What to Know Before Buying a Home in Watertown, SD

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Exploring Watertown, SD From North to South

Ready to lay down some roots and buy a house in Watertown? Congratulations! You've chosen an energetic city with a great balance of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers nationwide and have the inside scoop on Watertown's housing scene.

Watertown is growing by the day, which means Watertown homes don't always come cheap. Sustained cultural expansion and economic growth have helped to beckon retirees, new businesses, and young families to the Watertown area, but so much change also means more traffic, more competition, and a need for more schools. That said, Watertown and the surrounding areas still offer a variety of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream home! When looking to buy a house in Watertown, consider the home's location in relation to your everyday activities. If possible, 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. Discovering different parts of Watertown will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Watertown's hottest attractions.

You're ready to buy a house in Watertown, 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 every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Watertown. We support 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 Watertown.

First, calculate how much house you can afford. This will help determine the price range for your Watertown house hunt. After that, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Searching the web for Watertown 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.

Next, 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). However, down payment requirements can differ depending on the loan type. 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. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

Make Your Move: Buy a Home in Watertown, 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 feels more rewarding when you get to live in a place like Watertown. Contact Mr. Cooper as you prepare to buy a house in Watertown. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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