Get Familiar with the Lay of the Land in Lexington, MA
Thinking about buying a home in Lexington? Great idea! You selected a colorful 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 Lexington housing market.
Given all of Massachusetts's growth, Lexington homes aren't always easy to find at a comfortable price. Ongoing cultural expansion and economic growth have helped to entice entrepreneurs, retirees, and new graduates to the Lexington area, but so much change also means more traffic, more competition, and a need for more schools. That said, Lexington and its neighboring areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (ideally) your perfect home! When looking to buy a house in Lexington, consider how near or far away the home is from the places you visit most. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Traveling around Lexington will also give you an idea of why homes in west Lexington are priced differently than homes in east Lexington, what the communities are like, and where to find Lexington's coolest attractions.
You're ready to buy a house in Lexington, 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. You don't even have to stick with your decision to buy a house in Lexington. We work with 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 Lexington.
First, estimate how much house you can afford. This will help determine the price range for your Lexington house hunt. After that, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. While everyone's situation is different, an online search for Lexington averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.
Now, 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 favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, the required down payment will depend on the type of loan you get. This is where getting prequalified for a mortgage comes in handy. 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. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!
It's Go Time! Buy a House in Lexington, MA
As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But when you get to live in a stellar city like Lexington, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Lexington.