The Process of Buying a Home in Lubbock, TX

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Get Familiar with the Lay of the Land in Lubbock, TX

Strongly considering a home purchase in Lubbock? Smart move! You picked a vibrant city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers across the country and have the inside scoop on Lubbock's housing scene.

Lubbock'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. Continued support for local businesses and cultural growth have helped to attract retirees, new businesses, and young families to the Lubbock area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Lubbock and its nearby areas still offer an array of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When buying a house in Lubbock, 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. Exploring Lubbock will also help you get a feel for how homes in east Lubbock differ from west Lubbock, where to find Lubbock's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Lubbock? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Texas or elsewhere. We support experienced homeowners and first-time homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Lubbock.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Lubbock house hunt. After that, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. Searching the web for Lubbock averages will usually give you a solid estimate, though everyone's situation is different. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, consider how much you can contribute to a down payment. Placing a minimum of 20% down can 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. This is where getting prequalified for a mortgage comes in handy. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, check 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 options are always a good thing!

It's Go Time! Buy a House in Lubbock, TX

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 when you get to live in a stellar city like Lubbock, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Lubbock. 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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