The Process of Buying a Home in Albany, OR

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Exploring Albany, OR From North to South

Ready to lay down some roots and buy a house in Albany? Congratulations! You selected a colorful city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers from coast to coast and know the Albany housing market well.

Albany'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. Continued support for local businesses and cultural growth have helped to entice retirees, new businesses, and young families to the Albany area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Albany and its neighboring 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 house in Albany, consider the home's location in relation to your everyday activities. 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. Traveling around Albany will also give you an idea of why homes in west Albany are priced differently than homes in east Albany, what the neighborhoods are like, and where to find Albany's hottest attractions.

Are you financially prepared to buy a house in Albany? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe everyone can find their dream home and work to make the journey less worrisome and more rewarding every step of the way. It doesn't matter whether you want to buy a home in Oregon or somewhere else entirely. We support experienced homeowners and first-time homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Albany.

First, estimate how much house you can afford. This will help determine the price range for your Albany house hunt. After that, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Albany 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.

Then, look at how much money you can put toward a down payment. Placing a minimum of 20% down can boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, the required down payment will depend on the type of loan you get. Here's where it can help to get prequalified for a mortgage. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, check 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 Albany, OR

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Albany. Contact Mr. Cooper as you prepare to buy a house in Albany. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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