The Process of Buying a Home in Gorham, ME

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Understanding the Gorham, ME Housing Landscape

Strongly considering a home purchase in Gorham? Great idea! You've chosen a colorful 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 Gorham housing market.

Gorham'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 entice entrepreneurs, retirees, and new graduates to the Gorham area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Gorham and the surrounding areas still offer an array of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream home! When buying a house in Gorham, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Exploring Gorham will also help you get a feel for how homes in east Gorham differ from west Gorham, what the neighborhoods are like, and where to find Gorham's hottest attractions.

Are your finances in the right place to buy a home in Gorham? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. You could choose to buy a home in Maine or elsewhere. We help experienced homeowners and first-time homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in Gorham.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Gorham. Next, add up the 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 Gorham 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. Placing a minimum of 20% down can increase your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). That said, 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, consider your credit profile. 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 who doesn't want more choices in life?

Make Your Move: Buy a Home in Gorham, ME

Moving remains one of the biggest stressors, despite being a practically universal experience. But when you get to live in a stellar city like Gorham, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Gorham. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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