The Process of Buying a Home in Franklin Square, NY

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Understanding the Franklin Square, NY Housing Landscape

Strongly considering a home purchase in Franklin Square? Awesome! You selected a vibrant city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers nationwide and are familiar with the ins-and-outs of the Franklin Square housing market.

Franklin Square'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 economic growth and cultural expansion have helped to beckon retirees, new businesses, and young families to the Franklin Square area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Franklin Square and its neighboring areas still offer an array of home styles and prices. You can find single-family homes, condos, townhomes, and (hopefully) your dream home! When buying a house in Franklin Square, consider how near or far away the home is from the places you visit most. If you can, 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. Exploring Franklin Square will also help you get a feel for how homes in east Franklin Square differ from west Franklin Square, what the communities are like, and where to find Franklin Square's coolest attractions.

Are you financially prepared to buy a house in Franklin Square? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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 Franklin Square. We support first-time homeowners and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Franklin Square.

Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Franklin Square. Next, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Searching the web for Franklin Square averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Next, consider how much you can contribute to a down payment. A down payment of at least 20% can help increase 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. Getting prequalified will give you an idea of how much you might qualify to borrow. 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 options are always a good thing!

Make Your Move: Buy a Home in Franklin Square, NY

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 Franklin Square. Contact Mr. Cooper as you prepare to buy a house in Franklin Square. 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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