What to Know Before Buying a Home in Waterford, CT

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

Ready to lay down some roots and buy a house in Waterford? Congratulations! You picked an energetic 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 serve 3.8 million customers from coast to coast and know the Waterford housing market well.

Waterford'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. Sustained cultural expansion and economic growth have helped to beckon retirees, new businesses, and young families to the Waterford area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Waterford and its neighboring areas still offer an array of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream house! When buying a house in Waterford, 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. Discovering different parts of Waterford will help you see how the northern part differs from the southern part, what the communities are like, and where to find Waterford's coolest attractions.

Are your finances in the right place to buy a home in Waterford? 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 try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Connecticut or somewhere else entirely. We work with new 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 Waterford.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Waterford. Next, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Waterford 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.

Now, look at how much money you can put toward a down payment. Putting at least 20% down will improve 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. At this stage, getting prequalified for a loan can be extremely helpful. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, take a good look at 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 more options are always good!

Make Your Move: Buy a Home in Waterford, CT

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Waterford. Contact Mr. Cooper as you prepare to buy a house in Waterford. 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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