What to Know Before Buying a Home in Santa Fe, NM

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Get Familiar with the Lay of the Land in Santa Fe, NM

Strongly considering a home purchase in Santa Fe? Great idea! You've chosen an energetic city with a dynamic selection 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 are familiar with the ins-and-outs of the Santa Fe housing market.

Santa Fe'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 economic growth and cultural expansion have helped to beckon entrepreneurs, retirees, and new graduates to the Santa Fe area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Santa Fe and its nearby areas still offer a variety of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream house! When buying a home in Santa Fe, 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. Your home's location will influence almost every aspect of your life. Traveling around Santa Fe will also give you an idea of why homes in west Santa Fe are priced differently than homes in east Santa Fe, what the neighborhoods are like, and where to find Santa Fe's hottest attractions.

Are you financially prepared to buy a house in Santa Fe? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We think the dream of homeownership should never fade and work to make every stage of the journey more enjoyable and less worrisome. It doesn't matter whether you want to buy a home in New Mexico or somewhere else entirely. We work with new and experienced homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Santa Fe.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in Santa Fe. Then, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Searching the web for Santa Fe averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. This is where getting prequalified for a mortgage comes in handy. Getting prequalified will give you an idea of how much you might qualify to borrow. 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 options are always a good thing!

Move Up and Out: Buying Your Dream House in Santa Fe, NM

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Santa Fe. Contact Mr. Cooper as you get ready to buy a house in Santa Fe. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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