What to Know Before Buying a Home in Norwich, CT

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Understanding the Norwich, CT Housing Landscape

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

Norwich is growing by the day, which means Norwich homes don't always come cheap. Continued support for local businesses and cultural growth have helped to entice young families, new businesses, and retirees to the Norwich area, but so much change also means more traffic, more competition, and a need for more schools. That said, Norwich and its nearby areas still offer a wide range of home types and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream home! When looking to buy a house in Norwich, consider how near or far away the home is from the places you visit most. If possible, test drive your trip from the house to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of Norwich will help you see how the northern part differs from the southern part, what the communities are like, and where to find Norwich's coolest attractions.

Are you financially prepared to buy a house in Norwich? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe in keeping the dream of homeownership alive and work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Connecticut or elsewhere. We support first-time homeowners and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Norwich.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Norwich. Next, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Norwich averages will usually give you some solid estimates. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, figure out what a realistic down payment would be for you. 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. 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, consider your credit profile. 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 more options are always good!

Make Your Move: Buy a Home in Norwich, 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 when you get to live in a stellar city like Norwich, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Norwich. We're here for you every step of 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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