Get Familiar with the Lay of the Land in Wilmington, MA
Ready to lay down some roots and buy a house in Wilmington? Awesome! You've chosen a lively city with an ideal amount of educational opportunities, businesses, and parks, 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 Wilmington housing market well.
Given all of Massachusetts's growth, Wilmington homes aren't always easy to find at a comfortable price. Sustained economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Wilmington area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Wilmington and its neighboring areas still offer an array of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your perfect home! When buying a house in Wilmington, 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. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around Wilmington will also give you an idea of why homes in west Wilmington are priced differently than homes in east Wilmington, where to find Wilmington's most popular attractions, and what the neighborhoods are like.
You're ready to buy a house in Wilmington, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe in keeping the dream of homeownership alive and work to make every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Wilmington. We help new and experienced homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Wilmington.
First, calculate how much house you can afford. This will help you set a price range while house shopping in Wilmington. Then, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Wilmington will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.
Then, look at how much money you can put toward 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). That said, the required down payment will depend on the type of loan you get. 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 an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!
Move Up and Out: Buying Your Dream House in Wilmington, MA
While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Wilmington, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Wilmington.