Exploring Boston, MA From North to South
Strongly considering a home purchase in Boston? Smart move! You've chosen a lively city with a great balance of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers from coast to coast and know the Boston housing market well.
Boston is growing by the day, which means Boston 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 Boston area, but so much change also means more traffic, more competition, and a need for more schools. That said, Boston and its neighboring areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream home! When buying a house in Boston, consider the home's location in relation to your everyday 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 Boston will also help you get a feel for how homes in east Boston differ from west Boston, where to find Boston's most popular attractions, and what the neighborhoods are like.
Are you financially prepared to buy a house in Boston? 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 work to make the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Boston. We help experienced homeowners and first-time homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Boston.
First, estimate how much house you can afford. This will help you narrow your search when house hunting in Boston. Then, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Boston will usually point you in the right direction. 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. Putting at least 20% down will boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, 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 will give you an idea of how much you might qualify to borrow. Also, take a good look at your credit. Credit history is an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!
Move Up and Out: Buying Your Dream House in Boston, MA
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 Boston, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Boston.