The Process of Buying a Home in Parma, OH

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Get Familiar with the Lay of the Land in Parma, OH

Thinking about buying a home in Parma? Awesome! You picked an energetic city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers across the country and know the Parma housing market well.

Given all of Ohio's growth, Parma homes aren't always easy to find at a comfortable price. Sustained economic growth and cultural expansion have helped to attract entrepreneurs, retirees, and new graduates to the Parma area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Parma and the surrounding areas still offer a wide range of home types and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream home! When buying a house in Parma, consider how near or far away the home is from the places you visit most. If possible, 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. Discovering different parts of Parma will help you see how the northern part differs from the southern part, what the communities are like, and where to find Parma's coolest attractions.

Are your finances in the right place to buy a home in Parma? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe in keeping the dream of homeownership alive 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 Ohio or somewhere else entirely. We serve experienced homeowners and first-time homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Parma.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in Parma. After that, 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. Everyone's situation will differ, but a quick online search for average expenses in Parma will usually point you in the right direction. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Now, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can increase your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, the minimum down payment requirements depend on the type of loan. 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, take a good look at 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 who doesn't want more choices in life?

Make Your Move: Buy a Home in Parma, OH

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 Parma. Contact Mr. Cooper as you get ready to buy a house in Parma. 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.*

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