What to Know Before Buying a Home in Lake Oswego, OR

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Exploring Lake Oswego, OR From North to South

Ready to lay down some roots and buy a house in Lake Oswego? Awesome! You've chosen a lively city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers across the country and are familiar with the ins-and-outs of the Lake Oswego housing market.

Lake Oswego is growing by the day, which means Lake Oswego homes don't always come cheap. Sustained cultural expansion and economic growth have helped to beckon retirees, new businesses, and young families to the Lake Oswego area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Lake Oswego and its nearby areas still offer a wide range of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your perfect home! When buying a house in Lake Oswego, 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 home's location will influence almost every aspect of your life. Exploring Lake Oswego will also help you get a feel for how homes in east Lake Oswego differ from west Lake Oswego, where to find Lake Oswego's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Lake Oswego? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe everyone can find their dream home and try our best to make the journey easier and more rewarding. You could choose to buy a home in Oregon or elsewhere. We support new and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Lake Oswego.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Lake Oswego. After that, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. While everyone's situation is different, an online search for Lake Oswego averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, figure out what a realistic down payment would be for you. 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. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at 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 more options are always good!

Make Your Move: Buy a Home in Lake Oswego, OR

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Lake Oswego. Contact Mr. Cooper as you get ready to buy a house in Lake Oswego. 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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