All About Buying a House in Cambridge, MA

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Get Familiar with the Lay of the Land in Cambridge, MA

Thinking about buying a home in Cambridge? Congratulations! You picked a vibrant city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers nationwide and know the Cambridge housing market well.

Given all of Massachusetts's growth, Cambridge homes aren't always easy to find at a comfortable price. Continued cultural expansion and economic growth have helped to beckon young families, new businesses, and retirees to the Cambridge area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Cambridge and its nearby areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (fingers-crossed) your perfect home! When looking to buy a house in Cambridge, consider how near or far away the home is from the places you visit most. If you can, 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. Exploring Cambridge will also help you get a feel for how homes in east Cambridge differ from west Cambridge, where to find Cambridge's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Cambridge? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Massachusetts or elsewhere. We work with experienced homeowners and first-time homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Cambridge.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Cambridge. Then, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Searching the web for Cambridge averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Next, look at how much money you can put toward a down payment. Putting at least 20% down will boost your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). That said, the minimum down payment requirements depend on the type of loan. At this stage, getting prequalified for a loan can be extremely helpful. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, take a good look at your credit. 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 who doesn't want more choices in life?

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

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Cambridge. Contact Mr. Cooper as you look to buy a home in Cambridge. We're here to help you along 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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