The Process of Buying a Home in Memphis, TN

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Exploring Memphis, TN From North to South

Strongly considering a home purchase in Memphis? Great idea! You selected a lively 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 serve 3.8 million customers from coast to coast and have the inside scoop on Memphis's housing scene.

Memphis'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 economic growth and cultural expansion have helped to beckon retirees, new businesses, and young families to the Memphis area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Memphis and its neighboring areas still offer a wide range of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream home! When buying a house in Memphis, consider the home's location in relation to your everyday activities. If possible, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Traveling around Memphis will also give you an idea of why homes in west Memphis are priced differently than homes in east Memphis, where to find Memphis's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Memphis? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. 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. It doesn't matter whether you want to buy a home in Tennessee or somewhere else entirely. We help new and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Memphis.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Memphis. Then, 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. While everyone's situation is different, an online search for Memphis 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.

Then, look at how much money you can put toward a down payment. Placing a minimum of 20% down can increase your chances of getting a great 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 more options are always good!

Move Up and Out: Buying Your Dream House in Memphis, 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 Memphis, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Memphis. We're here to help you along 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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