What to Know Before Buying a Home in Westerly, RI

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Understanding the Westerly, RI Housing Landscape

Thinking about buying a home in Westerly? Great idea! You selected an energetic city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers from coast to coast and know the Westerly housing market well.

Given all of Rhode Island's growth, Westerly homes aren't always easy to find at a comfortable price. Sustained economic growth and cultural expansion have helped to entice entrepreneurs, retirees, and new graduates to the Westerly area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Westerly and its neighboring areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When looking to buy a house in Westerly, double check that you're factoring in the home's distance from your daily activities. If possible, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Traveling around Westerly will also give you an idea of why homes in west Westerly are priced differently than homes in east Westerly, what the neighborhoods are like, and where to find Westerly's hottest attractions.

Are your finances in the right place to buy a home in Westerly? 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 serve 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 Westerly.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in Westerly. Then, jot down your 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 Westerly 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.

Then, look at how much money you can put toward a down payment. Placing a minimum of 20% down can boost 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 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 Westerly, RI

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Westerly. Contact Mr. Cooper as you look to buy a home in Westerly. We're here to help you along 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.*

Mr. Cooper Customer Reviews for Westerly, RI

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