What to Know Before Buying a Home in Freehold, NJ

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

Ready to lay down some roots and buy a house in Freehold? Great idea! You've chosen a vibrant city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers from coast to coast and know the Freehold housing market well.

Freehold'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. Ongoing support for local businesses and cultural growth have helped to attract retirees, new businesses, and young families to the Freehold area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Freehold and its neighboring areas still offer a variety of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your perfect home! When buying a home in Freehold, consider how near or far away the home is from the places you visit most. If you can, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Exploring Freehold will also help you get a feel for how homes in east Freehold differ from west Freehold, what the communities are like, and where to find Freehold's coolest attractions.

Are your finances in the right place to buy a home in Freehold? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe in keeping the dream of homeownership alive 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 Freehold. We help first-time homeowners and experienced homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Freehold.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Freehold. Next, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Freehold will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, consider how much you can contribute to a down payment. A down payment of at least 20% can help improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, 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 helps you know how much you might be eligible to borrow from a lender. Also, take a good look at your credit. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!

Move Up and Out: Buying Your Dream House in Freehold, 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 moving can also be incredibly rewarding, especially when you get to live in an amazing city like Freehold. Contact Mr. Cooper as you get ready to buy a house in Freehold. We're here to help you along 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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