What to Know Before Buying a Home in Towson, MD

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

Thinking about buying a home in Towson? Smart move! You picked a lively city with an ideal amount of educational opportunities, businesses, and parks, and we're here to help make your house hunt, purchase, and move more streamlined. We serve 3.8 million customers nationwide and have the inside scoop on Towson's housing scene.

Towson'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 support for local businesses and cultural growth have helped to entice young families, new businesses, and retirees to the Towson area, but so much change also means more traffic, more competition, and a need for more schools. Despite this, Towson and the surrounding areas still offer an array of home types and prices. You can find single-family homes, condos, townhomes, and (ideally) your dream home! When buying a house in Towson, consider the home's location in relation to your everyday activities. If possible, test drive your trip from the house to work, school, and the grocery store. Your house's location will affect everything, from your morning routine to how you spend your evenings. Discovering different parts of Towson will help you see how the northern part differs from the southern part, where to find Towson's most popular attractions, and what the neighborhoods are like.

Are your finances in the right place to buy a home in Towson? 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 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 Towson. We work with 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 Towson.

First, calculate how much house you can afford. This will help you set a price range while house shopping in Towson. Next, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). It's okay if these numbers are educated guesses. Searching the web for Towson averages will usually give you a solid estimate, though everyone's situation is different. Keep in mind that a mortgage payment could make up the majority of most homeowners’ monthly household expenses.

Now, figure out what a realistic down payment would be for you. A down payment of at least 20% can help increase your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). Even so, down payment requirements can differ depending on the loan type. This is where getting prequalified for a mortgage comes in handy. 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 more options are always good!

It's Go Time! Buy a House in Towson, 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 Towson. Contact Mr. Cooper as you get ready to buy a house in Towson. We're here to help you along the way and Mr. Cooper® Real Estate Rewards can even connect you with a high-performing real estate agent who may be able to help you save thousands.*

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