The Process of Buying a Home in Waco, TX

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Understanding the Waco, TX Housing Landscape

Thinking about buying a home in Waco? Congratulations! You picked a colorful city with a great balance of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers from coast to coast and know the Waco housing market well.

Waco'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 entice retirees, new businesses, and young families to the Waco area, but so much change also means more traffic, more competition, and a need for more schools. That said, Waco and its neighboring areas still offer a variety of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream home! When buying a house in Waco, 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. Your home's location will influence almost every aspect of your life. Exploring Waco will also help you get a feel for how homes in east Waco differ from west Waco, what the neighborhoods are like, and where to find Waco's hottest attractions.

Are your finances in the right place to buy a home in Waco? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive 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. Read through the following steps to help you see if you're in a good financial position to buy a house in Waco.

First, calculate how much house you can afford. This will help determine the price range for your Waco house hunt. Then, jot down 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 Waco 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. A down payment of at least 20% can help improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, the required down payment will depend on the type of loan you get. 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, check your credit. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!

Make Your Move: Buy a Home in Waco, 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 Waco, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Waco. 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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