What to Know Before Buying a Home in Farmington, CT

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Exploring Farmington, CT From North to South

Ready to lay down some roots and buy a house in Farmington? Smart move! You picked a lively city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Farmington housing market.

Farmington's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Ongoing cultural expansion and economic growth have helped to entice retirees, new businesses, and young families to the Farmington area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Farmington and its neighboring areas still offer a wide range of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream house! When buying a house in Farmington, 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 home's location will influence almost every aspect of your life. Exploring Farmington will also help you get a feel for how homes in east Farmington differ from west Farmington, where to find Farmington's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Farmington, but is your bank account? 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 don't even have to stick with your decision to buy a house in Farmington. We help first-time homeowners and experienced homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Farmington.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Farmington. Then, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Searching the web for Farmington averages will usually give you a solid estimate, though everyone's situation is different. 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. Putting at least 20% down will improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. At this stage, getting prequalified for a loan can be extremely helpful. 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!

Make Your Move: Buy a Home in Farmington, CT

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 Farmington. Contact Mr. Cooper as you look to buy a home in Farmington. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

Mr. Cooper Customer Reviews for Farmington, CT

Take it from these Mr. Cooper home buyers and sellers in Farmington, CT: We love helping homeowners. Call now to see how we can serve you.

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