Get Familiar with the Lay of the Land in Worcester, MA
Ready to lay down some roots and buy a house in Worcester? Smart move! You selected an energetic city with an ideal amount 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 from coast to coast and are familiar with the ins-and-outs of the Worcester housing market.
Worcester'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. Continued support for local businesses and cultural growth have helped to beckon entrepreneurs, retirees, and new graduates to the Worcester area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Worcester and its nearby areas still offer an array of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream house! When buying a house in Worcester, 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 home's location will influence almost every aspect of your life. Discovering different parts of Worcester will help you see how the northern part differs from the southern part, what the communities are like, and where to find Worcester's coolest attractions.
Are your finances in the right place to buy a home in Worcester? 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 try our best to make the journey easier and more rewarding. You could choose to buy a home in Massachusetts or elsewhere. We support new and experienced homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Worcester.
Before anything else, estimate how much house you can afford. This will help determine the price range for your Worcester house hunt. Next, jot down your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. Searching the web for Worcester 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.
Then, look at how much money you can put toward a down payment. Putting at least 20% down will boost your odds of getting a good 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 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 who doesn't want more choices in life?
Move Up and Out: Buying Your Dream House in Worcester, MA
As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But moving feels more rewarding when you get to live in a place like Worcester. Contact Mr. Cooper as you get ready to buy a house in Worcester.