Understanding the Beverly, MA Housing Landscape
Ready to lay down some roots and buy a house in Beverly? Smart move! You picked an energetic city with an ideal amount of parks, businesses, and educational opportunities, 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 Beverly housing market.
Given all of Massachusetts's growth, Beverly homes aren't always easy to find at a comfortable price. Ongoing support for local businesses and cultural growth have helped to attract retirees, new businesses, and young families to the Beverly area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Beverly and its nearby 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 Beverly, consider the home's location in relation to your everyday 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. Traveling around Beverly will also give you an idea of why homes in west Beverly are priced differently than homes in east Beverly, where to find Beverly's most popular attractions, and what the neighborhoods are like.
You're ready to buy a house in Beverly, but is your bank account? 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. It doesn't matter whether you want to buy a home in Massachusetts or somewhere else entirely. We help experienced homeowners and first-time homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Beverly.
First, estimate how much house you can afford. This will help you narrow your search when house hunting in Beverly. After that, 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 Beverly 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.
Next, look at how much money you can put toward a down payment. A down payment of at least 20% can help boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. Getting prequalified will give you an idea of how much you might qualify to borrow. 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 more options are always good!
Move Up and Out: Buying Your Dream House in Beverly, MA
Moving remains one of the biggest stressors, despite being a practically universal experience. But when you get to live in a stellar city like Beverly, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Beverly.