What to Know Before Buying a Home in Chapel Hill, NC

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Understanding the Chapel Hill, NC Housing Landscape

Strongly considering a home purchase in Chapel Hill? Smart move! You've chosen 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 support 3.8 million customers nationwide and know the Chapel Hill housing market well.

Chapel Hill is growing by the day, which means Chapel Hill homes don't always come cheap. Continued support for local businesses and cultural growth have helped to beckon retirees, new businesses, and young families to the Chapel Hill area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Chapel Hill and its nearby areas still offer a wide range of home types and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream house! When buying a home in Chapel Hill, consider how near or far away the home is from the places you visit most. If you can, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Exploring Chapel Hill will also help you get a feel for how homes in east Chapel Hill differ from west Chapel Hill, what the communities are like, and where to find Chapel Hill's coolest attractions.

You're ready to buy a house in Chapel Hill, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe in keeping the dream of homeownership alive and work to make the journey less worrisome and more rewarding every step of the way. It doesn't matter whether you want to buy a home in North Carolina or somewhere else entirely. We help experienced homeowners and first-time homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Chapel Hill.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Chapel Hill house hunt. Next, map out your 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 Chapel Hill 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.

Next, consider how much you can contribute to a down payment. Putting at least 20% down will boost your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, the required down payment will depend on the type of loan you get. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, consider your credit profile. Credit history is an important part of 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 Chapel Hill, NC

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving feels more rewarding when you get to live in a place like Chapel Hill. Contact Mr. Cooper as you look to buy a home in Chapel Hill. 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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