When people think of owning a home, the process appears too complicated. But that’s not always the case! Buying a home in Massachusetts is one of the easiest ways to become a homeowner in the United States. With the right help and advice, you can be sure to own the best home in the state. There are all types of homes in Massachusetts based on affordability.
How to Access Massachusetts Mortgage
There are many ways to access Massachusetts mortgage when buying a home. However, with the changing global trends none is a better option than GenNext. This digital or electronic mortgage platform allows borrowers to gain access to mortgages at ease. With little personal interactions and paperwork required, GenNext digital lender is a suitable choice for most mortgage takers. Some of the reasons why this is a better choice for mortgage borrowers include;
- Fast application and reduced processing time as it involves a quicker document filling and collection process.
- A two-way access to information as everything is electronically submitted, which makes it easier to reference.
- It saves money and time as the process is faster, has easier approval rates, and offers lower rates and charges.
- Online lending is through GenNext is easier to approval. The platform offers loans to borrowers including those deemed to have low credit ratings.
- It is convenient since the mortgage can be accessed from anywhere and at any time. Besides, the payment of the loan is also easier than the traditional approaches.
How to Buy a Home in Massachusetts
The one state to live in the United States and enjoy the fine things in life is the Commonwealth of Massachusetts. This east coast state is one of a kind, whether you want to look at it in terms of infrastructural development, welcoming communities, culture, governance, or cost of living. The process is simple and fast if you’re looking for a home or a house in Massachusetts. All you need to do is ensure you don’t overlook any step and within no time you could become a new homeowner or own a second home in the state. So, if you are looking for a home in Massachusetts, here is what to do!
- Step 1: Start saving money to buy the house or for the down payment as early as possible. Massachusetts mortgages require one to pay a down payment as it reduces the risk on the lender’s side, and there is no better lender to help you in this than GenNext Mortgage. The higher the down payment, the better it is for both the buyer and the seller. Through GenNext mortgage, there is an opportunity to save time and money. That’s because the digital platform reduces paperwork and makes it easy to access records.
On the sellers’ side, it lowers the risk, while on the buyers’ side, it decreases the charged mortgage rates. Nevertheless, the average down payment on a house in Massachusetts is about 6% of the purchase value of a home, which is approximately $32,966. For non-first-time home buyers, the average down payment on a house in Massachusetts is around 12%.
- Step 2: Do window shopping in the most affordable town or city for you. Here you can use the Dwellics calculator to compare cities in Massachusetts and select the one that suits you best!
- Step 3: Do window shopping for the kind of house or home you want and determine affordability. At this point, it would be advisable to partner with a suitable real estate agent to help in house hunting.
- Step 4: Make a strong offer. The step includes deciding the amount of money you want to offer, contingencies, earnest money, and the areas you are ready to negotiate. GenNext mortgage is also efficient when making an offer because it allows borrowers to know their loan status. As such, home buyers make an offer based on the loan available to them.
- Step 5: Look for a professional to conduct inspections and appraisals of the property. When buying a home, it is always advisable to have the value of the property assessed. That’s because it protects you as the buyer from paying more for a less-value property.
- Step 6: Conduct and final walk-through and close the deal. When you are sure you have considered all the factors and your offer has been accepted, it is time to seal the deal and become the newest homeowner in the state!
That’s how easy it is to buy a house in Massachusetts!
Cheapest Towns to Buy a Home in Massachusetts
Massachusetts is one of the best states to own a home in the United States. Whether you want to live in big cities or small towns, the state has some of the best places you would like to reside in, and there are reasons for that. From fascinating communities, good climate, and high-class infrastructure to top security, living in the state is a privilege you must love.
So, if you are considering living in the state, we have the best choices for you! Massachusetts has so many towns you can decide to reside in and still enjoy the finest of America at a lower price. Here are some of the cheapest towns to buy a home in Massachusetts and why you should opt for them.
