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All About Buying a House in Lowell, MA

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

Strongly considering a home purchase in Lowell? Awesome! You selected a colorful city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers nationwide and have the inside scoop on Lowell's housing scene.

Lowell is growing by the day, which means Lowell homes don't always come cheap. Continued economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Lowell area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Lowell and its nearby areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream home! When looking to buy a house in Lowell, consider how near or far away the home is from the places you visit most. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Discovering different parts of Lowell will help you see how the northern part differs from the southern part, what the communities are like, and where to find Lowell's coolest attractions.

You're ready to buy a house in Lowell, but is your bank account? 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 every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Massachusetts or elsewhere. We serve new and experienced homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Lowell.

First, calculate how much house you can afford. This will help determine the price range for your Lowell house hunt. After that, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Lowell 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.

Then, consider how much you can contribute to a down payment. Putting at least 20% down will increase your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, 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, consider your credit profile. 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 more options are always good!

It's Go Time! Buy a House in Lowell, 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 Lowell. Contact Mr. Cooper as you get ready to buy a house in Lowell. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

Mr. Cooper Customer Reviews for Lowell, MA

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