What to Know Before Buying a Home in Greenwich, CT

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Understanding the Greenwich, CT Housing Landscape

Thinking about buying a home in Greenwich? Smart move! You selected a vibrant city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers across the country and have the inside scoop on Greenwich's housing scene.

Greenwich'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. Continued economic growth and cultural expansion have helped to attract retirees, new businesses, and young families to the Greenwich area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Greenwich and the surrounding areas still offer an array of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream house! When looking to buy a house in Greenwich, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Traveling around Greenwich will also give you an idea of why homes in west Greenwich are priced differently than homes in east Greenwich, what the communities are like, and where to find Greenwich's coolest attractions.

You're ready to buy a house in Greenwich, but is your bank account? 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 try our best to make the journey easier and more rewarding. You could choose to buy a home in Connecticut or elsewhere. We work with new and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Greenwich.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Greenwich. After that, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Greenwich averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, figure out what a realistic down payment would be for you. A down payment of at least 20% can help boost your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, the required down payment will depend on the type of loan you get. Here's where it can help to get prequalified for a mortgage. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at 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?

Move Up and Out: Buying Your Dream House in Greenwich, CT

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 Greenwich. Contact Mr. Cooper as you look to buy a home in Greenwich. We're here for you every step of 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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