Understanding the Portsmouth, RI Housing Landscape
Ready to lay down some roots and buy a house in Portsmouth? Great idea! You've chosen an energetic city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers across the country and have the inside scoop on Portsmouth's housing scene.
Portsmouth is growing by the day, which means Portsmouth homes don't always come cheap. Sustained support for local businesses and cultural growth have helped to attract retirees, new businesses, and young families to the Portsmouth area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Portsmouth and the surrounding areas still offer a wide range of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream house! When buying a home in Portsmouth, consider the home's location in relation to your everyday activities. If possible, 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 Portsmouth will also give you an idea of why homes in west Portsmouth are priced differently than homes in east Portsmouth, what the neighborhoods are like, and where to find Portsmouth's hottest attractions.
Are your finances in the right place to buy a home in Portsmouth? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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. It doesn't matter whether you want to buy a home in Rhode Island or somewhere else entirely. We support first-time homeowners 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 Portsmouth.
Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Portsmouth. After that, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. Searching the web for Portsmouth averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.
Now, figure out what a realistic down payment would be for you. Putting at least 20% down will boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, 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, take a good look at your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. You may be presented with more mortgage options if you have healthy credit— and who doesn't want more choices in life?
Move Up and Out: Buying Your Dream House in Portsmouth, 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 Portsmouth. Contact Mr. Cooper as you prepare to buy a house in Portsmouth. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*
- Buyer’s Bonus Credit is not available in AK, IA, KS, LA, MS, MO, OK, OR & TN.
- ** Listing Commission Disclosure: Mr. Cooper Real Estate Rewards agents have agreed to 1.99% seller’s agent commission and recommend 2% buyer’s agent commission for a total listing commission of 3.99%. Buyer’s agent commission can be changed at seller’s discretion.
- Mr. Cooper Real Estate Rewards is a service mark of Nationstar Mortgage LLC.
- This is not a commitment to lend. All loans are subject to credit and property approval. This offer is nontransferable and may not be combined with any other mortgage offer. Advertised offer is subject to change. If a personal code is present on the advertised offer, you must provide such code to claim the offer. We may gather information about you including, but not limited to, credit bureau information, information for verification of income, information for appraisal and verification of property being used for collateral. We also verify your identity. Income, assets, and debt must meet eligibility requirements as established by Government and/or Lender guidelines.