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What to Know Before Buying a Home in Washington,, DC

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Understanding the Washington,, DC Housing Landscape

Ready to lay down some roots and buy a house in Washington,? Congratulations! You've chosen an energetic city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers across the country and know the Washington, housing market well.

Washington,'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. Ongoing economic growth and cultural expansion have helped to attract retirees, new businesses, and young families to the Washington, area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Washington, and the surrounding areas still offer a wide range of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream house! When looking to buy a house in Washington,, 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 home's location will influence almost every aspect of your life. Traveling around Washington, will also give you an idea of why homes in west Washington, are priced differently than homes in east Washington,, where to find Washington,'s most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Washington,? 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 every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Washington,. 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 Washington,.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Washington,. Then, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Washington, 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, look at how much money you can put toward a down payment. A down payment of at least 20% can help boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, the required down payment will depend on the type of loan you get. Here's where it can help to get prequalified for a mortgage. 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 one of the main factors that lenders look at when considering your mortgage application. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

Move Up and Out: Buying Your Dream House in Washington,, DC

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 moving feels more rewarding when you get to live in a place like Washington,. Contact Mr. Cooper as you look to buy a home in Washington,. We're here to help you along 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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