Get Familiar with the Lay of the Land in Washington, PA
Thinking about buying a home in Washington? Awesome! You selected an energetic city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers across the country and know the Washington housing market well.
Washington'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. Sustained cultural expansion and economic growth have helped to entice retirees, new businesses, and young families to the Washington area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Washington and its nearby areas still offer a variety of home types and prices. You can find single-family homes, condos, townhomes, and (hopefully) your perfect home! When buying a home in Washington, 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. Discovering different parts of Washington will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find Washington's hottest attractions.
Are you financially prepared to buy a house in Washington? 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 the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Pennsylvania or elsewhere. We work with new and experienced homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in Washington.
Before anything else, estimate how much house you can afford. This will help determine the price range for your Washington house hunt. Then, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Searching the web for Washington 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, look at how much money you can put toward a down payment. A down payment of at least 20% can help increase your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). However, the minimum down payment requirements depend on the type of loan. 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, consider your credit profile. Credit history is an important part of your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and options are always a good thing!
Move Up and Out: Buying Your Dream House in Washington, 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 Washington. Contact Mr. Cooper as you prepare to buy a house in Washington.