The Process of Buying a Home in Oak Ridge, TN

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Exploring Oak Ridge, TN From North to South

Ready to lay down some roots and buy a house in Oak Ridge? Congratulations! You selected a colorful city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers nationwide and know the Oak Ridge housing market well.

Given all of Tennessee's growth, Oak Ridge homes aren't always easy to find at a comfortable price. Sustained economic growth and cultural expansion have helped to beckon entrepreneurs, retirees, and new graduates to the Oak Ridge area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Oak Ridge and its neighboring areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream house! When looking to buy a house in Oak Ridge, 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. Traveling around Oak Ridge will also give you an idea of why homes in west Oak Ridge are priced differently than homes in east Oak Ridge, what the communities are like, and where to find Oak Ridge's coolest attractions.

Are your finances in the right place to buy a home in Oak Ridge? 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 could choose to buy a home in Tennessee or elsewhere. We serve new and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Oak Ridge.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Oak Ridge. After that, add up the 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 Oak Ridge averages will usually give you some solid estimates. 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 increase your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, down payment requirements can differ depending on the loan type. 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, check your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. You may be presented with more mortgage options if you have healthy credit— and who doesn't want more choices in life?

Move Up and Out: Buying Your Dream House in Oak Ridge, TN

Moving remains one of the biggest stressors, despite being a practically universal experience. But when you get to live in a stellar city like Oak Ridge, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Oak Ridge. 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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