Understanding the Norfolk, VA Housing Landscape
Ready to lay down some roots and buy a house in Norfolk? Great idea! You picked a lively city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help the home purchase process go a little smoother. We serve 3.8 million customers nationwide and know the Norfolk housing market well.
Norfolk'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 entice retirees, new businesses, and young families to the Norfolk area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Norfolk and the surrounding areas still offer a wide range of home types and prices. You can find single-family homes, condos, townhomes, and (hopefully) your perfect home! When buying a house in Norfolk, consider how near or far away the home is from the places you visit most. If possible, test drive your trip from the house to work, school, and the grocery store. Your home's location will influence almost every aspect of your life. Discovering different parts of Norfolk will help you see how the northern part differs from the southern part, where to find Norfolk's most popular attractions, and what the neighborhoods are like.
Are you financially prepared to buy a house in Norfolk? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We believe everyone can find their dream home and try our best to make the journey easier and more rewarding. It doesn't matter whether you want to buy a home in Virginia or somewhere else entirely. We serve 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 Norfolk.
First, calculate how much house you can afford. This will help determine the price range for your Norfolk house hunt. Then, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). No need to have an exact amount. Searching the web for Norfolk averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.
Then, figure out what a realistic down payment would be for you. A down payment of at least 20% can help 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. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, consider your credit profile. 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 more options are always good!
Make Your Move: Buy a Home in Norfolk, VA
Moving remains one of the biggest stressors, despite being a practically universal experience. But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Norfolk. Contact Mr. Cooper as you prepare to buy a house in Norfolk.