What to Know Before Buying a Home in Portsmouth, NH

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Understanding the Portsmouth, NH Housing Landscape

Thinking about buying a home in Portsmouth? Awesome! You selected an energetic 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 across the country and are familiar with the ins-and-outs of the Portsmouth housing market.

Given all of New Hampshire's growth, Portsmouth homes aren't always easy to find at a comfortable price. Ongoing cultural expansion and economic growth have helped to attract entrepreneurs, retirees, and new graduates to the Portsmouth area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Portsmouth and its neighboring areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (hopefully) your perfect home! When looking to buy a house in Portsmouth, consider the home's location in relation to your everyday activities. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Exploring Portsmouth will also help you get a feel for how homes in east Portsmouth differ from west Portsmouth, what the neighborhoods are like, and where to find Portsmouth's hottest attractions.

Are your finances in the right place to buy a home in Portsmouth? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in New Hampshire or somewhere else entirely. We serve experienced homeowners and first-time homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Portsmouth.

First, calculate how much house you can afford. This will help determine the price range for your Portsmouth house hunt. After that, 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 Portsmouth 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.

Next, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can boost your odds of getting a good 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 will give you an idea of how much you might qualify to borrow. Also, take a good look at your credit. Credit history is an important part of your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

Make Your Move: Buy a Home in Portsmouth, 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 Portsmouth. Contact Mr. Cooper as you look to buy a home in Portsmouth. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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