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What to Know Before Buying a Home in Wakefield, MA

Wakefield is a growing market with a diverse inventory of housing. Before you move, consider this helpful information on buying a home in Wakefield, MA.

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Get Familiar with the Lay of the Land in Wakefield, MA

Strongly considering a home purchase in Wakefield? Great idea! You picked a lively 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 serve 3.8 million customers nationwide and have the inside scoop on Wakefield's housing scene.

Wakefield'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. Sustained support for local businesses and cultural growth have helped to entice retirees, new businesses, and young families to the Wakefield area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Wakefield and its neighboring areas still offer a variety of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream house! When looking to buy a house in Wakefield, 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. Your home's location will influence almost every aspect of your life. Discovering different parts of Wakefield will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Wakefield's hottest attractions.

Are your finances in the right place to buy a home in Wakefield? 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 every stage of the journey more enjoyable and less worrisome. It doesn't matter whether you want to buy a home in Massachusetts or somewhere else entirely. We support new and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Wakefield.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Wakefield. After that, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Searching the web for Wakefield averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Next, figure out what a realistic down payment would be for you. A down payment of at least 20% can help boost 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. Here's where it can help to get prequalified for a mortgage. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at your credit. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and who doesn't want more choices in life?

It's Go Time! Buy a House in Wakefield, 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 Wakefield. Contact Mr. Cooper as you get ready to buy a house in Wakefield. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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