The Process of Buying a Home in Lanham, MD

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

Strongly considering a home purchase in Lanham? Great idea! You picked a vibrant city with an ideal amount 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 nationwide and have the inside scoop on Lanham's housing scene.

Lanham is growing by the day, which means Lanham homes don't always come cheap. Sustained cultural expansion and economic growth have helped to attract entrepreneurs, retirees, and new graduates to the Lanham area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Lanham and the surrounding areas still offer a variety of home styles and prices. You can find single-family homes, condos, townhomes, and (fingers-crossed) your perfect home! When buying a house in Lanham, 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. The location of your house will impact virtually every part of your life. Discovering different parts of Lanham will help you see how the northern part differs from the southern part, where to find Lanham's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Lanham? 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 the journey less worrisome and more rewarding every step of the way. It doesn't matter whether you want to buy a home in Maryland or somewhere else entirely. We serve experienced homeowners and first-time homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Lanham.

First, calculate how much house you can afford. This will help determine the price range for your Lanham house hunt. After that, map out your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. Everyone's situation will differ, but a quick online search for average expenses in Lanham will usually point you in the right direction. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Then, look at how much money you can put toward a down payment. Placing a minimum of 20% down can improve your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). That said, down payment requirements can differ depending on the loan type. Here's where it can help to get prequalified for a mortgage. Getting prequalified will give you an idea of how much you might qualify to borrow. 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 better your credit is, the more mortgage options you may be presented with— and who doesn't want more choices in life?

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

As common as moving is, you'd think we'd all have figured out a less stressful way to do it. And yet, it remains a top stressor in life! But moving can also be incredibly rewarding, especially when you get to live in an amazing city like Lanham. Contact Mr. Cooper as you get ready to buy a house in Lanham. We're here to help you along the way 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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