What to Know Before Buying a Home in Edmond, OK

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Understanding the Edmond, OK Housing Landscape

Ready to lay down some roots and buy a house in Edmond? Awesome! You selected a colorful city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers across the country and are familiar with the ins-and-outs of the Edmond housing market.

Edmond'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 cultural expansion and economic growth have helped to entice entrepreneurs, retirees, and new graduates to the Edmond area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Edmond and its nearby areas still offer an array of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream house! When looking to buy a house in Edmond, consider how near or far away the home is from the places you visit most. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Discovering different parts of Edmond will help you see how the northern part differs from the southern part, what the communities are like, and where to find Edmond's coolest attractions.

Are your finances in the right place to buy a home in Edmond? 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 don't even have to stick with your decision to buy a house in Edmond. We support new and experienced homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Edmond.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Edmond. After that, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Edmond will usually point you in the right direction. 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 improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. 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. Credit history is an important part of your mortgage application. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!

Move Up and Out: Buying Your Dream House in Edmond, OK

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Edmond, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Edmond. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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