What to Know Before Buying a Home in Severn, MD

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Understanding the Severn, MD Housing Landscape

Ready to lay down some roots and buy a house in Severn? Awesome! You selected a lively city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help the home purchase process go a little smoother. We service 3.8 million customers across the country and know the Severn housing market well.

Severn'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 retirees, new businesses, and young families to the Severn area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. Even so, Severn and the surrounding areas still offer a wide range of home styles and prices. You can find single-family homes, condos, townhomes, and (ideally) your perfect home! When buying a house in Severn, double check that you're factoring in the home's distance from your daily activities. 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 Severn will also help you get a feel for how homes in east Severn differ from west Severn, where to find Severn's most popular attractions, and what the neighborhoods are like.

Are you financially prepared to buy a house in Severn? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. 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 Severn. We support experienced homeowners and first-time homeowners alike. Walk through the following steps to help you determine if you're financially ready to buy a home in Severn.

First, estimate how much house you can afford. This will help you narrow your search when house hunting in Severn. Next, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. Searching the web for Severn 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, consider how much you can contribute to a down payment. Placing a minimum of 20% down can 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. 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, consider your credit profile. Credit history is an important part of 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?

Move Up and Out: Buying Your Dream House in Severn, 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 Severn, moving doesn't seem so challenging. Contact Mr. Cooper as you look to buy a home in Severn. We're here for you from start to finish 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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