All About Buying a House in East Lyme, CT

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Get Familiar with the Lay of the Land in East Lyme, CT

Thinking about buying a home in East Lyme? Congratulations! You selected 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 from coast to coast and are familiar with the ins-and-outs of the East Lyme housing market.

Given all of Connecticut's growth, East Lyme homes aren't always easy to find at a comfortable price. Sustained cultural expansion and economic growth have helped to beckon young families, new businesses, and retirees to the East Lyme area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, East Lyme and its nearby areas still offer a variety of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream house! When buying a house in East Lyme, consider the home's location in relation to your everyday activities. If possible, 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. Exploring East Lyme will also help you get a feel for how homes in east East Lyme differ from west East Lyme, what the communities are like, and where to find East Lyme's coolest attractions.

Are you financially prepared to buy a house in East Lyme? 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. It doesn't matter whether you want to buy a home in Connecticut or somewhere else entirely. We serve first-time homeowners and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in East Lyme.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in East Lyme. Then, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in East Lyme will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, figure out what a realistic down payment would be for you. Putting at least 20% down will improve 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. At this stage, getting prequalified for a loan can be extremely helpful. 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 healthier your credit is, the more mortgage options you may have open to you— and who doesn't want more choices in life?

It's Go Time! Buy a House in East Lyme, CT

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like East Lyme, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in East Lyme. We're here for you from start to finish 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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