What to Know Before Buying a Home in Medford, NY

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Understanding the Medford, NY Housing Landscape

Strongly considering a home purchase in Medford? Awesome! You selected an energetic city with a great balance of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers from coast to coast and know the Medford housing market well.

Given all of New York's growth, Medford homes aren't always easy to find at a comfortable price. Continued cultural expansion and economic growth have helped to entice retirees, new businesses, and young families to the Medford area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Medford and its neighboring areas still offer an array of homes in price and amenities. You can find single-family homes, condos, townhomes, and (ideally) your perfect home! When buying a home in Medford, consider the home's location in relation to your everyday activities. If possible, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Exploring Medford will also help you get a feel for how homes in east Medford differ from west Medford, what the communities are like, and where to find Medford's coolest attractions.

Are you financially prepared to buy a house in Medford? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. 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 Medford. We serve first-time homeowners and experienced homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Medford.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in Medford. After that, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Searching the web for Medford averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Then, 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 great rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. 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, take a good look at your credit. 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 more options are always good!

Make Your Move: Buy a Home in Medford, 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 can also be incredibly rewarding, especially when you get to live in an amazing city like Medford. Contact Mr. Cooper as you look to buy a home in Medford. 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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