Exploring Mercer Island, WA From North to South
Ready to lay down some roots and buy a house in Mercer Island? Great idea! You selected an energetic city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers across the country and know the Mercer Island housing market well.
Mercer Island'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. Sustained economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Mercer Island area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Mercer Island and its nearby areas still offer a variety of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream house! When buying a home in Mercer Island, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your route 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 Mercer Island will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Mercer Island's hottest attractions.
Are your finances in the right place to buy a home in Mercer Island? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade 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 Mercer Island. We work with experienced homeowners and first-time homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Mercer Island.
Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Mercer Island. Next, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Mercer Island will usually point you in the right direction. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.
Now, figure out what a realistic down payment would be for you. 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. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at your credit. Credit history is one of the main factors that lenders look at when considering 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 Mercer Island, 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 can also be incredibly rewarding, especially when you get to live in an amazing city like Mercer Island. Contact Mr. Cooper as you look to buy a home in Mercer Island. We're here to help you along the way 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.*
- Buyer’s Bonus Credit is not available in AK, IA, KS, LA, MS, MO, OK, OR & TN.
- ** Listing Commission Disclosure: Mr. Cooper Real Estate Rewards agents have agreed to 1.99% seller’s agent commission and recommend 2% buyer’s agent commission for a total listing commission of 3.99%. Buyer’s agent commission can be changed at seller’s discretion.
- Mr. Cooper Real Estate Rewards is offered by Xome. Inc., an affiliate of Mr. Cooper. Referrals to Xome may provide a financial benefit to Mr. Cooper. You are not required to use a real estate agent on the Xome panel as a condition of receiving a loan from Mr. Cooper, and such use will have no impact on any loan application to Mr. Cooper.
- This is an advertisement and not intended as a solicitation for agent representation if your property is currently listed with an agent. Visit Xome's licensing page https://www.xome.com/auctions/licensing.
- Xome Inc. & Xome CT LLC [Davis E. Owen, Sr.‐Broker] (for CT properties] & Xome PR LLC (for PR properties), 750 Hwy 121 BYP, Suite 100, Lewisville, TX 75067.
- Mr. Cooper Real Estate Rewards is a service mark of Nationstar Mortgage LLC.
- This is not a commitment to lend. All loans are subject to credit and property approval. This offer is nontransferable and may not be combined with any other mortgage offer. Advertised offer is subject to change. If a personal code is present on the advertised offer, you must provide such code to claim the offer. We may gather information about you including, but not limited to, credit bureau information, information for verification of income, information for appraisal and verification of property being used for collateral. We also verify your identity. Income, assets, and debt must meet eligibility requirements as established by Government and/or Lender guidelines.