Get Familiar with the Lay of the Land in Scranton, PA
Ready to lay down some roots and buy a house in Scranton? Smart move! You picked a colorful city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers from coast to coast and know the Scranton housing market well.
Given all of Pennsylvania's growth, Scranton homes aren't always easy to find at a comfortable price. Ongoing cultural expansion and economic growth have helped to beckon young families, new businesses, and retirees to the Scranton area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Scranton and its nearby areas still offer a wide range of home styles and prices. You can find single-family homes, condos, townhomes, and (ideally) your dream house! When buying a home in Scranton, consider how near or far away the home is from the places you visit most. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around Scranton will also give you an idea of why homes in west Scranton are priced differently than homes in east Scranton, what the communities are like, and where to find Scranton's coolest attractions.
You're ready to buy a house in Scranton, 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 think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Pennsylvania or elsewhere. We serve first-time homeowners 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 Scranton.
First, calculate how much house you can afford. This will help you narrow your search when house hunting in Scranton. After that, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Searching the web for Scranton 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.
Next, look at how much money you can put toward a down payment. A down payment of at least 20% can help improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). That said, 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, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and more options are always good!
Move Up and Out: Buying Your Dream House in Scranton, 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 when you get to live in a stellar city like Scranton, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Scranton.