Get Familiar with the Lay of the Land in Merrifield, VA
Thinking about buying a home in Merrifield? Awesome! You've chosen a lively city with a great balance of parks, businesses, and educational opportunities, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers nationwide and have the inside scoop on Merrifield's housing scene.
Given all of Virginia's growth, Merrifield homes aren't always easy to find at a comfortable price. Sustained economic growth and cultural expansion have helped to attract entrepreneurs, retirees, and new graduates to the Merrifield area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Merrifield and its neighboring areas still offer a wide range of home styles and prices. You can find single-family homes, condos, townhomes, and (hopefully) your perfect home! When buying a home in Merrifield, 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 house's location will affect everything, from your morning routine to how you spend your evenings. Exploring Merrifield will also help you get a feel for how homes in east Merrifield differ from west Merrifield, what the neighborhoods are like, and where to find Merrifield's hottest attractions.
You're ready to buy a house in Merrifield, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. 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 work with first-time homeowners and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Merrifield.
First, calculate how much house you can afford. This will help you set a price range while house shopping in Merrifield. Then, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Searching the web for Merrifield averages will usually give you a solid estimate, though everyone's situation is different. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.
Now, figure out what a realistic down payment would be for you. A down payment of at least 20% can help improve 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. 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, check your credit. Credit history is one of the main factors that lenders look at when considering 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 Merrifield, 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 Merrifield, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Merrifield.