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What to Know Before Buying a Home in Franconia, VA

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

Thinking about buying a home in Franconia? Great idea! You've chosen a lively city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers from coast to coast and know the Franconia housing market well.

Given all of Virginia's growth, Franconia homes aren't always easy to find at a comfortable price. Ongoing economic growth and cultural expansion have helped to beckon entrepreneurs, retirees, and new graduates to the Franconia area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Franconia and its neighboring areas still offer a wide range of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your dream house! When buying a house in Franconia, double check that you're factoring in the home's distance from your daily activities. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Exploring Franconia will also help you get a feel for how homes in east Franconia differ from west Franconia, where to find Franconia's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Franconia? 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 every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in Franconia. We serve new and experienced homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Franconia.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Franconia house hunt. Then, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Franconia averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, look at how much money you can put toward 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 minimum down payment requirements depend on the type of loan. 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, 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 Franconia, 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 Franconia, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Franconia. We're here for you from start to finish 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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