What to Know Before Buying a Home in Lewiston, ME

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Get Familiar with the Lay of the Land in Lewiston, ME

Strongly considering a home purchase in Lewiston? Smart move! You've chosen a vibrant 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 are familiar with the ins-and-outs of the Lewiston housing market.

Lewiston is growing by the day, which means Lewiston homes don't always come cheap. Sustained support for local businesses and cultural growth have helped to entice entrepreneurs, retirees, and new graduates to the Lewiston area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Lewiston and its nearby areas still offer an array of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream house! When looking to buy a house in Lewiston, consider how near or far away the home is from the places you visit most. If possible, test drive your trip from the house to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around Lewiston will also give you an idea of why homes in west Lewiston are priced differently than homes in east Lewiston, what the neighborhoods are like, and where to find Lewiston's hottest attractions.

Are you financially prepared to buy a house in Lewiston? 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 every stage of the journey more enjoyable and less worrisome. It doesn't matter whether you want to buy a home in Maine or somewhere else entirely. We support new and experienced homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Lewiston.

First, calculate how much house you can afford. This will help determine the price range for your Lewiston house hunt. Next, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. Searching the web for Lewiston averages will usually give you a solid estimate, though everyone's situation is different. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, 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). 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. 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 Lewiston, 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 moving can also be incredibly rewarding, especially when you get to live in an amazing city like Lewiston. Contact Mr. Cooper as you look to buy a home in Lewiston. We're here for you from start to finish 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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