What to Know Before Buying a Home in Franklin, NJ

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Exploring Franklin, NJ From North to South

Thinking about buying a home in Franklin? Great idea! You picked a lively city with a great balance of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers across the country and know the Franklin housing market well.

Franklin is growing by the day, which means Franklin homes don't always come cheap. Continued support for local businesses and cultural growth have helped to attract retirees, new businesses, and young families to the Franklin area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Franklin and its nearby areas still offer an array of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your perfect home! When buying a home in Franklin, consider how near or far away the home is from the places you visit most. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of Franklin will help you see how the northern part differs from the southern part, where to find Franklin's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Franklin? 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 try our best to make the journey easier and more rewarding. You could choose to buy a home in New Jersey or elsewhere. We work with new and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Franklin.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Franklin. Next, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Franklin 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.

Next, figure out what a realistic down payment would be for you. Putting at least 20% down will increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, the required down payment will depend on the type of loan you get. At this stage, getting prequalified for a loan can be extremely helpful. 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 Franklin, NJ

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 when you get to live in a stellar city like Franklin, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Franklin. 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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