What to Know Before Buying a Home in Queens, NY

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Understanding the Queens, NY Housing Landscape

Strongly considering a home purchase in Queens? Awesome! You selected a lively city with a dynamic selection 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 are familiar with the ins-and-outs of the Queens housing market.

Queens'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. Continued support for local businesses and cultural growth have helped to entice young families, new businesses, and retirees to the Queens area, but so much change also means more traffic, more competition, and a need for more schools. That said, Queens and its neighboring areas still offer a variety of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your perfect home! When buying a house in Queens, consider the home's location in relation to your everyday 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. Exploring Queens will also help you get a feel for how homes in east Queens differ from west Queens, what the neighborhoods are like, and where to find Queens's hottest attractions.

Are you financially prepared to buy a house in Queens? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in New York or somewhere else entirely. We support 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 Queens.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Queens. Next, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Everyone's situation will differ, but a quick online search for average expenses in Queens will usually point you in the right direction. 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. Placing a minimum of 20% down can increase your odds of getting a good 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. This is where getting prequalified for a mortgage comes in handy. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

It's Go Time! Buy a House in Queens, 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 Queens. Contact Mr. Cooper as you look to buy a home in Queens. We're here for you from start to finish 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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