Buying a home in Maryland?

For most people, purchasing a home can be an intimidating event. However, with a bit of up-front planning, it's not too confusing. I like to provide buyers with a road map of the whole deal so they'll know exactly what to expect. Below are my nine steps to purchasing a home.

If you have questions regarding this information or if you're prepared to get started, you can contact me here or send e-mail to mortgage11@re-consumer.com.

Step 1 – Prepare to purchase
There are many things you should take into account before commencing your home search. You'll want to assemble an outline of must-haves, get a feeling for what school districts you want to live in, and begin working on your budget. Ensuring your mortgage payment is no more than 1/3 of your monthly income is a good principle to follow.

Step 2 – Speak with a real estate agent
This is where Remax Components comes in. I'd like to plan a time to get together with you and speak with you about why you want to buy a home and get an idea of your future plans. We'll talk about everything from neighborhoods, schools in the Maryland area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.

In addition, I'll help you facilitate the loan process. There are some very good mortgage professionals in Maryland, and I work with a lot of them, so you can rest assured that you're in great hands. They'll help you figure out which type of loan is best for you, as well as help you get qualified.

Step 3 – Start looking for a house
After our initial meeting, I'll begin looking for available homes on the market that are great for you. I'll preview many of the houses and eliminate the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.

As we tour houses, I'll identify good features and bad ones. I'll also ask you what things you like and dislike. It's pretty common for buyers to revise their wish list as we tour homes and some features become far more substantial than others. If that's the situation, I'll search the listings once more and narrow it down to the house of your dreams.

Step 4 – Know the market
Your agent's knowledge of the Maryland market is an imperative agent in your home search. And I can assure you I'm familiar with all the schools and neighborhoods, and I will alert you to some areas are "hot" and warrant immediate action and the rest that are "cool" and allow for cautiousness.

When we tour homes, I'll make sure to communicate when the seller's asking price has room for negotiation and when I think the home is "priced to sell." Be on guard and be sure to ask a lot of questions, as every REALTOR® in Maryland will convince you they know the housing market. If it appears they don't know everything, just call me at 410-893-1199 or e-mail me at mortgage11@re-consumer.com, and I'll be glad to answer any questions you might have. My understanding of the market will help you stay a step ahead throughout the entire deal.

Step 5 – Find your dream house
I know we'll find your dream house in Maryland. When we do, I'll carefully develop your purchase offer. The offer will be tailored with your needs in mind, including several contingencies. A few examples are getting financing, completing the home inspection, and a clean title.

Let Remax Components guide you through finding your dream home in Maryland When turning in your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property, and it's usually applied to the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.

Step 6 – Negotiate
Unfortunately most contracts don't close on the first offer. It's extremely common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and go on.

Market circumstances will play a large role in how aggressively we negotiate the deal. In addition, we'll work within your budget. And at the end of the day, we'll create a deal that is best for you.

Step 7 – Get your loan
Once the deal is finished, you'll begin working with your mortgage lender to close the loan. This won't take long at all if you've been pre-qualified, but you'll want to keep in close contact with your mortgage lender. And I'll manage all the property information your mortgage lender needs to close the loan.>

Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of receiving your loan application. This estimate depends on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if everything looks adequate.

Then it's time to close on your house. This will most likely happen at a title company or escrow office and is often a smooth and relaxed occasion.

Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact me at 410-893-1199 or send me an e-mail.