Get Familiar with the Lay of the Land in Medford, MA
Thinking about buying a home in Medford? Great idea! 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 serve 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Medford housing market.
Medford'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. Sustained support for local businesses and cultural growth have helped to beckon retirees, new businesses, and young families to the Medford area, but so much change also means more traffic, more competition, and a need for more schools. That said, Medford and its neighboring areas still offer a wide range of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream home! When looking to buy a house in Medford, consider the home's location in relation to your everyday activities. If you can, test drive your route to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Exploring Medford will also help you get a feel for how homes in east Medford differ from west Medford, what the communities are like, and where to find Medford's coolest attractions.
You're ready to buy a house in Medford, 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. It doesn't matter whether you want to buy a home in Massachusetts or somewhere else entirely. We help experienced homeowners and first-time homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Medford.
Before anything else, estimate how much house you can afford. This will help determine the price range for your Medford house hunt. Next, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. Searching the web for Medford averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.
Next, consider how much you can contribute to a down payment. A down payment of at least 20% can help boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, the minimum down payment requirements depend on the type of loan. 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, check your credit. Credit history is one of the main factors that lenders look at when considering 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!
Make Your Move: Buy a Home in Medford, 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 Medford, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Medford.