Get Familiar with the Lay of the Land in Erie, PA
Strongly considering a home purchase in Erie? Great idea! You picked a vibrant city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers across the country and are familiar with the ins-and-outs of the Erie housing market.
Erie'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. Sustained support for local businesses and cultural growth have helped to attract young families, new businesses, and retirees to the Erie area, but so much change also means more traffic, more competition, and a need for more schools. That said, Erie and the surrounding areas still offer a wide range of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your perfect home! When looking to buy a house in Erie, 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. Traveling around Erie will also give you an idea of why homes in west Erie are priced differently than homes in east Erie, what the communities are like, and where to find Erie's coolest attractions.
Are your finances in the right place to buy a home in Erie? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe everyone can find their dream home and work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Pennsylvania or elsewhere. We support 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 Erie.
First, estimate how much house you can afford. This will help you narrow your search when house hunting in Erie. Next, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Erie 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.
Now, look at how much money you can put toward a down payment. Placing a minimum of 20% down can boost your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, the required down payment will depend on the type of loan you get. Here's where it can help to get prequalified for a mortgage. 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. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!
Make Your Move: Buy a Home in Erie, PA
Moving remains one of the biggest stressors, despite being a practically universal experience. But when you get to live in a stellar city like Erie, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Erie.