Understanding the Fairfax, VA Housing Landscape
Strongly considering a home purchase in Fairfax? Smart move! You picked a lively city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers nationwide and are familiar with the ins-and-outs of the Fairfax housing market.
Fairfax is growing by the day, which means Fairfax homes don't always come cheap. Ongoing economic growth and cultural expansion have helped to entice retirees, new businesses, and young families to the Fairfax area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Fairfax and its nearby areas still offer a wide range of home types and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream home! When buying a house in Fairfax, consider the home's location in relation to your everyday activities. If you can, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Traveling around Fairfax will also give you an idea of why homes in west Fairfax are priced differently than homes in east Fairfax, where to find Fairfax's most popular attractions, and what the neighborhoods are like.
Are your finances in the right place to buy a home in Fairfax? 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 try our best to make the journey easier and more rewarding. You could choose to buy a home in Virginia or elsewhere. We help experienced homeowners and first-time homeowners alike. Walk through the following steps to help you figure out if your finances are in the right place to buy a house in Fairfax.
First, estimate how much house you can afford. This will help you set a price range while house shopping in Fairfax. Then, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Fairfax averages will usually give you some solid estimates. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.
Next, consider how much you can contribute to a down payment. Placing a minimum of 20% down can boost your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). Even so, 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 will give you an idea of how much you might qualify to borrow. Also, check your credit. Credit history is an important part of your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and who doesn't want more choices in life?
It's Go Time! Buy a House in Fairfax, VA
Moving remains one of the biggest stressors, despite being a practically universal experience. But moving feels more rewarding when you get to live in a place like Fairfax. Contact Mr. Cooper as you look to buy a home in Fairfax.