What to Know Before Buying a Home in Spokane, WA

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Exploring Spokane, WA From North to South

Strongly considering a home purchase in Spokane? Smart move! You picked a colorful 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 serve 3.8 million customers from coast to coast and know the Spokane housing market well.

Spokane is growing by the day, which means Spokane homes don't always come cheap. Sustained economic growth and cultural expansion have helped to beckon entrepreneurs, retirees, and new graduates to the Spokane area, but so much change also means more traffic, more competition, and a need for more schools. That said, Spokane and its nearby areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (ideally) your dream home! When buying a home in Spokane, consider how near or far away the home is from the places you visit most. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around Spokane will also give you an idea of why homes in west Spokane are priced differently than homes in east Spokane, what the neighborhoods are like, and where to find Spokane's hottest attractions.

Are you financially prepared to buy a house in Spokane? 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 could choose to buy a home in Washington or elsewhere. We support first-time homeowners and experienced homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Spokane.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Spokane. After that, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Searching the web for Spokane 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. Placing a minimum of 20% down can improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, the required down payment will depend on the type of loan you get. 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, consider your credit profile. Credit history is an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!

Move Up and Out: Buying Your Dream House in Spokane, WA

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Spokane. Contact Mr. Cooper as you look to buy a home in Spokane. We're here to help you along the way 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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