What to Know Before Buying a Home in Biddeford, ME

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Understanding the Biddeford, ME Housing Landscape

Thinking about buying a home in Biddeford? Smart move! You selected an energetic city with a great balance of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers nationwide and are familiar with the ins-and-outs of the Biddeford housing market.

Biddeford'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. Continued cultural expansion and economic growth have helped to beckon young families, new businesses, and retirees to the Biddeford area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Biddeford and its neighboring areas still offer a variety of homes in price and amenities. You can find single-family homes, condos, townhomes, and (hopefully) your dream home! When looking to buy a house in Biddeford, consider how near or far away the home is from the places you visit most. If you can, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Discovering different parts of Biddeford will help you see how the northern part differs from the southern part, what the communities are like, and where to find Biddeford's coolest attractions.

You're ready to buy a house in Biddeford, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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 Biddeford. We work with experienced homeowners and first-time homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Biddeford.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Biddeford. Then, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. Searching the web for Biddeford 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. Placing a minimum of 20% down can improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. At this stage, getting prequalified for a loan can be extremely helpful. 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 healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

Make Your Move: Buy a Home in Biddeford, ME

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 Biddeford, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Biddeford. We're here for you from start to finish 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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