Understanding the Roanoke, VA Housing Landscape
Strongly considering a home purchase in Roanoke? Congratulations! You selected a vibrant city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers nationwide and are familiar with the ins-and-outs of the Roanoke housing market.
Roanoke'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 attract entrepreneurs, retirees, and new graduates to the Roanoke area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Roanoke and its nearby areas still offer a wide range of homes in price and amenities. You can find single-family homes, condos, townhomes, and (hopefully) your dream home! When buying a house in Roanoke, consider the home's location in relation to your everyday activities. If you can, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your home's location will influence almost every aspect of your life. Exploring Roanoke will also help you get a feel for how homes in east Roanoke differ from west Roanoke, where to find Roanoke's most popular attractions, and what the neighborhoods are like.
You're ready to buy a house in Roanoke, 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 don't even have to stick with your decision to buy a house in Roanoke. We serve new and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Roanoke.
First, estimate how much house you can afford. This will help determine the price range for your Roanoke house hunt. Next, jot down your 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 Roanoke 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, figure out what a realistic down payment would be for you. A down payment of at least 20% can help increase 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. This is where getting prequalified for a mortgage comes in handy. Getting prequalified will give you an idea of how much you might qualify to borrow. Also, take a good look at 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 more options are always good!
Move Up and Out: Buying Your Dream House in Roanoke, 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 Roanoke, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Roanoke.