What to Know Before Buying a Home in College Park, MD

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Understanding the College Park, MD Housing Landscape

Ready to lay down some roots and buy a house in College Park? Great idea! You selected a colorful 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 have the inside scoop on College Park's housing scene.

College Park is growing by the day, which means College Park homes don't always come cheap. Sustained cultural expansion and economic growth have helped to beckon retirees, new businesses, and young families to the College Park area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, College Park and the surrounding areas still offer an array of homes in price and amenities. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream home! When looking to buy a house in College Park, double check that you're factoring in the home's distance from your daily 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. Exploring College Park will also help you get a feel for how homes in east College Park differ from west College Park, where to find College Park's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in College Park? 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 every stage of the journey more enjoyable and less worrisome. You don't even have to stick with your decision to buy a house in College Park. We work with new and experienced homeowners alike. Read through the following steps to help you see if you're in a good financial position to buy a house in College Park.

Before anything else, estimate how much house you can afford. This will help you set a price range while house shopping in College Park. After that, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). No need to have an exact amount. Searching the web for College Park 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.

Now, consider how much you can contribute to a down payment. Placing a minimum of 20% down can increase your chances of getting a great 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. At this stage, getting prequalified for a loan can be extremely helpful. 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. The better your credit is, the more mortgage options you may be presented with— and options are always a good thing!

Make Your Move: Buy a Home in College Park, MD

Moving remains one of the biggest stressors, despite being a practically universal experience. But when you get to live in a stellar city like College Park, moving doesn't seem so challenging. Contact Mr. Cooper as you get ready to buy a house in College Park. We're here to help you along the way 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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