All About Buying a House in Portland, ME

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

Strongly considering a home purchase in Portland? Smart move! You've chosen a colorful 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 support 3.8 million customers nationwide and have the inside scoop on Portland's housing scene.

Portland is growing by the day, which means Portland homes don't always come cheap. Sustained economic growth and cultural expansion have helped to attract entrepreneurs, retirees, and new graduates to the Portland area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Portland and its nearby areas still offer an array of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your perfect home! When looking to buy a house in Portland, double check that you're factoring in the home's distance from your daily activities. If possible, 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 Portland will help you see how the northern part differs from the southern part, what the communities are like, and where to find Portland's coolest attractions.

You're ready to buy a house in Portland, but is your bank account? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. You don't even have to stick with your decision to buy a house in Portland. We serve 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 Portland.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Portland. Then, add up the 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 Portland averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Then, consider how much you can contribute to a down payment. A down payment of at least 20% can help boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. This is where getting prequalified for a mortgage comes in handy. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!

It's Go Time! Buy a House in Portland, 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 feels more rewarding when you get to live in a place like Portland. Contact Mr. Cooper as you get ready to buy a house in Portland. 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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