Understanding the Manhattan, NY Housing Landscape
Strongly considering a home purchase in Manhattan? Great idea! You picked a colorful city with a great balance of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers across the country and know the Manhattan housing market well.
Manhattan'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 cultural expansion and economic growth have helped to entice retirees, new businesses, and young families to the Manhattan area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Manhattan and its neighboring areas still offer a wide range of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your perfect home! When looking to buy a house in Manhattan, double check that you're factoring in the home's distance from your daily activities. If possible, 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. Exploring Manhattan will also help you get a feel for how homes in east Manhattan differ from west Manhattan, where to find Manhattan's most popular attractions, and what the neighborhoods are like.
You're ready to buy a house in Manhattan, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. 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 York or elsewhere. We support 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 Manhattan.
First, estimate how much house you can afford. This will help you set a price range while house shopping in Manhattan. 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 Manhattan 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.
Now, figure out what a realistic down payment would be for you. A down payment of at least 20% can help increase your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, 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. Getting prequalified will give you an idea of how much you might qualify 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 Manhattan, 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 Manhattan, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Manhattan.