This small town in Hampden County, Massachusetts, comprises approximately 12,448 residents. The city prides itself as part of the greater Springfield Metropolitan Area. Since 2020, the town has been rated the cheapest place to live in Massachusetts. The median home purchase price is approximately $197,000, and the median monthly rent for residential apartments is $962. Again, the town has a median household income of about $64,650, which is among the fairest pricing across the United States.
Besides, Palmer Town has some of the cheapest utilities and service rates countrywide, according to Dwellics Calculator. For example, here is a tabulation of what it costs you for certain basic needs.
| SERVICE/UTILITY | COST |
| Electricity | $128 |
| Water | $34 |
| Internet | $30 |
| Groceries | $1,062 |
| Car Registration | $500 |
| Auto Insurance | $88 |
Palmer also has many cheap and fascinating fun places you can visit with friends and family. Don’t miss out on this town as a best place option when looking for places to live in Massachusetts.
If there is a fascinating east coast town with cheap affordable life, call it Gardner in Common Wealth of Massachusetts, in the United States. The city is located in Worcester County and has approximately 20,610 residents. The town prides itself as home to exciting sceneries and tour places you can visit at any best time of your choosing. Some notable and low-cost fun places include Dunn State Park, Blue Moon Diner, and Gardner Heritage State Park.
The town has a median home price of $185,700 and an average rental price of $838. Most households in the city have an annual average income of $49,679. Other services and utility rates that make life in Gardner easy include;
| SERVICE/UTILITY | COST |
| Electricity | $128 |
| Water | $34 |
| Internet | $30 |
| Natural Gas | $77 |
| Car Registration | $500 |
Adams is a small urban area in Berkshire County, Massachusetts. It is part of the greater Pittsfield Metropolitan Area and has a population of approximately 8,168 people. Adams is a beckon of beauty and has one of the best climates for anyone, any time of the year. Besides, it is also known for the Massachusetts Museum of Contemporary Art, which is the largest one in the United States.
The median home price in Adams is $115,675, and the median rent price for apartments in the town is about $795. Also, the town has one of the cheapest property rates at 1.15% and a median household income of $47,636. Other costs you could incur in this town but which are lower than in most parts of Massachusetts include electricity at $128, water at $34, internet at $30, and car registration and auto insurance at $500 and $88, respectively.
Agawam is among the top five cheapest towns to live in in Massachusetts. It is located in Hampden County and has a population of about 28,697 people. The town rests in a good climate, sits on the western banks of the Connecticut River, and is directly across Springfield City. Again, Agawam is about a 2 hour and 30 minutes drive from New York. That means you can comfortably access one of the world’s largest cities and be back home within hours. Some metrics depicting the cost of living in Agawam Town in Massachusetts include the following as per the Dwellics calculator;
| SERVICE/UTILITY | COST |
| Median home price | $230,700 |
| Median annual household income | $68,944 |
| Median monthly house rent | $975 |
| Natural Gas | $77 |
| Car Registration | $500 |
| Auto Insurance | $88 |
Chicopee is one of the largest urban centers in Massachusetts and comprises a population of about 55,421 residents. If you want to reside in the Commonwealth of Massachusetts, then Chicopee is one of the best places to consider. Within this city, life is way cheaper on many levels compared to other towns in Massachusetts.
In fact, one of the most surprising things is that it is cheaper to own a home in Chicopee than to rent an apartment. Besides that, there are a number of places to tour such as Chicopee Memorial State Park. Again, you can as well go hiking or visit some of the best hotels and restaurants in Massachusetts. The community here is also warm and welcoming. Some metrics that prove a cheaper cost of living include;
| SERVICE/UTILITY | COST |
| Median home price | $182,100 |
| Median annual household income | $53,225 |
| Median monthly house rent | $923 |
| Natural Gas | $77 |
| Electricity | $128 |
| Car Registration | $500 |
| Auto Insurance | $88 |
| Internet | $30 |
| Water | $34 |
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