The Process of Buying a Home in Monmouth, OR

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Understanding the Monmouth, OR Housing Landscape

Strongly considering a home purchase in Monmouth? Smart move! You selected a vibrant city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers from coast to coast and know the Monmouth housing market well.

Given all of Oregon's growth, Monmouth homes aren't always easy to find at a comfortable price. Continued economic growth and cultural expansion have helped to entice retirees, new businesses, and young families to the Monmouth area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Monmouth and the surrounding areas still offer an array of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream home! When buying a home in Monmouth, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your route 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 Monmouth will also give you an idea of why homes in west Monmouth are priced differently than homes in east Monmouth, where to find Monmouth's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Monmouth, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive and work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Oregon or elsewhere. We work with 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 Monmouth.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Monmouth. Next, add up the 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 Monmouth averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, consider how much you can contribute to a down payment. Placing a minimum of 20% down can improve 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. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, consider your credit profile. Lenders place a high importance on credit history when looking at 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 Monmouth, 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 Monmouth. Contact Mr. Cooper as you get ready to buy a house in Monmouth. 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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