Understanding the Portsmouth, VA Housing Landscape
Thinking about buying a home in Portsmouth? Smart move! You picked an energetic city with a dynamic selection of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers across the country and have the inside scoop on Portsmouth's housing scene.
Portsmouth is growing by the day, which means Portsmouth homes don't always come cheap. Ongoing cultural expansion and economic growth have helped to beckon entrepreneurs, retirees, and new graduates to the Portsmouth area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Portsmouth and its neighboring areas still offer a wide range of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your perfect home! When buying a house in Portsmouth, consider the home's location in relation to your everyday activities. If possible, 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 Portsmouth will also give you an idea of why homes in west Portsmouth are priced differently than homes in east Portsmouth, what the communities are like, and where to find Portsmouth's coolest attractions.
You're ready to buy a house in Portsmouth, 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. You could choose to buy a home in Virginia or elsewhere. We serve experienced homeowners and first-time homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in Portsmouth.
First, calculate how much house you can afford. This will help you narrow your search when house hunting in Portsmouth. Then, 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. Searching the web for Portsmouth 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.
Next, figure out what a realistic down payment would be for you. Placing a minimum of 20% down can increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, 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, take a good look at your credit. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!
Move Up and Out: Buying Your Dream House in Portsmouth, VA
Moving remains one of the biggest stressors, despite being a practically universal experience. But moving feels more rewarding when you get to live in a place like Portsmouth. Contact Mr. Cooper as you prepare to buy a house in Portsmouth.