The Process of Buying a Home in Silver Spring, MD

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Get Familiar with the Lay of the Land in Silver Spring, MD

Thinking about buying a home in Silver Spring? Congratulations! You picked a lively city with a great balance of businesses, schools, restaurants and parks, and we're here to help make your home purchase and move a little easier. We service 3.8 million customers from coast to coast and have the inside scoop on Silver Spring's housing scene.

Given all of Maryland's growth, Silver Spring homes aren't always easy to find at a comfortable price. Continued economic growth and cultural expansion have helped to attract entrepreneurs, retirees, and new graduates to the Silver Spring area, but that much change also highlights the need for better infrastructure, larger schools, and a more diverse housing market. That said, Silver Spring and its neighboring areas still offer a wide range of home styles and prices. You can find duplexes, single-family homes, townhomes, condos, and (ideally) your dream house! When buying a house in Silver Spring, 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. The location of your house will impact virtually every part of your life. Traveling around Silver Spring will also give you an idea of why homes in west Silver Spring are priced differently than homes in east Silver Spring, what the communities are like, and where to find Silver Spring's coolest attractions.

You're ready to buy a house in Silver Spring, but is your bank account? If you're not sure how to answer that question, contact a Mr. Cooper Mortgage Professional. We believe in keeping the dream of homeownership alive and try our best to make the journey easier and more rewarding. You could choose to buy a home in Maryland or elsewhere. We help 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 Silver Spring.

First, calculate how much house you can afford. This will help you narrow your search when house hunting in Silver Spring. After that, jot down your potential monthly payments (including property taxes, insurance, homeowners association fees, home repairs, etc.). It's okay if these numbers are educated guesses. While everyone's situation is different, an online search for Silver Spring averages will usually give you some solid estimates. Remember that the bulk of your monthly homeowner expenses could be your monthly mortgage payment.

Now, look at how much money you can put toward a down payment. A down payment of at least 20% can help boost your odds of getting a good rate and will allow you to avoid private mortgage insurance (PMI). However, the minimum down payment requirements depend on the type of loan. This is where getting prequalified for a mortgage comes in handy. Getting prequalified helps you know how much you might be eligible to borrow from a lender. Also, check your credit. Lenders place a high importance on credit history when looking at your mortgage application. You may be presented with more mortgage options if you have healthy credit— and options are always a good thing!

It's Go Time! Buy a House in Silver Spring, 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 Silver Spring. Contact Mr. Cooper as you look to buy a home in Silver Spring. 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.*

Mr. Cooper Customer Reviews for Silver Spring, MD

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