Get Familiar with the Lay of the Land in Philadelphia, PA
Strongly considering a home purchase in Philadelphia? Smart move! You selected an energetic city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers from coast to coast and are familiar with the ins-and-outs of the Philadelphia housing market.
Given all of Pennsylvania's growth, Philadelphia homes aren't always easy to find at a comfortable price. Continued cultural expansion and economic growth have helped to attract entrepreneurs, retirees, and new graduates to the Philadelphia area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Philadelphia and its nearby areas still offer a variety of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream home! When buying a home in Philadelphia, consider how near or far away the home is from the places you visit most. If you can, test drive your route 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 Philadelphia will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Philadelphia's hottest attractions.
You're ready to buy a house in Philadelphia, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive 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 serve 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 Philadelphia.
Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Philadelphia. Then, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Searching the web for Philadelphia averages will usually give you a solid estimate, though everyone's situation is different. 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 increase 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. Getting prequalified helps you know how much you might be eligible to borrow from a lender. 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 who doesn't want more choices in life?
It's Go Time! Buy a House in Philadelphia, PA
As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But moving feels more rewarding when you get to live in a place like Philadelphia. Contact Mr. Cooper as you look to buy a home in Philadelphia.