What to Know Before Buying a Home in Mckinney, TX

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Understanding the Mckinney, TX Housing Landscape

Strongly considering a home purchase in Mckinney? Smart move! You've chosen an energetic city with a great balance of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers nationwide and know the Mckinney housing market well.

Given all of Texas's growth, Mckinney 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 Mckinney area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Mckinney and its nearby areas still offer an array of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream home! When looking to buy a house in Mckinney, consider how near or far away the home is from the places you visit most. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Exploring Mckinney will also help you get a feel for how homes in east Mckinney differ from west Mckinney, where to find Mckinney's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Mckinney? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Texas or somewhere else entirely. We work with first-time homeowners and experienced homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Mckinney.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Mckinney. Next, 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. While everyone's situation is different, an online search for Mckinney 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, figure out what a realistic down payment would be for you. A down payment of at least 20% can help boost your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. Getting prequalified will give you an idea of how much you might qualify to borrow. 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 who doesn't want more choices in life?

Move Up and Out: Buying Your Dream House in Mckinney, TX

Moving remains one of the biggest stressors, despite being a practically universal experience. But when you get to live in a stellar city like Mckinney, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Mckinney. We're here for you from start to finish 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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