All About Buying a House in Smithfield, RI

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

Ready to lay down some roots and buy a house in Smithfield? Smart move! You picked a lively city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers across the country and know the Smithfield housing market well.

Given all of Rhode Island's growth, Smithfield homes aren't always easy to find at a comfortable price. Sustained cultural expansion and economic growth have helped to beckon retirees, new businesses, and young families to the Smithfield area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Smithfield and its neighboring areas still offer a variety of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your perfect home! When looking to buy a house in Smithfield, consider how near or far away the home is from the places you visit most. If you can, test drive your route to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Traveling around Smithfield will also give you an idea of why homes in west Smithfield are priced differently than homes in east Smithfield, what the communities are like, and where to find Smithfield's coolest attractions.

Are you financially prepared to buy a house in Smithfield? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe in keeping the dream of homeownership alive 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 work with experienced homeowners and first-time homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Smithfield.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Smithfield. Then, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, 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 Smithfield 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. A down payment of at least 20% can help improve your chances of getting a favorable 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. 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. 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 Smithfield, RI

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 Smithfield. Contact Mr. Cooper as you get ready to buy a house in Smithfield. 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 Smithfield, RI

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