The Process of Buying a Home in Paterson, NJ

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Understanding the Paterson, NJ Housing Landscape

Strongly considering a home purchase in Paterson? Smart move! 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 support 3.8 million customers from coast to coast and know the Paterson housing market well.

Paterson'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 Paterson area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Paterson and its neighboring areas still offer an array of homes in price and amenities. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream house! When buying a house in Paterson, consider how near or far away the home is from the places you visit most. If possible, test drive your trip from the house to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Exploring Paterson will also help you get a feel for how homes in east Paterson differ from west Paterson, where to find Paterson's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Paterson, but is your bank account? 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 could choose to buy a home in New Jersey or elsewhere. We help first-time homeowners and experienced homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Paterson.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Paterson. After that, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Paterson averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, the minimum down payment requirements depend on the type of loan. At this stage, getting prequalified for a loan can be extremely helpful. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, consider your credit profile. Credit history is one of the main factors that lenders look at when considering your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and who doesn't want more choices in life?

Make Your Move: Buy a Home in Paterson, 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 Paterson. Contact Mr. Cooper as you look to buy a home in Paterson. 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.*

Mr. Cooper Customer Reviews for Paterson, NJ

Read real stories from real Mr. Cooper home buyers and sellers in Paterson, NJ. Then contact us to see what we can do for you.

Buying or selling a house in Paterson? Mr. Cooper makes it easier.

Mr. Cooper works to save buyers and sellers money at every stage of their journey, from real estate commissions to closing costs.