The Process of Buying a Home in Columbia, MD

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Understanding the Columbia, MD Housing Landscape

Strongly considering a home purchase in Columbia? Congratulations! You selected a colorful city with a dynamic selection of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We support 3.8 million customers nationwide and know the Columbia housing market well.

Columbia'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 economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Columbia area, but so much change also means more traffic, more competition, and a need for more schools. That said, Columbia and its neighboring areas still offer an array of homes in price and amenities. You can find single-family homes, condos, townhomes, and (hopefully) your dream house! When buying a home in Columbia, 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. Your home's location will influence almost every aspect of your life. Traveling around Columbia will also give you an idea of why homes in west Columbia are priced differently than homes in east Columbia, what the neighborhoods are like, and where to find Columbia's hottest attractions.

Are you financially prepared to buy a house in Columbia? 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. You don't even have to stick with your decision to buy a house in Columbia. We help 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 Columbia.

Before anything else, calculate how much house you can afford. This will help determine the price range for your Columbia house hunt. Then, add up the potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). You don't need an exact amount for these expenses. Searching the web for Columbia averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Now, look at how much money you can put toward a down payment. Placing a minimum of 20% down can boost your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, the required down payment will depend on the type of loan you get. Here's where it can help to get prequalified for a mortgage. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, consider your credit profile. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and who doesn't want more choices in life?

Make Your Move: Buy a Home in Columbia, MD

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving feels more rewarding when you get to live in a place like Columbia. Contact Mr. Cooper as you look to buy a home in Columbia. 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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