What to Know Before Buying a Home in Hartford, CT

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Understanding the Hartford, CT Housing Landscape

Strongly considering a home purchase in Hartford? Great idea! You picked a lively city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Hartford housing market.

Hartford is growing by the day, which means Hartford homes don't always come cheap. Sustained support for local businesses and cultural growth have helped to entice retirees, new businesses, and young families to the Hartford area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Hartford and the surrounding areas still offer a wide range of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream home! When buying a house in Hartford, consider the home's location in relation to your everyday activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Exploring Hartford will also help you get a feel for how homes in east Hartford differ from west Hartford, where to find Hartford's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Hartford, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Connecticut or elsewhere. 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 Hartford.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Hartford. After that, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Hartford will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, consider how much you can contribute to a down payment. Placing a minimum of 20% down can improve your chances of getting a great 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 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 better your credit is, the more mortgage options you may be presented with— and options are always a good thing!

Move Up and Out: Buying Your Dream House in Hartford, 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 Hartford. Contact Mr. Cooper as you look to buy a home in Hartford. 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.*

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