The Process of Buying a Home in Lakewood, WA

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Understanding the Lakewood, WA Housing Landscape

Thinking about buying a home in Lakewood? Smart move! You picked a lively city with an ideal amount of educational opportunities, businesses, and parks, 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 Lakewood housing market.

Lakewood is growing by the day, which means Lakewood homes don't always come cheap. Continued support for local businesses and cultural growth have helped to entice entrepreneurs, retirees, and new graduates to the Lakewood area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Lakewood and the surrounding areas still offer a variety of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream home! When buying a house in Lakewood, consider the home's location in relation to your everyday activities. If you can, test drive your trip from the house to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Exploring Lakewood will also help you get a feel for how homes in east Lakewood differ from west Lakewood, what the communities are like, and where to find Lakewood's coolest attractions.

Are your finances in the right place to buy a home in Lakewood? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We think the dream of homeownership should never fade and try our best to make the journey easier and more rewarding. You could choose to buy a home in Washington or elsewhere. We help new 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 Lakewood.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Lakewood. Then, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. Searching the web for Lakewood averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, consider how much you can contribute to a down payment. Putting at least 20% down will boost 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. 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. 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 options are always a good thing!

It's Go Time! Buy a House in Lakewood, WA

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 Lakewood, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Lakewood. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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