What to Know Before Buying a Home in Scarborough, ME

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

Strongly considering a home purchase in Scarborough? Awesome! You selected an energetic city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers nationwide and know the Scarborough housing market well.

Scarborough is growing by the day, which means Scarborough homes don't always come cheap. Continued cultural expansion and economic growth have helped to beckon retirees, new businesses, and young families to the Scarborough area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Scarborough and its nearby areas still offer a wide range of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream house! When buying a home in Scarborough, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your route 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 Scarborough will also give you an idea of why homes in west Scarborough are priced differently than homes in east Scarborough, what the communities are like, and where to find Scarborough's coolest attractions.

Are you financially prepared to buy a house in Scarborough? 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 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 Scarborough. We work with experienced homeowners and first-time homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Scarborough.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Scarborough. After that, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Scarborough will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Next, consider how much you can contribute to 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 minimum down payment requirements depend on the type of loan. Here's where it can help to get prequalified for a mortgage. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, check your credit. Credit history is an important part of 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 Scarborough, ME

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Scarborough, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Scarborough. 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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