The Process of Buying a Home in Orem, UT

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Exploring Orem, UT From North to South

Ready to lay down some roots and buy a house in Orem? Smart move! You picked an energetic 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 support 3.8 million customers nationwide and know the Orem housing market well.

Orem'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 economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Orem area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Orem and its neighboring areas still offer a variety of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your perfect home! When looking to buy a house in Orem, consider the home's location in relation to your everyday activities. If possible, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Discovering different parts of Orem will help you see how the northern part differs from the southern part, what the communities are like, and where to find Orem's coolest attractions.

Are you financially prepared to buy a house in Orem? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Utah or elsewhere. We help first-time homeowners and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Orem.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Orem. Next, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Orem 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, look at how much money you can put toward a down payment. Placing a minimum of 20% down can boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, the required down payment will depend on the type of loan you get. This is where getting prequalified for a mortgage comes in handy. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, consider your credit profile. 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 options are always a good thing!

It's Go Time! Buy a House in Orem, UT

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Orem. Contact Mr. Cooper as you prepare to buy a house in Orem. 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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