What to Know Before Buying a Home in Alexandria, VA

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Get Familiar with the Lay of the Land in Alexandria, VA

Thinking about buying a home in Alexandria? Awesome! You've chosen a vibrant city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers from coast to coast and know the Alexandria housing market well.

Alexandria is growing by the day, which means Alexandria homes don't always come cheap. Continued support for local businesses and cultural growth have helped to entice retirees, new businesses, and young families to the Alexandria area, but so much change also means more traffic, more competition, and a need for more schools. That said, Alexandria and its nearby areas still offer a variety of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When buying a home in Alexandria, consider the home's location in relation to your everyday activities. 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. Exploring Alexandria will also help you get a feel for how homes in east Alexandria differ from west Alexandria, where to find Alexandria's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Alexandria, but is your bank account? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Virginia or elsewhere. We work with new and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Alexandria.

Before anything else, estimate how much house you can afford. This will help determine the price range for your Alexandria house hunt. Then, add up the 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 Alexandria 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.

Then, figure out what a realistic down payment would be for you. A down payment of at least 20% can help boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, 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. 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 more options are always good!

Make Your Move: Buy a Home in Alexandria, VA

Moving remains one of the biggest stressors, despite being a practically universal experience. But when you get to live in a stellar city like Alexandria, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Alexandria. 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.*

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