What to Know Before Buying a Home in Colchester, VT

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Exploring Colchester, VT From North to South

Ready to lay down some roots and buy a house in Colchester? Congratulations! You selected a vibrant city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help the home purchase process go a little smoother. We support 3.8 million customers nationwide and are familiar with the ins-and-outs of the Colchester housing market.

Given all of Vermont's growth, Colchester homes aren't always easy to find at a comfortable price. Sustained support for local businesses and cultural growth have helped to attract young families, new businesses, and retirees to the Colchester area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Colchester and its nearby areas still offer a wide range of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your dream house! When buying a house in Colchester, consider how near or far away the home is from the places you visit most. If you can, test drive your trip from the house 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 Colchester will also give you an idea of why homes in west Colchester are priced differently than homes in east Colchester, what the communities are like, and where to find Colchester's coolest attractions.

You're ready to buy a house in Colchester, but is your bank account? 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 Vermont or somewhere else entirely. We help new and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Colchester.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Colchester. After that, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Colchester 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, look at how much money you can put toward a down payment. A down payment of at least 20% can help increase 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. 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, take a good look at your credit. Credit history is an important part of your mortgage application. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

Move Up and Out: Buying Your Dream House in Colchester, VT

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 Colchester. Contact Mr. Cooper as you prepare to buy a house in Colchester. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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