What to Know Before Buying a Home in Schenectady, NY

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Understanding the Schenectady, NY Housing Landscape

Thinking about buying a home in Schenectady? Smart move! You've chosen an energetic city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers nationwide and know the Schenectady housing market well.

Given all of New York's growth, Schenectady homes aren't always easy to find at a comfortable price. Continued economic growth and cultural expansion have helped to entice entrepreneurs, retirees, and new graduates to the Schenectady area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Schenectady and its nearby areas still offer a wide range of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When buying a house in Schenectady, double check that you're factoring in the home's distance from your daily activities. If you can, 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. Discovering different parts of Schenectady will help you see how the northern part differs from the southern part, what the communities are like, and where to find Schenectady's coolest attractions.

Are you financially prepared to buy a house in Schenectady? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Schenectady. We support experienced homeowners and first-time homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Schenectady.

First, calculate how much house you can afford. This will help determine the price range for your Schenectady house hunt. After that, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, 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 Schenectady will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, figure out what a realistic down payment would be for you. Putting at least 20% down will boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). That said, down payment requirements can differ depending on the loan type. 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, check 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 Schenectady, 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 Schenectady. Contact Mr. Cooper as you get ready to buy a house in Schenectady. 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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