The Process of Buying a Home in New London, CT

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Get Familiar with the Lay of the Land in New London, CT

Ready to lay down some roots and buy a house in New London? Awesome! You picked a lively city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers across the country and are familiar with the ins-and-outs of the New London housing market.

Given all of Connecticut's growth, New London homes aren't always easy to find at a comfortable price. Continued economic growth and cultural expansion have helped to entice retirees, new businesses, and young families to the New London area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, New London and the surrounding areas still offer a wide range of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your perfect home! When looking to buy a house in New London, 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. Exploring New London will also help you get a feel for how homes in east New London differ from west New London, where to find New London's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in New London? 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. 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. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in New London.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in New London. Next, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Searching the web for New London averages will usually give you a solid estimate, though everyone's situation is different. 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. A down payment of at least 20% can help boost your chances of getting a favorable 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 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 healthier your credit is, the more mortgage options you may have open to you— and options are always a good thing!

Move Up and Out: Buying Your Dream House in New London, 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 New London, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in New London. We're here to help you along 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.*

Mr. Cooper Reviews from Real Customers in New London, CT

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

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