What to Know Before Buying a Home in Merrick, NY

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Understanding the Merrick, NY Housing Landscape

Thinking about buying a home in Merrick? Congratulations! You've chosen a vibrant 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 serve 3.8 million customers nationwide and know the Merrick housing market well.

Merrick is growing by the day, which means Merrick homes don't always come cheap. Ongoing cultural expansion and economic growth have helped to beckon young families, new businesses, and retirees to the Merrick area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Merrick and its nearby areas still offer a wide range of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your dream house! When looking to buy a house in Merrick, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your route to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Traveling around Merrick will also give you an idea of why homes in west Merrick are priced differently than homes in east Merrick, what the communities are like, and where to find Merrick's coolest attractions.

Are your finances in the right place to buy a home in Merrick? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe in keeping the dream of homeownership alive and work to make every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Merrick. We serve first-time homeowners and experienced homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Merrick.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Merrick. Next, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Merrick will usually point you in the right direction. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Then, look at how much money you can put toward a down payment. Placing a minimum of 20% down can improve 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. This is where getting prequalified for a mortgage comes in handy. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, consider your credit profile. Credit history is an important part of your mortgage application. You may be presented with more mortgage options if you have healthy credit— and who doesn't want more choices in life?

Move Up and Out: Buying Your Dream House in Merrick, NY

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Merrick. Contact Mr. Cooper as you look to buy a home in Merrick. 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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