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What to Know Before Buying a Home in Springfield, MA

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

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Exploring Springfield, MA From North to South

Thinking about buying a home in Springfield? Congratulations! You selected a colorful city with a dynamic selection 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 from coast to coast and know the Springfield housing market well.

Springfield is growing by the day, which means Springfield homes don't always come cheap. Continued support for local businesses and cultural growth have helped to attract young families, new businesses, and retirees to the Springfield area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Springfield and its nearby areas still offer a variety of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your perfect home! When buying a home in Springfield, double check that you're factoring in the home's distance from your daily activities. 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 Springfield will also help you get a feel for how homes in east Springfield differ from west Springfield, where to find Springfield's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Springfield? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We think the dream of homeownership should never fade 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 work with experienced homeowners and first-time homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Springfield.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Springfield house hunt. After that, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. Searching the web for Springfield averages will usually give you a solid estimate, though everyone's situation is different. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, look at how much money you can put toward a down payment. Placing a minimum of 20% down can improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, the minimum down payment requirements depend on the type of loan. At this stage, getting prequalified for a loan can be extremely helpful. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, check 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!

It's Go Time! Buy a House in Springfield, 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 Springfield, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Springfield. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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