Get Familiar with the Lay of the Land in Malden, MA
Strongly considering a home purchase in Malden? Awesome! You've chosen a lively city with a great balance of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers nationwide and know the Malden housing market well.
Malden'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. Continued cultural expansion and economic growth have helped to entice retirees, new businesses, and young families to the Malden area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Malden and its nearby areas still offer a variety of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your perfect home! When buying a home in Malden, consider how near or far away the home is from the places you visit most. If possible, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Exploring Malden will also help you get a feel for how homes in east Malden differ from west Malden, what the neighborhoods are like, and where to find Malden's hottest attractions.
You're ready to buy a house in Malden, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe everyone can find their dream home and work to make the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Malden. We work with 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 Malden.
Before anything else, calculate how much house you can afford. This will help you set a price range while house shopping in Malden. After that, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Malden 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.
Now, look at how much money you can put toward a down payment. Putting at least 20% down will boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, the minimum down payment requirements depend on the type of loan. Here's where it can help to get prequalified for a mortgage. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, check your credit. Credit history is an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?
It's Go Time! Buy a House in Malden, 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 Malden. Contact Mr. Cooper as you look to buy a home in Malden.