Get Familiar with the Lay of the Land in Draper, UT
Strongly considering a home purchase in Draper? Congratulations! You've chosen a lively city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers nationwide and are familiar with the ins-and-outs of the Draper housing market.
Draper is growing by the day, which means Draper homes don't always come cheap. Ongoing support for local businesses and cultural growth have helped to beckon entrepreneurs, retirees, and new graduates to the Draper area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Draper and its nearby areas still offer a variety of home styles and prices. You can find single-family homes, condos, townhomes, and (hopefully) your perfect home! When buying a home in Draper, consider how near or far away the home is from the places you visit most. If possible, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Exploring Draper will also help you get a feel for how homes in east Draper differ from west Draper, what the communities are like, and where to find Draper's coolest attractions.
Are your finances in the right place to buy a home in Draper? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe everyone can find their dream home and try our best to make the journey easier and more rewarding. You don't even have to stick with your decision to buy a house in Draper. We work with first-time homeowners and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Draper.
Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Draper. After that, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Searching the web for Draper averages will usually give you a solid estimate, though everyone's situation is different. 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. Placing a minimum of 20% down can increase your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, the minimum down payment requirements depend on the type of loan. This is where getting prequalified for a mortgage comes in handy. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, check your credit. Lenders place a high importance on credit history when looking at your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and who doesn't want more choices in life?
Make Your Move: Buy a Home in Draper, UT
Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Draper. Contact Mr. Cooper as you prepare to buy a house in Draper.