Exploring Salem, MA From North to South
Thinking about buying a home in Salem? Smart move! You selected a lively city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers across the country and know the Salem housing market well.
Given all of Massachusetts's growth, Salem homes aren't always easy to find at a comfortable price. Sustained economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Salem area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Salem and the surrounding areas still offer an array of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your perfect home! When buying a home in Salem, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Discovering different parts of Salem will help you see how the northern part differs from the southern part, what the communities are like, and where to find Salem's coolest attractions.
Are your finances in the right place to buy a home in Salem? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and try our best to make the journey easier and more rewarding. You don't even have to stick with your decision to buy a house in Salem. We serve new and experienced homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in Salem.
First, calculate how much house you can afford. This will help you narrow your search when house hunting in Salem. Then, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Searching the web for Salem 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.
Now, look at how much money you can put toward a down payment. 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, the required down payment will depend on the type of loan you get. At this stage, getting prequalified for a loan can be extremely helpful. 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 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 Salem, MA
While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Salem. Contact Mr. Cooper as you get ready to buy a house in Salem.