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What to Know Before Buying a Home in O'Fallon, MO

O'Fallon is a growing market with a diverse inventory of housing. Before you move, consider this helpful information on buying a home in O'Fallon, MO.

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Exploring O'Fallon, MO From North to South

Ready to lay down some roots and buy a house in O'Fallon? Congratulations! You picked a colorful city with an ideal amount 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 nationwide and know the O'Fallon housing market well.

O'Fallon is growing by the day, which means O'Fallon homes don't always come cheap. Continued support for local businesses and cultural growth have helped to beckon young families, new businesses, and retirees to the O'Fallon area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, O'Fallon and its nearby areas still offer a variety of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your perfect home! When buying a house in O'Fallon, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your trip from the house to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of O'Fallon will help you see how the northern part differs from the southern part, where to find O'Fallon's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in O'Fallon, but is your bank account? 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 the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in O'Fallon. We work with first-time homeowners and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in O'Fallon.

First, estimate how much house you could buy. This will help you set a price range while house shopping in O'Fallon. Then, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. Searching the web for O'Fallon averages will usually give you a solid estimate, though everyone's situation is different. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, look at how much money you can put toward a down payment. Placing a minimum of 20% down can boost 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 pre-approved for a mortgage. Getting pre-approved helps you know how much you might be eligible to borrow from a lender. Also, check your credit. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!

Make Your Move: Buy a Home in O'Fallon, MO

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 O'Fallon. Contact Mr. Cooper as you get ready to buy a house in O'Fallon.

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