What to Know Before Buying a Home in Collierville, TN

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Understanding the Collierville, TN Housing Landscape

Ready to lay down some roots and buy a house in Collierville? Smart move! You picked a colorful city with a dynamic selection 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 are familiar with the ins-and-outs of the Collierville housing market.

Collierville is growing by the day, which means Collierville homes don't always come cheap. Continued support for local businesses and cultural growth have helped to beckon entrepreneurs, retirees, and new graduates to the Collierville area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Collierville and the surrounding areas still offer a variety of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream house! When buying a home in Collierville, 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. Exploring Collierville will also help you get a feel for how homes in east Collierville differ from west Collierville, where to find Collierville's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Collierville? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. 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 Tennessee or elsewhere. We support new and experienced homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Collierville.

First, calculate how much house you can afford. This will help determine the price range for your Collierville house hunt. After that, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Collierville will usually point you in the right direction. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Next, look at how much money you can put toward a down payment. A down payment of at least 20% can help improve your odds of getting a good 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. Here's where it can help to get prequalified for a mortgage. 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 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 Collierville, TN

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 Collierville. Contact Mr. Cooper as you get ready to buy a house in Collierville. 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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