Understanding the Somerville, MA Housing Landscape
Ready to lay down some roots and buy a house in Somerville? Smart move! You've chosen 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 support 3.8 million customers nationwide and know the Somerville housing market well.
Somerville'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. Ongoing economic growth and cultural expansion have helped to entice retirees, new businesses, and young families to the Somerville area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Somerville and its nearby areas still offer a wide range of home styles and prices. You can find single-family homes, condos, townhomes, and (ideally) your perfect home! When buying a home in Somerville, consider how near or far away the home is from the places you visit most. If possible, 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 Somerville will also help you get a feel for how homes in east Somerville differ from west Somerville, where to find Somerville's most popular attractions, and what the neighborhoods are like.
Are you financially prepared to buy a house in Somerville? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. 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 work with 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 Somerville.
Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Somerville. After that, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Somerville will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.
Then, figure out what a realistic down payment would be for you. Putting at least 20% down will boost 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. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, consider your credit profile. Credit history is an important part of your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and more options are always good!
Make Your Move: Buy a Home in Somerville, MA
Moving remains one of the biggest stressors, despite being a practically universal experience. But moving feels more rewarding when you get to live in a place like Somerville. Contact Mr. Cooper as you get ready to buy a house in Somerville.