What to Know Before Buying a Home in Baltimore, MD

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Understanding the Baltimore, MD Housing Landscape

Ready to lay down some roots and buy a house in Baltimore? Great idea! You've chosen an energetic city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We support 3.8 million customers nationwide and have the inside scoop on Baltimore's housing scene.

Given all of Maryland's growth, Baltimore homes aren't always easy to find at a comfortable price. Sustained economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Baltimore area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Baltimore and the surrounding areas still offer a wide range of home types and prices. You can find single-family homes, condos, townhomes, and (hopefully) your perfect home! When buying a home in Baltimore, consider the home's location in relation to your everyday activities. 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. Traveling around Baltimore will also give you an idea of why homes in west Baltimore are priced differently than homes in east Baltimore, where to find Baltimore's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Baltimore? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We think the dream of homeownership should never fade and work to make the journey less worrisome and more rewarding every step of the way. You could choose to buy a home in Maryland or elsewhere. We support new 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 Baltimore.

First, estimate how much house you can afford. This will help you set a price range while house shopping in Baltimore. After that, jot down your potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, etc.). You don't need an exact amount for these expenses. Searching the web for Baltimore averages will usually give you a solid estimate, though everyone's situation is different. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, consider how much you can contribute to a down payment. Putting at least 20% down will increase your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). That said, the minimum down payment requirements depend on the type of loan. Here's where it can help to get prequalified for a mortgage. 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. Credit history is an important part of 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 Baltimore, MD

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 Baltimore. Contact Mr. Cooper as you prepare to buy a house in Baltimore. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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