What to Know Before Buying a Home in Franklin, WI

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Get Familiar with the Lay of the Land in Franklin, WI

Thinking about buying a home in Franklin? Congratulations! You picked a lively city with a dynamic selection of businesses, schools, restaurants 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 know the Franklin housing market well.

Franklin is growing by the day, which means Franklin homes don't always come cheap. Sustained cultural expansion and economic growth have helped to beckon entrepreneurs, retirees, and new graduates to the Franklin area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Franklin and its nearby areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When buying a home in Franklin, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Exploring Franklin will also help you get a feel for how homes in east Franklin differ from west Franklin, what the communities are like, and where to find Franklin's coolest attractions.

You're ready to buy a house in Franklin, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe in keeping the dream of homeownership alive and work to make the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Franklin. We help 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 Franklin.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Franklin. After that, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Franklin averages will usually give you some solid estimates. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Now, look at how much money you can put toward a down payment. A down payment of at least 20% can help increase 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 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?

Make Your Move: Buy a Home in Franklin, WI

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 when you get to live in a stellar city like Franklin, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Franklin. We're here for you every step of the way 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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