What to Know Before Buying a Home in Lexington, NC

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Understanding the Lexington, NC Housing Landscape

Thinking about buying a home in Lexington? Awesome! You've chosen a lively city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers across the country and are familiar with the ins-and-outs of the Lexington housing market.

Lexington'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. Sustained economic growth and cultural expansion have helped to attract retirees, new businesses, and young families to the Lexington area, but so much change also means more traffic, more competition, and a need for more schools. That said, Lexington and the surrounding areas still offer a wide range of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream home! When buying a house in Lexington, consider how near or far away the home is from the places you visit most. If you can, test drive your route to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around Lexington will also give you an idea of why homes in west Lexington are priced differently than homes in east Lexington, what the neighborhoods are like, and where to find Lexington's hottest attractions.

Are your finances in the right place to buy a home in Lexington? 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 the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in North Carolina or elsewhere. We help 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 Lexington.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Lexington. After that, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Lexington will usually point you in the right direction. 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 improve your odds of getting a good 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. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, take a good look at your credit. Lenders place a high importance on credit history when looking at your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

Make Your Move: Buy a Home in Lexington, NC

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Lexington. Contact Mr. Cooper as you prepare to buy a house in Lexington. We're here for you from start to finish 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.*

Lexington, NC Mr. Cooper Customer Reviews

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