All About Buying a House in McMinnville, OR

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Understanding the McMinnville, OR Housing Landscape

Ready to lay down some roots and buy a house in McMinnville? Congratulations! You picked a colorful city with a dynamic selection of educational opportunities, businesses, and parks, 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 McMinnville housing market.

Given all of Oregon's growth, McMinnville homes aren't always easy to find at a comfortable price. Continued support for local businesses and cultural growth have helped to entice retirees, new businesses, and young families to the McMinnville area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, McMinnville and its neighboring areas still offer a variety of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream house! When buying a home in McMinnville, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Discovering different parts of McMinnville will help you see how the northern part differs from the southern part, what the communities are like, and where to find McMinnville's coolest attractions.

You're ready to buy a house in McMinnville, but is your bank account? 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 try our best to make the journey easier and more rewarding. You don't even have to stick with your decision to buy a house in McMinnville. We serve new and experienced homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in McMinnville.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in McMinnville. Next, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Searching the web for McMinnville averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Now, consider how much you can contribute to 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). However, the required down payment will depend on the type of loan you get. At this stage, getting prequalified for a loan can be extremely helpful. 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 an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!

Make Your Move: Buy a Home in McMinnville, 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 McMinnville. Contact Mr. Cooper as you get ready to buy a house in McMinnville. We're here for you every step of the way 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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