What to Know Before Buying a Home in Coos Bay, OR

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Get Familiar with the Lay of the Land in Coos Bay, OR

Strongly considering a home purchase in Coos Bay? Great idea! You've chosen a lively 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 service 3.8 million customers across the country and have the inside scoop on Coos Bay's housing scene.

Coos Bay'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 economic growth and cultural expansion have helped to attract young families, new businesses, and retirees to the Coos Bay area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Coos Bay and its neighboring areas still offer a variety of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream home! When buying a home in Coos Bay, consider how near or far away the home is from the places you visit most. If you can, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Exploring Coos Bay will also help you get a feel for how homes in east Coos Bay differ from west Coos Bay, where to find Coos Bay's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Coos Bay, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Oregon or elsewhere. We work with experienced homeowners and first-time homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Coos Bay.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Coos Bay house hunt. Next, jot down your 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 Coos Bay 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. A down payment of at least 20% can help boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. 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, consider your credit profile. Credit history is one of the main factors that lenders look at when considering 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?

It's Go Time! Buy a House in Coos Bay, OR

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 Coos Bay. Contact Mr. Cooper as you get ready to buy a house in Coos Bay. 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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