What to Know Before Buying a Home in Santa Fe, TX

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Understanding the Santa Fe, TX Housing Landscape

Thinking about buying a home in Santa Fe? Congratulations! You've chosen a vibrant city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers across the country and have the inside scoop on Santa Fe's housing scene.

Given all of Texas's growth, Santa Fe homes aren't always easy to find at a comfortable price. Ongoing cultural expansion and economic growth have helped to entice young families, new businesses, and retirees to the Santa Fe area, but so much change also means more traffic, more competition, and a need for more schools. That said, Santa Fe and its neighboring areas still offer a variety of home types and prices. You can find single-family homes, condos, townhomes, and (hopefully) your perfect home! When buying a home in Santa Fe, consider the home's location in relation to your everyday activities. If possible, 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. Traveling around Santa Fe will also give you an idea of why homes in west Santa Fe are priced differently than homes in east Santa Fe, where to find Santa Fe's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Santa Fe? 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 work with new 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 Santa Fe.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Santa Fe. After that, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. While everyone's situation is different, an online search for Santa Fe 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.

Now, consider how much you can contribute to a down payment. Putting at least 20% down will improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. At this stage, getting prequalified for a loan can be extremely helpful. 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. 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 Santa Fe, TX

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Santa Fe. Contact Mr. Cooper as you prepare to buy a house in Santa Fe. 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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