What to Know Before Buying a Home in Stillwater, MN

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

Ready to lay down some roots and buy a house in Stillwater? Great idea! You've chosen a colorful 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 know the Stillwater housing market well.

Stillwater is growing by the day, which means Stillwater homes don't always come cheap. Continued cultural expansion and economic growth have helped to entice entrepreneurs, retirees, and new graduates to the Stillwater area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Stillwater and its nearby areas still offer an array of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream house! When buying a home in Stillwater, consider the home's location in relation to your everyday activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Traveling around Stillwater will also give you an idea of why homes in west Stillwater are priced differently than homes in east Stillwater, what the neighborhoods are like, and where to find Stillwater's hottest attractions.

Are you financially prepared to buy a house in Stillwater? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Minnesota or elsewhere. We support experienced homeowners and first-time homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Stillwater.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Stillwater. Next, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Stillwater 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, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can increase your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. At this stage, getting prequalified for a loan can be extremely helpful. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, take a good look at your credit. Credit history is an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and options are always a good thing!

Make Your Move: Buy a Home in Stillwater, MN

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving feels more rewarding when you get to live in a place like Stillwater. Contact Mr. Cooper as you look to buy a home in Stillwater. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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