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What to Know Before Buying a Home in Ferguson, MO

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Understanding the Ferguson, MO Housing Landscape

Strongly considering a home purchase in Ferguson? Smart move! You've chosen a vibrant city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers nationwide and are familiar with the ins-and-outs of the Ferguson housing market.

Given all of Missouri's growth, Ferguson homes aren't always easy to find at a comfortable price. Sustained cultural expansion and economic growth have helped to entice young families, new businesses, and retirees to the Ferguson area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Ferguson and its neighboring areas still offer a wide range of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream home! When buying a home in Ferguson, 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. The location of your house will impact virtually every part of your life. Traveling around Ferguson will also give you an idea of why homes in west Ferguson are priced differently than homes in east Ferguson, where to find Ferguson's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Ferguson? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Missouri or elsewhere. We work with experienced homeowners and first-time homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Ferguson.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Ferguson. After that, 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. While everyone's situation is different, an online search for Ferguson averages will usually give you some solid estimates. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Next, look at how much money you can put toward a down payment. A down payment of at least 20% can help increase your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, 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, check your credit. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

Make Your Move: Buy a Home in Ferguson, MO

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 Ferguson. Contact Mr. Cooper as you prepare to buy a house in Ferguson. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

Mr. Cooper Customer Reviews for Ferguson, MO

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