The Process of Buying a Home in Narragansett, RI

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Understanding the Narragansett, RI Housing Landscape

Ready to lay down some roots and buy a house in Narragansett? Smart move! You picked a vibrant city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers nationwide and know the Narragansett housing market well.

Narragansett'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 entice young families, new businesses, and retirees to the Narragansett area, but so much change also means more traffic, more competition, and a need for more schools. Even so, Narragansett and its neighboring areas still offer a variety of home styles and prices. You can find single-family homes, condos, townhomes, and (ideally) your perfect home! When looking to buy a house in Narragansett, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Traveling around Narragansett will also give you an idea of why homes in west Narragansett are priced differently than homes in east Narragansett, where to find Narragansett's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Narragansett? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Rhode Island or somewhere else entirely. We serve new and experienced homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Narragansett.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Narragansett. Next, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Narragansett averages will usually give you some solid estimates. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Now, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. 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, check your credit. 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 who doesn't want more choices in life?

Make Your Move: Buy a Home in Narragansett, RI

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving feels more rewarding when you get to live in a place like Narragansett. Contact Mr. Cooper as you prepare to buy a house in Narragansett. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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