All About Buying a House in Murphy, TX

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Understanding the Murphy, TX Housing Landscape

Ready to lay down some roots and buy a house in Murphy? Awesome! You selected a vibrant 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 service 3.8 million customers across the country and know the Murphy housing market well.

Murphy'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 support for local businesses and cultural growth have helped to attract entrepreneurs, retirees, and new graduates to the Murphy area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Murphy and the surrounding areas still offer a variety of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream house! When buying a home in Murphy, double check that you're factoring in the home's distance from your daily activities. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Discovering different parts of Murphy will help you see how the northern part differs from the southern part, what the communities are like, and where to find Murphy's coolest attractions.

Are your finances in the right place to buy a home in Murphy? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. 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 help experienced homeowners and first-time 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 Murphy.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in Murphy. Next, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Searching the web for Murphy 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.

Next, look at how much money you can put toward a down payment. A down payment of at least 20% can help boost your chances of getting a favorable 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, take a good look at your credit. 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!

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

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 Murphy, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Murphy. We're here for you from start to finish 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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