All About Buying a House in Pawtucket, RI

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Get Familiar with the Lay of the Land in Pawtucket, RI

Strongly considering a home purchase in Pawtucket? Smart move! You've chosen a lively city with an ideal amount of businesses, schools, restaurants 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 have the inside scoop on Pawtucket's housing scene.

Pawtucket'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 entrepreneurs, retirees, and new graduates to the Pawtucket area, but so much change also means more traffic, more competition, and a need for more schools. That said, Pawtucket and the surrounding areas still offer a wide range of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (ideally) your perfect home! When buying a house in Pawtucket, consider the home's location in relation to your everyday activities. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Traveling around Pawtucket will also give you an idea of why homes in west Pawtucket are priced differently than homes in east Pawtucket, what the communities are like, and where to find Pawtucket's coolest attractions.

Are you financially prepared to buy a house in Pawtucket? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We believe in keeping the dream of homeownership alive 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 Rhode Island or somewhere else entirely. We support new and experienced homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Pawtucket.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Pawtucket. Next, 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. Everyone's situation will differ, but a quick online search for average expenses in Pawtucket will usually point you in the right direction. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Next, figure out what a realistic down payment would be for you. Putting at least 20% down will boost your odds of getting a good 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. This is where getting prequalified for a mortgage comes in handy. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at your credit. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and more options are always good!

Make Your Move: Buy a Home in Pawtucket, RI

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 Pawtucket, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Pawtucket. We're here to help you along the way 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.*

Mr. Cooper Reviews from Real Customers in Pawtucket, RI

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