The Process of Buying a Home in Rapid City, SD

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Understanding the Rapid City, SD Housing Landscape

Thinking about buying a home in Rapid City? Awesome! You've chosen a colorful city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers from coast to coast and know the Rapid City housing market well.

Given all of South Dakota's growth, Rapid City homes aren't always easy to find at a comfortable price. Ongoing cultural expansion and economic growth have helped to beckon entrepreneurs, retirees, and new graduates to the Rapid City area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Rapid City and the surrounding areas still offer a wide range of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your perfect home! When buying a house in Rapid City, consider the home's location in relation to your everyday activities. 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. Traveling around Rapid City will also give you an idea of why homes in west Rapid City are priced differently than homes in east Rapid City, where to find Rapid City's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Rapid City? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe everyone can find their dream home 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 Rapid City. We help experienced homeowners and first-time homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Rapid City.

First, calculate how much house you can afford. This will help determine the price range for your Rapid City house hunt. After that, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. Searching the web for Rapid City averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Then, consider how much you can contribute to a down payment. A down payment of at least 20% can help increase your odds of getting a good 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, 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 options are always a good thing!

It's Go Time! Buy a House in Rapid City, SD

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 Rapid City. Contact Mr. Cooper as you look to buy a home in Rapid City. We're here for you every step of the way 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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