The Process of Buying a Home in McLean, VA

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Understanding the McLean, VA Housing Landscape

Thinking about buying a home in McLean? Great idea! You picked a vibrant city with a dynamic selection of parks, businesses, and educational opportunities, 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 have the inside scoop on McLean's housing scene.

Given all of Virginia's growth, McLean homes aren't always easy to find at a comfortable price. Ongoing economic growth and cultural expansion have helped to attract young families, new businesses, and retirees to the McLean area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, McLean and its nearby areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (hopefully) your perfect home! When buying a home in McLean, consider how near or far away the home is from the places you visit most. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Discovering different parts of McLean will help you see how the northern part differs from the southern part, what the neighborhoods are like, and where to find McLean's hottest attractions.

Are you financially prepared to buy a house in McLean? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. 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 McLean. We work with experienced homeowners and first-time homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in McLean.

First, estimate how much house you can afford. This will help determine the price range for your McLean house hunt. After that, add up the 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 McLean averages will usually give you some solid estimates. 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. A down payment of at least 20% can help boost your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, down payment requirements can differ depending on the loan type. At this stage, getting prequalified for a loan can be extremely helpful. 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 better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?

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

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving feels more rewarding when you get to live in a place like McLean. Contact Mr. Cooper as you prepare to buy a house in McLean. We're here to help you along 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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