The Process of Buying a Home in Norman, OK

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Get Familiar with the Lay of the Land in Norman, OK

Thinking about buying a home in Norman? Awesome! You selected a lively city with an ideal amount of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers across the country and have the inside scoop on Norman's housing scene.

Norman is growing by the day, which means Norman homes don't always come cheap. Sustained economic growth and cultural expansion have helped to entice entrepreneurs, retirees, and new graduates to the Norman area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Norman and the surrounding areas still offer a variety of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your perfect home! When looking to buy a house in Norman, 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. Traveling around Norman will also give you an idea of why homes in west Norman are priced differently than homes in east Norman, where to find Norman's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Norman? 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. You could choose to buy a home in Oklahoma or elsewhere. We support experienced homeowners and first-time homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in Norman.

Before anything else, calculate how much house you can afford. This will help you set a price range while house shopping in Norman. Next, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Searching the web for Norman 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.

Then, look at how much money you can put toward a down payment. Putting at least 20% down will boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, 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, take a good look at your credit. Lenders place a high importance on credit history when looking at 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 Norman, 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 Norman, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Norman. We're here for you from start to finish 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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