What to Know Before Buying a Home in Gloucester, MA

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Exploring Gloucester, MA From North to South

Strongly considering a home purchase in Gloucester? Congratulations! You selected a colorful city with a great balance of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers across the country and are familiar with the ins-and-outs of the Gloucester housing market.

Gloucester's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Sustained cultural expansion and economic growth have helped to attract young families, new businesses, and retirees to the Gloucester area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Gloucester and its nearby areas still offer a wide range of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream house! When buying a house in Gloucester, consider the home's location in relation to your everyday activities. If possible, 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. Exploring Gloucester will also help you get a feel for how homes in east Gloucester differ from west Gloucester, what the neighborhoods are like, and where to find Gloucester's hottest attractions.

Are your finances in the right place to buy a home in Gloucester? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. It doesn't matter whether you want to buy a home in Massachusetts or somewhere else entirely. We serve first-time homeowners and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Gloucester.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Gloucester house hunt. After that, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. While everyone's situation is different, an online search for Gloucester averages will usually give you some solid estimates. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Next, consider how much you can contribute to a down payment. A down payment of at least 20% can help improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, the required down payment will depend on the type of loan you get. Here's where it can help to get prequalified for a mortgage. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!

It's Go Time! Buy a House in Gloucester, MA

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Gloucester. Contact Mr. Cooper as you prepare to buy a house in Gloucester. 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.*

Mr. Cooper Customer Reviews for Gloucester, MA

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