Get Familiar with the Lay of the Land in Newark, NJ
Thinking about buying a home in Newark? Smart move! You've chosen a vibrant city with a great balance of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Newark housing market.
Given all of New Jersey's growth, Newark homes aren't always easy to find at a comfortable price. Continued cultural expansion and economic growth have helped to attract retirees, new businesses, and young families to the Newark area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Newark and the surrounding areas still offer an array of home types and prices. You can find single-family homes, condos, townhomes, and (ideally) your perfect home! When buying a home in Newark, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your route to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of Newark will help you see how the northern part differs from the southern part, where to find Newark's most popular attractions, and what the neighborhoods are like.
Are your finances in the right place to buy a home in Newark? 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 work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in New Jersey or elsewhere. We work with experienced homeowners and first-time homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Newark.
First, estimate how much house you can afford. This will help you set a price range while house shopping in Newark. After that, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. While everyone's situation is different, an online search for Newark averages will usually give you some solid estimates. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.
Then, look at how much money you can put toward a down payment. Placing a minimum of 20% down can improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, check 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 options are always a good thing!
Make Your Move: Buy a Home in Newark, 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 Newark. Contact Mr. Cooper as you look to buy a home in Newark. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*
- Buyer’s Bonus Credit is not available in AK, IA, KS, LA, MS, MO, OK, OR & TN.
- ** Listing Commission Disclosure: Mr. Cooper Real Estate Rewards agents have agreed to 1.99% seller’s agent commission and recommend 2% buyer’s agent commission for a total listing commission of 3.99%. Buyer’s agent commission can be changed at seller’s discretion.
- Mr. Cooper Real Estate Rewards is a service mark of Nationstar Mortgage LLC.
- This is not a commitment to lend. All loans are subject to credit and property approval. This offer is nontransferable and may not be combined with any other mortgage offer. Advertised offer is subject to change. If a personal code is present on the advertised offer, you must provide such code to claim the offer. We may gather information about you including, but not limited to, credit bureau information, information for verification of income, information for appraisal and verification of property being used for collateral. We also verify your identity. Income, assets, and debt must meet eligibility requirements as established by Government and/or Lender guidelines.