What to Know Before Buying a Home in Temple, TX

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

Strongly considering a home purchase in Temple? Great idea! You picked an energetic city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Temple housing market.

Temple'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 economic growth and cultural expansion have helped to beckon entrepreneurs, retirees, and new graduates to the Temple area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Temple and its nearby areas still offer an array of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream house! When buying a home in Temple, consider the home's location in relation to your everyday activities. If possible, test drive your route to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Exploring Temple will also help you get a feel for how homes in east Temple differ from west Temple, what the neighborhoods are like, and where to find Temple's hottest attractions.

Are you financially prepared to buy a house in Temple? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. 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 see if you're in a good financial position to buy a house in Temple.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Temple. Then, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Temple will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, figure out what a realistic down payment would be for you. A down payment of at least 20% can help increase 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. This is where getting prequalified for a mortgage comes in handy. 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 more options are always good!

Move Up and Out: Buying Your Dream House in Temple, 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 Temple, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Temple. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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