The Process of Buying a Home in Mountlake Terrace, WA

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Get Familiar with the Lay of the Land in Mountlake Terrace, WA

Thinking about buying a home in Mountlake Terrace? Great idea! You picked a vibrant city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers across the country and have the inside scoop on Mountlake Terrace's housing scene.

Given all of Washington's growth, Mountlake Terrace homes aren't always easy to find at a comfortable price. Sustained cultural expansion and economic growth have helped to entice retirees, new businesses, and young families to the Mountlake Terrace area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Mountlake Terrace and its nearby areas still offer a wide range of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream house! When buying a home in Mountlake Terrace, consider the home's location in relation to your everyday activities. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Discovering different parts of Mountlake Terrace will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Mountlake Terrace's hottest attractions.

Are you financially prepared to buy a house in Mountlake Terrace? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home 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 experienced homeowners and first-time homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Mountlake Terrace.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Mountlake Terrace. Next, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Searching the web for Mountlake Terrace 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.

Next, consider how much you can contribute to a down payment. A down payment of at least 20% can help increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). That said, 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, check 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 who doesn't want more choices in life?

Move Up and Out: Buying Your Dream House in Mountlake Terrace, 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 Mountlake Terrace. Contact Mr. Cooper as you get ready to buy a house in Mountlake Terrace. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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