Get Familiar with the Lay of the Land in Yonkers, NY
Strongly considering a home purchase in Yonkers? Congratulations! You've chosen 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 support 3.8 million customers from coast to coast and know the Yonkers housing market well.
Given all of New York's growth, Yonkers homes aren't always easy to find at a comfortable price. Continued support for local businesses and cultural growth have helped to beckon young families, new businesses, and retirees to the Yonkers area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Yonkers and the surrounding areas still offer a variety of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When buying a home in Yonkers, consider the home's location in relation to your everyday activities. If you can, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Traveling around Yonkers will also give you an idea of why homes in west Yonkers are priced differently than homes in east Yonkers, where to find Yonkers's most popular attractions, and what the neighborhoods are like.
Are you financially prepared to buy a house in Yonkers? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. It doesn't matter whether you want to buy a home in New York or somewhere else entirely. We support new and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Yonkers.
First, estimate how much house you can afford. This will help you set a price range while house shopping in Yonkers. Then, 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 Yonkers 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. A down payment of at least 20% can help improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, down payment requirements can differ depending on the loan type. 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, take a good look at your credit. Lenders place a high importance on credit history when looking at 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 Yonkers, NY
While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving feels more rewarding when you get to live in a place like Yonkers. Contact Mr. Cooper as you look to buy a home in Yonkers.