What to Know Before Buying a Home in Florence, SC

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Understanding the Florence, SC Housing Landscape

Strongly considering a home purchase in Florence? Great idea! You've chosen an energetic city with a great balance of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers across the country and are familiar with the ins-and-outs of the Florence housing market.

Florence'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. Ongoing support for local businesses and cultural growth have helped to entice entrepreneurs, retirees, and new graduates to the Florence area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Florence and its nearby areas still offer an array of homes in price and amenities. You can find single-family homes, condos, townhomes, and (ideally) your dream home! When buying a home in Florence, consider how near or far away the home is from the places you visit most. If possible, test drive your route to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Traveling around Florence will also give you an idea of why homes in west Florence are priced differently than homes in east Florence, what the neighborhoods are like, and where to find Florence's hottest attractions.

You're ready to buy a house in Florence, but is your bank account? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Florence. We help experienced homeowners and first-time homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Florence.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Florence. Then, map out 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 Florence averages will usually give you some solid estimates. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). That said, 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, 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 options are always a good thing!

It's Go Time! Buy a House in Florence, SC

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Florence, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Florence. 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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