Get Familiar with the Lay of the Land in Newton, MA
Thinking about buying a home in Newton? Congratulations! You picked an energetic 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 service 3.8 million customers nationwide and are familiar with the ins-and-outs of the Newton housing market.
Newton'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 attract entrepreneurs, retirees, and new graduates to the Newton area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Newton and its neighboring areas still offer an array 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 Newton, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your trip from the house 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 Newton will also help you get a feel for how homes in east Newton differ from west Newton, what the neighborhoods are like, and where to find Newton's hottest attractions.
Are you financially prepared to buy a house in Newton? 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 work to make the journey less worrisome and more rewarding every step of the way. It doesn't matter whether you want to buy a home in Massachusetts or somewhere else entirely. We serve new and experienced homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Newton.
Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Newton. Next, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Newton averages will usually give you some solid estimates. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.
Then, figure out what a realistic down payment would be for you. 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). However, down payment requirements can differ depending on the loan type. 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, take a good look at your credit. 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!
Move Up and Out: Buying Your Dream House in Newton, MA
While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Newton, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Newton.