Get Familiar with the Lay of the Land in Petersburg, VA
Ready to lay down some roots and buy a house in Petersburg? Awesome! You've chosen an energetic city with an ideal amount 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 from coast to coast and are familiar with the ins-and-outs of the Petersburg housing market.
Given all of Virginia's growth, Petersburg homes aren't always easy to find at a comfortable price. Sustained economic growth and cultural expansion have helped to entice retirees, new businesses, and young families to the Petersburg area, but so much change also means a strain on housing options, school capacities, and city roads. Despite this, Petersburg and its nearby areas still offer an array of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream home! When looking to buy a house in Petersburg, consider how near or far away the home is from the places you visit most. If possible, test drive your route to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Exploring Petersburg will also help you get a feel for how homes in east Petersburg differ from west Petersburg, what the neighborhoods are like, and where to find Petersburg's hottest attractions.
Are your finances in the right place to buy a home in Petersburg? 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 try our best to make the journey easier and more rewarding. You don't even have to stick with your decision to buy a house in Petersburg. We help new and experienced homeowners alike. Read through the following steps to help you figure out if your finances are in the right place to buy a house in Petersburg.
Before anything else, estimate how much house you can afford. This will help you narrow your search when house hunting in Petersburg. Then, add up the potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Everyone's situation will differ, but a quick online search for average expenses in Petersburg will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.
Now, consider how much you can contribute to 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). 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 an important part of 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 Petersburg, 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 Petersburg. Contact Mr. Cooper as you prepare to buy a house in Petersburg.