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Maryland: More Residents, More Homeowners
Buying a Home in Maryland
If you find yourself on the east coast of the United States, looking to buy a home, you might want to consider choosing to buy in Maryland. With a population of nearly 5.3 million people, the state has over a 67 percent home owner rate. While some areas of Maryland can get quite pricey, such as in Bethesda, where the average selling price per home in 2005 was nearly $830,000, there are other areas that are more moderately priced. The median home price is $146,000, which makes living and buying homes in the state of Maryland rather affordable.
Maryland Home-buying Laws
When you are in the process of buying or selling homes in Maryland, there are some specific laws that apply to the mortgages. All mortgage laws are covered under the state of Maryland’s statutes. One of these statutes states that the borrower is responsible for paying for the lender’s attorney. Each state has its own set of rules and situations unique to them, thus this is no exception in Maryland. Maryland is also home to many veterans of U.S. military forces, and the state recognizes them and thanks them for their service by providing special mortgage rates. Most common, is a long term mortgage with no special down payment.
Some cities in Maryland provide incentives for buying homes there. For example, Baltimore, Maryland, has a wide array of programs designed to promote city living in Baltimore. If you should choose to buy a home within the city limits, you would be able to have the option to participate in programs that reduce down payment fees, offer tax credits, reimbursement for building rehabilitation, and much more. By offering these enticing programs, cities like Baltimore can make it very affordable for a first time homebuyer to purchase their home and manage a mortgage. Perhaps that is why Baltimore is Maryland’s largest city!
As the population continues to grow and expand, Maryland has also shown to be an increasingly more popular state to buy in, regardless of mortgage rates. Although mortgage rates have hit an all time high in the U.S., and it looks like they are going to continue to climb, that hasn’t stopped people from buying. According to the April 2006 report of the Commerce Department, sales of single family homes increase by almost 5 percent in the last month. The state continues to support residents in their choices to buy homes rather than rent, and accordingly offers many programs to help aid low income families in establishing a mortgage.