What to Know Before Buying a Home in Farmington, NH

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Get Familiar with the Lay of the Land in Farmington, NH

Strongly considering a home purchase in Farmington? Great idea! You've chosen an energetic city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers across the country and have the inside scoop on Farmington's housing scene.

Farmington'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 Farmington area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Farmington and the surrounding areas still offer an array of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream home! When looking to buy a house in Farmington, consider the home's location in relation to your everyday 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 Farmington will also help you get a feel for how homes in east Farmington differ from west Farmington, what the neighborhoods are like, and where to find Farmington's hottest attractions.

Are your finances in the right place to buy a home in Farmington? 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 work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in New Hampshire or elsewhere. We serve new and experienced homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Farmington.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Farmington. Next, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). No need to have an exact amount. Searching the web for Farmington 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, consider how much you can contribute to a down payment. A down payment of at least 20% can help boost your odds of getting a good 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. 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, 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 Farmington, NH

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 Farmington. Contact Mr. Cooper as you prepare to buy a house in Farmington. 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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