What to Know Before Buying a Home in Lynnwood, WA

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Exploring Lynnwood, WA From North to South

Thinking about buying a home in Lynnwood? Congratulations! You picked a lively city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Lynnwood housing market.

Given all of Washington's growth, Lynnwood homes aren't always easy to find at a comfortable price. Sustained cultural expansion and economic growth have helped to entice entrepreneurs, retirees, and new graduates to the Lynnwood area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Lynnwood and its neighboring areas still offer an array of home styles and prices. You can find single-family homes, condos, townhomes, and (ideally) your perfect home! When buying a home in Lynnwood, 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 house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of Lynnwood will help you see how the northern part differs from the southern part, what the communities are like, and where to find Lynnwood's coolest attractions.

Are your finances in the right place to buy a home in Lynnwood? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe in keeping the dream of homeownership alive and work to make every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Lynnwood. We support first-time homeowners and experienced homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Lynnwood.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Lynnwood. Next, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. While everyone's situation is different, an online search for Lynnwood averages will usually give you some solid estimates. 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 improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). That said, 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, take a good look at your credit. Credit history is an important part of 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 Lynnwood, WA

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 feels more rewarding when you get to live in a place like Lynnwood. Contact Mr. Cooper as you prepare to buy a house in Lynnwood. We're here for you from start to finish 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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