What to Know Before Buying a Home in Maplewood, NJ

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Understanding the Maplewood, NJ Housing Landscape

Strongly considering a home purchase in Maplewood? Great idea! You've chosen an energetic city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers from coast to coast and know the Maplewood housing market well.

Maplewood is growing by the day, which means Maplewood homes don't always come cheap. Sustained support for local businesses and cultural growth have helped to entice young families, new businesses, and retirees to the Maplewood area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Maplewood and the surrounding areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream home! When buying a house in Maplewood, 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 home's location will influence almost every aspect of your life. Traveling around Maplewood will also give you an idea of why homes in west Maplewood are priced differently than homes in east Maplewood, what the communities are like, and where to find Maplewood's coolest attractions.

Are your finances in the right place to buy a home in Maplewood? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and work to make the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Maplewood. We support 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 Maplewood.

First, calculate how much house you can afford. This will help determine the price range for your Maplewood house hunt. Next, map out 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 Maplewood 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.

Now, look at how much money you can put toward a down payment. Placing a minimum of 20% down can improve 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 helps you know how much you might be eligible to borrow from a lender. 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 options are always a good thing!

Move Up and Out: Buying Your Dream House in Maplewood, 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 feels more rewarding when you get to live in a place like Maplewood. Contact Mr. Cooper as you prepare to buy a house in Maplewood. 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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