Get Familiar with the Lay of the Land in PA, PA
Strongly considering a home purchase in PA? Congratulations! You've chosen a vibrant 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 service 3.8 million customers nationwide and know the PA housing market well.
PA'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 support for local businesses and cultural growth have helped to attract retirees, new businesses, and young families to the PA area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, PA and the surrounding areas still offer a wide range of home types and prices. You can find single-family homes, condos, townhomes, and (hopefully) your perfect home! When buying a home in PA, 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 PA will also give you an idea of why homes in west PA are priced differently than homes in east PA, where to find PA's most popular attractions, and what the neighborhoods are like.
You're ready to buy a house in PA, but is your bank account? 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 Pennsylvania or somewhere else entirely. We help new and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in PA.
First, calculate how much house you can afford. This will help you narrow your search when house hunting in PA. Then, 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. While everyone's situation is different, an online search for PA averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.
Then, look at how much money you can put toward a down payment. Placing a minimum of 20% down can increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, 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, take a good look at your credit. Credit history is an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!
Move Up and Out: Buying Your Dream House in PA, PA
While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like PA, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in PA.