The Process of Buying a Home in Wilmington, DE

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Get Familiar with the Lay of the Land in Wilmington, DE

Strongly considering a home purchase in Wilmington? Awesome! You picked a lively city with a dynamic selection 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 across the country and know the Wilmington housing market well.

Given all of Delaware's growth, Wilmington homes aren't always easy to find at a comfortable price. Sustained cultural expansion and economic growth have helped to attract retirees, new businesses, and young families to the Wilmington area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Wilmington and the surrounding areas still offer an array of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your perfect home! When buying a home in Wilmington, consider how near or far away the home is from the places you visit most. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of Wilmington will help you see how the northern part differs from the southern part, where to find Wilmington's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Wilmington, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Wilmington. We work with new and experienced homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Wilmington.

First, calculate how much house you can afford. This will help determine the price range for your Wilmington house hunt. Then, 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 Wilmington 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 favorable rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. 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, consider your credit profile. 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 Wilmington, DE

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 Wilmington. Contact Mr. Cooper as you get ready to buy a house in Wilmington. 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.*

Mr. Cooper Reviews from Real Customers in Wilmington, DE

Read real stories from real Mr. Cooper home buyers and sellers in Wilmington, DE. Then contact us to see what we can do for you.

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