Understanding the Norristown, PA Housing Landscape
Ready to lay down some roots and buy a house in Norristown? Congratulations! You've chosen an energetic city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers from coast to coast and know the Norristown housing market well.
Norristown'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 cultural expansion and economic growth have helped to attract entrepreneurs, retirees, and new graduates to the Norristown area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Norristown and the surrounding areas still offer a variety of home types and prices. You can find single-family homes, condos, townhomes, and (hopefully) your dream house! When buying a house in Norristown, consider the home's location in relation to your everyday activities. If you can, test drive your route to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Traveling around Norristown will also give you an idea of why homes in west Norristown are priced differently than homes in east Norristown, what the neighborhoods are like, and where to find Norristown's hottest attractions.
Are your finances in the right place to buy a home in Norristown? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe in keeping the dream of homeownership alive 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 work with new and experienced homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Norristown.
Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Norristown. After that, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Searching the web for Norristown averages will usually give you a solid estimate, though everyone's situation is different. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.
Next, figure out what a realistic down payment would be for you. Putting at least 20% down will improve your chances of getting a favorable 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. At this stage, getting prequalified for a loan can be extremely helpful. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, check your credit. 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!
Move Up and Out: Buying Your Dream House in Norristown, PA
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 Norristown. Contact Mr. Cooper as you prepare to buy a house in Norristown. 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.*
- * Buyer’s Bonus Credit (Xome Purchase Pro) Disclosure: Buyers may be eligible to receive a Buyer’s Bonus Credit/Xome Purchase Pro (“Credit”) equal to 15% of the buyer’s agent’s fee. The amount of the credit is based on commissions and determined by each agent. Credit will be documented in an agreement between agent and customer at the time of engagement. Credit must be disclosed to lender, seller, broker, appraiser, and other parties with an interest. Credit subject to written lender approval. Credit will be reflected in Purchase Agreement, Closing Disclosure, and other documents. Consult a tax professional regarding tax implications of Credit. Consult local broker for any state law requirements. Conditions: (a) Customer must complete purchase transaction using a Mr. Cooper Real Estate Rewards Agent; (b) Credit is subject to sales commission; (c) Credit is not available for properties marketed/listed through any auction process, including, www.xome.com; (d) Credit offer may be modified at any time via the Terms of Use but modifications will not apply to any transactions under contract; (e) Credit will be provided at the time of closing.
- Buyer’s Bonus Credit is not available in AK, IA, KS, LA, MS, MO, OK, OR & TN.
- ** Listing Commission Disclosure: Mr. Cooper Real Estate Rewards agents have agreed to 1.99% seller’s agent commission and recommend 2% buyer’s agent commission for a total listing commission of 3.99%. Buyer’s agent commission can be changed at seller’s discretion.
- Mr. Cooper Real Estate Rewards is offered by Xome. Inc., an affiliate of Mr. Cooper. Referrals to Xome may provide a financial benefit to Mr. Cooper. You are not required to use a real estate agent on the Xome panel as a condition of receiving a loan from Mr. Cooper, and such use will have no impact on any loan application to Mr. Cooper.
- This is an advertisement and not intended as a solicitation for agent representation if your property is currently listed with an agent. Visit Xome's licensing page https://www.xome.com/auctions/licensing.
- Xome Inc. & Xome CT LLC [Davis E. Owen, Sr.‐Broker] (for CT properties] & Xome PR LLC (for PR properties), 750 Hwy 121 BYP, Suite 100, Lewisville, TX 75067.
- Mr. Cooper Real Estate Rewards is a service mark of Nationstar Mortgage LLC.
- This is not a commitment to lend. All loans are subject to credit and property approval. This offer is nontransferable and may not be combined with any other mortgage offer. Advertised offer is subject to change. If a personal code is present on the advertised offer, you must provide such code to claim the offer. We may gather information about you including, but not limited to, credit bureau information, information for verification of income, information for appraisal and verification of property being used for collateral. We also verify your identity. Income, assets, and debt must meet eligibility requirements as established by Government and/or Lender guidelines.