Understanding the Lawrence, MA Housing Landscape
Ready to lay down some roots and buy a house in Lawrence? Smart move! You selected a lively city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers across the country and have the inside scoop on Lawrence's housing scene.
Lawrence'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. Ongoing cultural expansion and economic growth have helped to beckon retirees, new businesses, and young families to the Lawrence area, but so much change also means more traffic, more competition, and a need for more schools. That said, Lawrence and its nearby areas still offer an array of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When buying a house in Lawrence, 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. The location of your house will impact virtually every part of your life. Discovering different parts of Lawrence will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Lawrence's hottest attractions.
You're ready to buy a house in Lawrence, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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 serve experienced homeowners and first-time homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Lawrence.
First, calculate how much house you can afford. This will help determine the price range for your Lawrence house hunt. Then, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Lawrence averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.
Next, figure out what a realistic down payment would be for you. A down payment of at least 20% can help boost your odds of getting a good 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. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. The better your credit is, the more mortgage options you may be presented with— and options are always a good thing!
It's Go Time! Buy a House in Lawrence, 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 Lawrence. Contact Mr. Cooper as you prepare to buy a house in Lawrence.