What to Know Before Buying a Home in Hobbs, NM

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Understanding the Hobbs, NM Housing Landscape

Thinking about buying a home in Hobbs? Awesome! You picked a lively 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 serve 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Hobbs housing market.

Hobbs's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Ongoing support for local businesses and cultural growth have helped to attract retirees, new businesses, and young families to the Hobbs area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Hobbs and its neighboring areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream house! When buying a home in Hobbs, consider the home's location in relation to your everyday activities. If you can, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Discovering different parts of Hobbs will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Hobbs's hottest attractions.

You're ready to buy a house in Hobbs, but is your bank account? 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. You don't even have to stick with your decision to buy a house in Hobbs. We work with new and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Hobbs.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Hobbs. Then, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. Searching the web for Hobbs 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, consider how much you can contribute to a down payment. Putting at least 20% down will boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, the required down payment will depend on the type of loan you get. This is where getting prequalified for a mortgage comes in handy. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, consider your credit profile. Credit history is one of the main factors that lenders look at when considering your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and who doesn't want more choices in life?

It's Go Time! Buy a House in Hobbs, NM

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 Hobbs. Contact Mr. Cooper as you get ready to buy a house in Hobbs. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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