What to Know Before Buying a Home in Ferndale, MD

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Exploring Ferndale, MD From North to South

Strongly considering a home purchase in Ferndale? Great idea! You selected an energetic city with an ideal amount of businesses, schools, restaurants 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 have the inside scoop on Ferndale's housing scene.

Given all of Maryland's growth, Ferndale homes aren't always easy to find at a comfortable price. Sustained economic growth and cultural expansion have helped to entice entrepreneurs, retirees, and new graduates to the Ferndale area, but so much change also means more traffic, more competition, and a need for more schools. That said, Ferndale and its nearby areas still offer a variety of home types and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your dream house! When buying a house in Ferndale, consider how near or far away the home is from the places you visit most. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. Your house's location will affect everything, from your morning routine to how you spend your evenings. Exploring Ferndale will also help you get a feel for how homes in east Ferndale differ from west Ferndale, what the neighborhoods are like, and where to find Ferndale's hottest attractions.

You're ready to buy a house in Ferndale, but is your bank account? 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 work to make the journey less worrisome and more rewarding every step of the way. You don't even have to stick with your decision to buy a house in Ferndale. We help experienced homeowners and first-time homeowners alike. Start with the following steps to help you figure out if your finances are in the right place to buy a house in Ferndale.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in Ferndale. Next, add up the potential monthly payments (including home repairs, insurance, homeowners association fees, property taxes, 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 Ferndale will usually point you in the right direction. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Then, consider how much you can contribute to a down payment. Putting at least 20% down will boost your odds of getting a good 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. 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. Lenders place a high importance on credit history when looking at your mortgage application. The better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?

It's Go Time! Buy a House in Ferndale, MD

Moving remains one of the biggest stressors, despite being a practically universal experience. But moving feels more rewarding when you get to live in a place like Ferndale. Contact Mr. Cooper as you get ready to buy a house in Ferndale. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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