Get Familiar with the Lay of the Land in Brooklyn, NY
Strongly considering a home purchase in Brooklyn? Awesome! You picked a colorful city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers across the country and are familiar with the ins-and-outs of the Brooklyn housing market.
Brooklyn is growing by the day, which means Brooklyn homes don't always come cheap. Continued economic growth and cultural expansion have helped to attract young families, new businesses, and retirees to the Brooklyn area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Brooklyn and the surrounding areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (hopefully) your dream home! When looking to buy a house in Brooklyn, consider the home's location in relation to your everyday activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Traveling around Brooklyn will also give you an idea of why homes in west Brooklyn are priced differently than homes in east Brooklyn, what the neighborhoods are like, and where to find Brooklyn's hottest attractions.
You're ready to buy a house in Brooklyn, 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 think the dream of homeownership should never fade 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 Brooklyn. We help first-time homeowners and experienced homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Brooklyn.
Before anything else, calculate how much house you can afford. This will help you set a price range while house shopping in Brooklyn. After that, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Brooklyn 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, figure out what a realistic down payment would be for you. 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). Even so, down payment requirements can differ depending on the loan type. This is where getting prequalified for a mortgage comes in handy. 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. The healthier your credit is, the more mortgage options you may have open to you— and who doesn't want more choices in life?
It's Go Time! Buy a House in Brooklyn, NY
While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving feels more rewarding when you get to live in a place like Brooklyn. Contact Mr. Cooper as you prepare to buy a house in Brooklyn. We're here for you every step of 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.*
- Buyer’s Bonus Credit is not available in AK, IA, KS, LA, MS, MO, OK, OR & TN.
- Mr. Cooper Real Estate Rewards is a service mark of Nationstar Mortgage LLC.