Understanding the Suffolk, VA Housing Landscape
Thinking about buying a home in Suffolk? Congratulations! You picked an energetic city with a dynamic selection of businesses, schools, restaurants and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We service 3.8 million customers across the country and know the Suffolk housing market well.
Given all of Virginia's growth, Suffolk homes aren't always easy to find at a comfortable price. Sustained cultural expansion and economic growth have helped to attract entrepreneurs, retirees, and new graduates to the Suffolk area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Despite this, Suffolk and its nearby areas still offer an array of home styles and prices. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream house! When looking to buy a house in Suffolk, consider how near or far away the home is from the places you visit most. If you can, test drive your trip from the house to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Exploring Suffolk will also help you get a feel for how homes in east Suffolk differ from west Suffolk, what the communities are like, and where to find Suffolk's coolest attractions.
You're ready to buy a house in Suffolk, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. 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 first-time homeowners and experienced homeowners alike. Walk through the following steps to help you see if you're in a good financial position to buy a house in Suffolk.
First, estimate how much house you can afford. This will help you set a price range while house shopping in Suffolk. Next, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Suffolk averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.
Next, consider how much you can contribute to a down payment. 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). That said, the required down payment will depend on the type of loan you get. This is where getting prequalified for a mortgage comes in handy. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, consider your credit profile. 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 options are always a good thing!
It's Go Time! Buy a House in Suffolk, 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 Suffolk. Contact Mr. Cooper as you get ready to buy a house in Suffolk.