What to Know Before Buying a Home in Germantown, MD

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Get Familiar with the Lay of the Land in Germantown, MD

Strongly considering a home purchase in Germantown? Congratulations! You selected a lively city with a great balance of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers across the country and have the inside scoop on Germantown's housing scene.

Germantown is growing by the day, which means Germantown homes don't always come cheap. Ongoing cultural expansion and economic growth have helped to beckon young families, new businesses, and retirees to the Germantown area, but so much change also means a strain on housing options, school capacities, and city roads. Even so, Germantown and its neighboring areas still offer a variety of homes in price and amenities. You can find duplexes, single-family homes, townhomes, condos, and (fingers-crossed) your dream house! When looking to buy a house in Germantown, consider the home's location in relation to your everyday activities. If possible, drive the route you'd take from the house to your school, office, and favorite hangout spot. The location of your house will impact virtually every part of your life. Discovering different parts of Germantown will help you see how the northern part differs from the southern part, what the communities are like, and where to find Germantown's coolest attractions.

You're ready to buy a house in Germantown, but is your bank account? Contact a Mr. Cooper Mortgage Professional if you're unsure of your answer. We think the dream of homeownership should never fade and work to make every stage of the journey more enjoyable and less worrisome. You could choose to buy a home in Maryland or elsewhere. We serve new and experienced homeowners alike. Start with the following steps to help you determine if you're financially ready to buy a home in Germantown.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Germantown. After that, jot down 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 Germantown 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.

Then, figure out what a realistic down payment would be for you. Putting at least 20% down will improve 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. This is where getting prequalified for a mortgage comes in handy. 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 healthier your credit is, the more mortgage options you may have open to you— and more options are always good!

Make Your Move: Buy a Home in Germantown, 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 Germantown. Contact Mr. Cooper as you prepare to buy a house in Germantown. We're here for you from start to finish and Mr. Cooper® Real Estate Rewards can even connect you with a top-performing real estate agent who can potentially save you thousands.*

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