Understanding the Arlington, VA Housing Landscape
Ready to lay down some roots and buy a house in Arlington? Congratulations! You've chosen a vibrant city with a great balance of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers across the country and have the inside scoop on Arlington's housing scene.
Given all of Virginia's growth, Arlington homes aren't always easy to find at a comfortable price. Sustained cultural expansion and economic growth have helped to entice entrepreneurs, retirees, and new graduates to the Arlington area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Arlington and its neighboring areas still offer a wide range of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream home! When buying a house in Arlington, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your route to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Traveling around Arlington will also give you an idea of why homes in west Arlington are priced differently than homes in east Arlington, where to find Arlington's most popular attractions, and what the neighborhoods are like.
You're ready to buy a house in Arlington, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe everyone can find their dream home 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 Virginia 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 Arlington.
First, calculate how much house you can afford. This will help you set a price range while house shopping in Arlington. After that, 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 Arlington will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.
Then, look at how much money you can put toward a down payment. Placing a minimum of 20% down can improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). That said, down payment requirements can differ depending on the loan type. 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, check your credit. Credit history is an important part of your mortgage application. The better your credit is, the more mortgage options you may be presented with— and options are always a good thing!
Move Up and Out: Buying Your Dream House in Arlington, 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 Arlington, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in Arlington.