What to Know Before Buying a Home in Jericho, NY

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Get Familiar with the Lay of the Land in Jericho, NY

Strongly considering a home purchase in Jericho? Great idea! You selected a lively city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers across the country and know the Jericho housing market well.

Jericho is growing by the day, which means Jericho homes don't always come cheap. Continued cultural expansion and economic growth have helped to attract retirees, new businesses, and young families to the Jericho area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Jericho and the surrounding areas still offer a wide range of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your perfect home! When buying a home in Jericho, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Exploring Jericho will also help you get a feel for how homes in east Jericho differ from west Jericho, where to find Jericho's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Jericho, 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 work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in New York or elsewhere. We support first-time homeowners and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Jericho.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Jericho. After that, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Jericho will usually point you in the right direction. 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. Putting at least 20% down will improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, the required down payment will depend on the type of loan you get. 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, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!

Move Up and Out: Buying Your Dream House in Jericho, 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 when you get to live in a stellar city like Jericho, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Jericho. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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