The Process of Buying a Home in Durham, NH

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Understanding the Durham, NH Housing Landscape

Thinking about buying a home in Durham? Smart move! You've chosen 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 support 3.8 million customers across the country and have the inside scoop on Durham's housing scene.

Durham'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 economic growth and cultural expansion have helped to beckon retirees, new businesses, and young families to the Durham area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Durham and the surrounding areas still offer a wide range of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your perfect home! When buying a home in Durham, consider the home's location in relation to your everyday 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. Discovering different parts of Durham will help you see how the northern part differs from the southern part, where to find Durham's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Durham? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and try our best to make the journey easier and more rewarding. You don't even have to stick with your decision to buy a house in Durham. We help new and experienced homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in Durham.

Before anything else, estimate how much house you can afford. This will help determine the price range for your Durham 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. While everyone's situation is different, an online search for Durham averages will usually give you some solid estimates. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Next, look at how much money you can put toward a down payment. Putting at least 20% down will boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, 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, consider your credit profile. Credit history is an important part of 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 Durham, NH

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 Durham. Contact Mr. Cooper as you look to buy a home in Durham. We're here for you from start to finish 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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