What to Know Before Buying a Home in Edison, NJ

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Get Familiar with the Lay of the Land in Edison, NJ

Thinking about buying a home in Edison? Smart move! You selected a vibrant city with a great balance of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers across the country and have the inside scoop on Edison's housing scene.

Edison is growing by the day, which means Edison homes don't always come cheap. Sustained economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Edison area, but so much change also means more traffic, more competition, and a need for more schools. That said, Edison and the surrounding areas still offer a wide range of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream house! When buying a home in Edison, consider the home's location in relation to your everyday activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Traveling around Edison will also give you an idea of why homes in west Edison are priced differently than homes in east Edison, what the neighborhoods are like, and where to find Edison's hottest attractions.

Are your finances in the right place to buy a home in Edison? 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 work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in New Jersey or elsewhere. We work with experienced homeowners and first-time homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Edison.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in Edison. After that, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Edison will usually point you in the right direction. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Then, figure out what a realistic down payment would be for you. Putting at least 20% down will boost your chances of getting a favorable 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 helps you know how much you might be eligible to borrow from a lender. Also, check your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. The better your credit is, the more mortgage options you may be presented with— and options are always a good thing!

Move Up and Out: Buying Your Dream House in Edison, NJ

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 Edison. Contact Mr. Cooper as you prepare to buy a house in Edison. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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