The Process of Buying a Home in Troy, OH

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Understanding the Troy, OH Housing Landscape

Thinking about buying a home in Troy? Great idea! You picked an energetic city with a great balance of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers nationwide and know the Troy housing market well.

Troy is growing by the day, which means Troy homes don't always come cheap. Sustained cultural expansion and economic growth have helped to attract retirees, new businesses, and young families to the Troy area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Troy 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 perfect home! When buying a home in Troy, 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 house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of Troy will help you see how the northern part differs from the southern part, where to find Troy's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Troy, 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 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 first-time homeowners and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Troy.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Troy. Then, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Troy will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, look at how much money you can put toward a down payment. Putting at least 20% down will increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, the minimum down payment requirements depend on the type of loan. 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, check your credit. 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 Troy, OH

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Troy. Contact Mr. Cooper as you prepare to buy a house in Troy. 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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