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What to Know Before Buying a Home in Great Falls, VA

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Understanding the Great Falls, VA Housing Landscape

Thinking about buying a home in Great Falls? Smart move! You selected an energetic city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers across the country and are familiar with the ins-and-outs of the Great Falls housing market.

Great Falls's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Continued cultural expansion and economic growth have helped to beckon entrepreneurs, retirees, and new graduates to the Great Falls area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Great Falls and its nearby areas still offer a wide range of home types and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your perfect home! When looking to buy a house in Great Falls, double check that you're factoring in the home's distance from your daily activities. If possible, 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. Exploring Great Falls will also help you get a feel for how homes in east Great Falls differ from west Great Falls, where to find Great Falls's most popular attractions, and what the neighborhoods are like.

You're ready to buy a house in Great Falls, 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 the journey less worrisome and more rewarding every step of the way. It doesn't matter whether you want to buy a home in Virginia or somewhere else entirely. We support experienced homeowners and first-time homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Great Falls.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Great Falls house hunt. After that, map out your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Great Falls 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.

Now, figure out what a realistic down payment would be for you. A down payment of at least 20% can help improve your chances of getting a great rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. At this stage, getting prequalified for a loan can be extremely helpful. 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 more options are always good!

Move Up and Out: Buying Your Dream House in Great Falls, VA

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

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