What to Know Before Buying a Home in Lynn, MA

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

Ready to lay down some roots and buy a house in Lynn? Awesome! You picked a vibrant city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Lynn housing market.

Lynn is growing by the day, which means Lynn homes don't always come cheap. Sustained economic growth and cultural expansion have helped to attract entrepreneurs, retirees, and new graduates to the Lynn area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Lynn and its nearby areas still offer an array of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream house! When buying a house in Lynn, consider the home's location in relation to your everyday activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of Lynn will help you see how the northern part differs from the southern part, where to find Lynn's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Lynn? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and work to make every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Lynn. We work with first-time homeowners and experienced homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Lynn.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in Lynn. Then, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Lynn will usually point you in the right direction. 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 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. 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, take a good look at your credit. Credit history is an important part of your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and options are always a good thing!

It's Go Time! Buy a House in Lynn, 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 moving feels more rewarding when you get to live in a place like Lynn. Contact Mr. Cooper as you prepare to buy a house in Lynn. 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.*

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