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What to Know Before Buying a Home in Somerset, MA

Somerset is changing every day. Get the information you need to make your best move. Learn more about buying a house in Somerset, MA.

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Exploring Somerset, MA From North to South

Ready to lay down some roots and buy a house in Somerset? Congratulations! You selected a lively city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers across the country and are familiar with the ins-and-outs of the Somerset housing market.

Given all of Massachusetts's growth, Somerset homes aren't always easy to find at a comfortable price. Sustained cultural expansion and economic growth have helped to entice young families, new businesses, and retirees to the Somerset area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Somerset and its nearby areas still offer a wide range of home types and prices. You can find single-family homes, condos, townhomes, and (hopefully) your perfect home! When looking to buy a house in Somerset, consider how near or far away the home is from the places you visit most. If you can, 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. Traveling around Somerset will also give you an idea of why homes in west Somerset are priced differently than homes in east Somerset, what the neighborhoods are like, and where to find Somerset's hottest attractions.

Are you financially prepared to buy a house in Somerset? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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 Somerset. We work with 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 Somerset.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Somerset. After that, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Somerset 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.

Next, consider how much you can contribute to a down payment. Placing a minimum of 20% down can increase your odds of getting a good 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, take a good look at your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

It's Go Time! Buy a House in Somerset, MA

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Somerset. Contact Mr. Cooper as you prepare to buy a house in Somerset. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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