Get Familiar with the Lay of the Land in Newport Beach, CA
Ready to lay down some roots and buy a house in Newport Beach? Great idea! You picked a lively city with an ideal amount of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers from coast to coast and know the Newport Beach housing market well.
Newport Beach is growing by the day, which means Newport Beach homes don't always come cheap. Ongoing economic growth and cultural expansion have helped to beckon entrepreneurs, retirees, and new graduates to the Newport Beach area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Newport Beach and the surrounding areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream home! When looking to buy a house in Newport Beach, double check that you're factoring in the home's distance from your daily activities. 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 Newport Beach will also give you an idea of why homes in west Newport Beach are priced differently than homes in east Newport Beach, where to find Newport Beach's most popular attractions, and what the neighborhoods are like.
Are your finances in the right place to buy a home in Newport Beach? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We think the dream of homeownership should never fade 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 Newport Beach. We support new and experienced homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Newport Beach.
First, estimate how much house you can afford. This will help you set a price range while house shopping in Newport Beach. After that, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Newport Beach averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.
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 great rate and will allow you to avoid private mortgage insurance (PMI). That said, the required down payment will depend on the type of loan you get. This is where getting prequalified for a mortgage comes in handy. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, check your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. The better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?
Make Your Move: Buy a Home in Newport Beach, CA
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 Newport Beach. Contact Mr. Cooper as you prepare to buy a house in Newport Beach.