Located in Eastern Pennsylvania, not far from Philadelphia, Bryn Mawr is a census-designated place encompassing three townships. It is one of Philadelphia’s most affluent suburbs and has many large estates and luxury homes. It sits near the center of what is called the Main Line, which is a collection of upscale suburban communities.
Why Should You Buy a House in Bryn Mawr?
As a community in the Main Line, Bryn Mawr has its share of huge homes set on sprawling pieces of land. There are also many more modest colonials and capes. Brick, stone, and stucco are the most common building materials, which give the area a classy, old-school feel that many residents love.
Bryn Mawr has a relaxed, suburban feel with quiet tree-lined streets. Residential neighborhoods have little traffic and a friendly hometown vibe with plenty of privacy for homeowners.
Parents of school-age children will naturally want to know about education in Bryn Mawr. It is served by three school districts, Lower Merion Township, Haverford Township and Radnor Township, depending on where in town you end up living. Cooperstown Elementary and Ithan Elementary are two schools that have excellent ratings. There are also several excellent private schools for preschoolers and elementary students.
Top three neighborhoods in Bryn Mawr
Radnor is among the best neighborhoods in Bryn Mawr, with gorgeous homes, high property values, and excellent schools. Located near both Bryn Mawr College and Villanova University, it has the feel of a quiet college neighborhood. Interstates 76 and 476 are easily accessed for travel to Philadelphia or elsewhere. Radnor is filled with elegant coffee shops and restaurants and is considered one of the top suburbs in the entire state.
Bryn Mawr’s North Side is an old and prestigious neighborhood with 21 buildings and houses that are more than a century old. It is the neighborhood that is home to Bryn Mawr College and also has some excellent private schools.
On the south side of Bryn Mawr in Haverford Township is the charming neighborhood of Cooperstown. This area is entirely residential and has a nice balance of friendly neighbor relations and privacy.
Money-saving tips for buying a home in Bryn Mawr
Find the best mortgage rate
Shopping for a mortgage should be just like shopping for anything else. You want to find the best possible rate. Lower interest means lower monthly payments and less paid over the length of the loan.
Use a bigger down payment to keep monthly payments down
Although it is possible to buy a house with as little as 3.5% down, make the biggest down payment you can. The more you pay upfront, the less you borrow. That means lower payments on the principal and on interest. If you take out a conventional loan and can put down 20%, you won’t be required to have mortgage insurance, which will also save you considerable money.
Increase your credit score
Before buying a house, it’s a good idea to spend some time boosting your credit score. The higher it is, the more loan companies will be willing to offer you a mortgage. The interest rates will also be lower. You will have a wealth of choices that will lead to big savings and lower monthly payments.
Use a commission rebate to save money
Commission rebates are legal in 40 U.S. states, including Pennsylvania. These rebates are money from a Realtor’s commission that is shared with the buyer. They are usually credited to closing costs but sometimes come in the form of cash. Either way, they save you money. Make sure to ask your agent about them.