Get Familiar with the Lay of the Land in Shrewsbury, MA
Thinking about buying a home in Shrewsbury? Great idea! You selected an energetic city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Shrewsbury housing market.
Shrewsbury is growing by the day, which means Shrewsbury homes don't always come cheap. Sustained support for local businesses and cultural growth have helped to entice entrepreneurs, retirees, and new graduates to the Shrewsbury area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Shrewsbury and its nearby areas still offer a variety of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream home! When buying a house in Shrewsbury, 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. The location of your house will impact virtually every part of your life. Exploring Shrewsbury will also help you get a feel for how homes in east Shrewsbury differ from west Shrewsbury, what the communities are like, and where to find Shrewsbury's coolest attractions.
You're ready to buy a house in Shrewsbury, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Massachusetts or somewhere else entirely. We support first-time homeowners and experienced homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Shrewsbury.
First, estimate how much house you can afford. This will help determine the price range for your Shrewsbury house hunt. Then, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Shrewsbury 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.
Then, consider how much you can contribute to a down payment. A down payment of at least 20% can help increase your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. 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, take a good look at your credit. Lenders place a high importance on credit history when looking at 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 Shrewsbury, MA
Moving remains one of the biggest stressors, despite being a practically universal experience. But when you get to live in a stellar city like Shrewsbury, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Shrewsbury.