What to Know Before Buying a Home in Hanover, PA

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Understanding the Hanover, PA Housing Landscape

Ready to lay down some roots and buy a house in Hanover? Great idea! You selected a lively city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Hanover housing market.

Hanover is growing by the day, which means Hanover homes don't always come cheap. Ongoing support for local businesses and cultural growth have helped to entice young families, new businesses, and retirees to the Hanover area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Hanover and the surrounding areas still offer an array of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream home! When buying a home in Hanover, 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 house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of Hanover will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Hanover's hottest attractions.

Are you financially prepared to buy a house in Hanover? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Pennsylvania or somewhere else entirely. We support new and experienced homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Hanover.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Hanover house hunt. Next, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, 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 Hanover 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.

Then, look at how much money you can put toward a down payment. Putting at least 20% down will 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. 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. 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 who doesn't want more choices in life?

Make Your Move: Buy a Home in Hanover, PA

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Hanover. Contact Mr. Cooper as you get ready to buy a house in Hanover. We're here to help you along the way 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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