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All About Buying a House in Laurel, VA

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

Ready to lay down some roots and buy a house in Laurel? Great idea! You picked a vibrant city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers from coast to coast and know the Laurel housing market well.

Laurel'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. Sustained cultural expansion and economic growth have helped to attract entrepreneurs, retirees, and new graduates to the Laurel area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Laurel and its neighboring areas still offer an array of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream home! When buying a house in Laurel, consider how near or far away the home is from the places you visit most. 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. Traveling around Laurel will also give you an idea of why homes in west Laurel are priced differently than homes in east Laurel, what the neighborhoods are like, and where to find Laurel's hottest attractions.

You're ready to buy a house in Laurel, but is your bank account? 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 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 new and experienced homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in Laurel.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in Laurel. After that, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Searching the web for Laurel averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Next, look at how much money you can put toward a down payment. Placing a minimum of 20% down can 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. Here's where it can help to get prequalified for a mortgage. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, consider your credit profile. Credit history is one of the main factors that lenders look at when considering your mortgage application. The better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?

It's Go Time! Buy a House in Laurel, VA

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But moving feels more rewarding when you get to live in a place like Laurel. Contact Mr. Cooper as you prepare to buy a house in Laurel. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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