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Buying a house

2- Connect with a Loan Officer.

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Buying a house can seem like an overwhelming process especially if you are buying your first home.  Where do I start? Can I buy a house? Can I afford a house? What do I need to buy a house? How do I buy a house? What is the home buying process? These are the questions we often hear. In this post will answer these questions as thoroughly as possible to assist you. 

I Want to Buy a House so Where do I start?

In 2015 89% of home buyers used the internet as their primary source for research. A good place to start if you want to buy a home is doing research on the internet on how to buy a house. Which you are obviously now doing. The next thing you should do is contact a Loan Officer to see if you can be qualified to buy a home and if so for how much. By doing this you will find out your maximum purchase power at this time and be able to discuss interest rates and mortgage payments. Your loan officer can discuss all the available loan programs that you may qualify for and explain the benefits that each of them has to offer. FHA Loans, Conventional Loans, Veteran Loans, USDA Loans, 100% Financing Loans. Our team of local Loan Officers will gladly assist you with that. Contact us here or call 443-605-5977 for assistance.

Can I Buy a House?

Your Loan Officer will help you determine if you can buy a house. Your Loan Officer will review your credit scores and see if your credit scores are currently high enough to qualify for buying a home. Your Loan Officer will also review your current debt and income and see if your debt to income ratio is okay to buy a house. If your credit scores are not within qualifying range our team of local Loan Officers will assist you to improve your credit scores so that they reach qualifying status to buy a home.

Can I Afford a House?

Being able to determine if you can really afford buying a house is very important. The various first time home buyer programs in Maryland make home affordability much easier. Some of these programs do not require any down payment. There are also down payment assistance programs in Maryland that you may qualify for if needed. With interest rates still at historical lows, it makes it much easier to afford a house. Just remember to buy within your comfortable mortgage payment range. In many cases, the payment on a house is no more than you already pay for the rent on someone else's property or less. Mortgage Calculator

What do I Need to Buy a House?

To buy a house you first need a letter of pre-qualification. Our team of local Loan Officers can provide you with that. It is also advisable that you hire a Buyers Realtor. A Buyers Realtor will assist you tremendously and a great thing about it is they are paid by the seller not you.  Benefits of a Buyers Realtor. Our team of local Buyers Realtors can make the home buying process much simpler for you. We can help you find a house, negotiate a fair price, consult with you about what area you would like to buy in, discuss what type of home you would like to buy, do all the necessary legal paperwork. Once you find a home you want to buy your Realtor will submit your offer and you will usually have to put a deposit down on the house. This is called the earnest money deposit. Sellers Realtors and sellers generally will not accept an offer without a deposit. Deposits range from $500 to $3,000 with the typical deposit falling somewhere in between. 

How do I Buy a House? 

Contact our local team of licensed Loan Officers and Realtors and we will help you buy a house. Get your pre-qualification letter from one of our local Loan Officers then speak with one of our Local Realtors and they will meet with you to discuss what area you would like to buy in. Explain to your Realtor what your must haves are for a home. To simplify the process Your Realtor will then set you up with a daily email of homes directly from their NLMS website that are available to buy which meets your defined search criteria. You will be able to review pictures of homes from inside and out. After review of these pictures pick the homes that you want to see in person and your Realtor will set appointments to show you the homes.

What is the Home Buying Process?

  • Contact a Loan Officer for a pre-qualification letter.
  • Discuss all the available loan programs available.
  • Send in the requested documents to your Loan Officer for approval. Pay Stubs, Federal Tax Returns, Bank Statements, etc.
  • Speak with your Buyers Realtor and start your home search.
  • Put in your offer on a house. Request that your Realtor put in the contract an inspection addendum which protects you if the home inspection discovers issues with the house.
  • If your offer is accepted sign the purchase contract and provide your earnest money deposit.
  • Your Loan Officer will order the home appraisal and your Realtor will order the home inspection.
  • Get Homeowners Insurance Coverage.
  • If your Loan Officer needs any additional documents provide them a.s.a.p.
  • Wait until your loan application gets processed and underwritten.
  • Assuming the appraisal and home inspections go well then you just wait for your Loan Officer to let you know that your loan is clear to close. If the appraisal comes in lower than the purchase price (which does not happen very often) then the seller will have to lower their asking price. If the inspection uncovers issues with the house your Realtor will negotiate repairs with the seller.
  • The settlement date gets set and you sign all the final documents bring any other additional funds to the settlement table and get the keys to your new home.

How long does it take to buy a house and move in?

It does not take as long as you may think to buy a house. The process typically takes between 30 to 60 days depending much on how fast you find the home you want to buy. Once you have your pre-approval letter from your Loan Officer you can immediately start looking for and placing offers on a home with your Realtor. It can take between a few days and a few weeks to find the home that you want to buy. Once you have a contract on the house you want to buy, give a copy of that contract to your Loan Officer and he/she will proceed with getting your loan processed and underwritten so that you can get a clear to close status on your purchase loan. This can take between 3 weeks and 30 days. Once you have a clear to close status the settlement date can be set and you can get the keys to your home at the settlement table. 

Our team can assist you with buying a home in Maryland. We can help you get pre- approved and also set you up with a daily email of homes for sale that fit your search criteria in the area you want to buy in. View these homes until you find the home you want to go see. Call us at 443-605-5977 or fill in the form for a Free Consultation.

3- Find out your financing options.

I want to buy a house. Now what? A man holding the keys to a home he just bought in the palm of his two cupped hands
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