What to Know Before Buying a Home in Elkridge, MD

Understanding the Elkridge, MD Housing Landscape

Strongly considering a home purchase in Elkridge? Great idea! You've chosen a vibrant city with a great balance 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 across the country and have the inside scoop on Elkridge's housing scene.

Elkridge'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. Ongoing economic growth and cultural expansion have helped to attract young families, new businesses, and retirees to the Elkridge area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Elkridge and the surrounding areas still offer a variety of homes in price and amenities. You can find townhomes, condos, single-family homes, duplexes, and (fingers-crossed) your dream house! When looking to buy a house in Elkridge, consider how near or far away the home is from the places you visit most. If you can, 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 Elkridge will also help you get a feel for how homes in east Elkridge differ from west Elkridge, what the neighborhoods are like, and where to find Elkridge's hottest attractions.

You're ready to buy a house in Elkridge, but is your bank account? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade 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 Elkridge. We serve first-time homeowners and experienced homeowners alike. Start with the following steps to help you see if you're in a good financial position to buy a house in Elkridge.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Elkridge. After that, 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. Everyone's situation will differ, but a quick online search for average expenses in Elkridge will usually point you in the right direction. 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. Putting at least 20% down will increase your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, 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. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, take a good look at your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. The healthier your credit is, the more mortgage options you may have open to you— and who doesn't want more choices in life?

Move Up and Out: Buying Your Dream House in Elkridge, MD

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But when you get to live in a stellar city like Elkridge, moving doesn't seem so challenging. Contact Mr. Cooper as you prepare to buy a house in Elkridge. We're here for you every step of 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.*