What to Know Before Buying a Home in Manchester, CT

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Get Familiar with the Lay of the Land in Manchester, CT

Strongly considering a home purchase in Manchester? Smart move! You picked a lively city with an ideal amount of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Manchester housing market.

Given all of Connecticut's growth, Manchester homes aren't always easy to find at a comfortable price. Continued economic growth and cultural expansion have helped to attract retirees, new businesses, and young families to the Manchester area, but so much change also means more traffic, more competition, and a need for more schools. That said, Manchester and its neighboring areas still offer a variety of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream house! When buying a house in Manchester, 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. Your home's location will influence almost every aspect of your life. Discovering different parts of Manchester will help you see how the northern part differs from the southern part, where to find Manchester's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Manchester? 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 work to make the journey less worrisome and more rewarding every step of the way. It doesn't matter whether you want to buy a home in Connecticut or somewhere else entirely. We serve experienced homeowners and first-time homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Manchester.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Manchester. Next, 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. While everyone's situation is different, an online search for Manchester averages will usually give you some solid estimates. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Next, consider how much you can contribute to a down payment. A down payment of at least 20% can help improve 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. This is where getting prequalified for a mortgage comes in handy. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, take a good look at your credit. Lenders place a high importance on credit history when looking at 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?

Make Your Move: Buy a Home in Manchester, 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 Manchester. Contact Mr. Cooper as you look to buy a home in Manchester. We're here for you every step of the way 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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