What to Know Before Buying a Home in Arlington, MA

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Exploring Arlington, MA From North to South

Strongly considering a home purchase in Arlington? Congratulations! You've chosen a lively 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 are familiar with the ins-and-outs of the Arlington housing market.

Arlington is growing by the day, which means Arlington homes don't always come cheap. Sustained cultural expansion and economic growth have helped to entice young families, new businesses, and retirees to the Arlington area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Arlington and the surrounding areas still offer a wide range of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your perfect home! When buying a home in Arlington, 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. Exploring Arlington will also help you get a feel for how homes in east Arlington differ from west Arlington, what the communities are like, and where to find Arlington's coolest attractions.

Are you financially prepared to buy a house in Arlington? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade 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 Arlington. We work with first-time homeowners and experienced 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 Arlington.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Arlington. After that, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Arlington will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, look at how much money you can put toward a down payment. Placing a minimum of 20% down can improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, the minimum down payment requirements depend on the type of loan. 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, check your credit. Lenders place a high importance on credit history when looking at your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and options are always a good thing!

Move Up and Out: Buying Your Dream House in Arlington, MA

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 Arlington. Contact Mr. Cooper as you look to buy a home in Arlington. We're here for you every step of the way 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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