What to Know Before Buying a Home in Knoxville, TN

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Understanding the Knoxville, TN Housing Landscape

Thinking about buying a home in Knoxville? Great idea! You picked a colorful city with an ideal amount 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 are familiar with the ins-and-outs of the Knoxville housing market.

Knoxville'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 cultural expansion and economic growth have helped to attract young families, new businesses, and retirees to the Knoxville area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Knoxville and its nearby areas still offer a wide range of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your perfect home! When looking to buy a house in Knoxville, 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. Your home's location will influence almost every aspect of your life. Traveling around Knoxville will also give you an idea of why homes in west Knoxville are priced differently than homes in east Knoxville, what the communities are like, and where to find Knoxville's coolest attractions.

You're ready to buy a house in Knoxville, 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 believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Tennessee or somewhere else entirely. We serve new and experienced homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in Knoxville.

Before anything else, calculate how much house you can afford. This will help you set a price range while house shopping in Knoxville. Next, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Knoxville will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, the minimum down payment requirements depend on the type of loan. Here's where it can help to get prequalified for a mortgage. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and options are always a good thing!

Make Your Move: Buy a Home in Knoxville, TN

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 Knoxville, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Knoxville. We're here for you every step of 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.*

Mr. Cooper Customer Reviews for Knoxville, TN

Read real stories from real Mr. Cooper home buyers and sellers in Knoxville, TN. Then contact us to see what we can do for you.

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