St. Paul's housing scene.
Given all of Minnesota's growth, St. Paul homes aren't always easy to find at a comfortable price. Sustained support for local businesses and cultural growth have helped to beckon young families, new businesses, and retirees to the St. Paul area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, St. Paul and the surrounding areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When buying a house in St. Paul, consider how near or far away the home is from the places you visit most. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around St. Paul will also give you an idea of why homes in west St. Paul are priced differently than homes in east St. Paul, what the neighborhoods are like, and where to find St. Paul's hottest attractions.
Are your finances in the right place to buy a home in St. Paul? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Minnesota or somewhere else entirely. We help new and experienced homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in St. Paul.
Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in St. Paul. Next, jot down your 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 St. Paul averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.
Next, consider how much you can contribute to a down payment. A down payment of at least 20% can help increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). That said, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and options are always a good thing!
Make Your Move: Buy a Home in St. Paul, 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 St. Paul. Contact Mr. Cooper as you prepare to buy a house in St. Paul.