Thinking of buying a home, but not sure where to begin. There is all sorts of conflicting advice out there about how to get the process started. Here is the quick listing of the 7 Steps to Buying a Home in Baltimore:
1. Get Your Finances in Order: To complete the task, you will need to contact a lender. The lender will collect all your pertinent financial details and pull your credit report. They will let you know if you need to complete any preliminary steps, such as correcting credit report inaccuracies, before pursing your home purchase.
2. Determine You Needs and Wants: Once you have been pre-qualified by a lender, you will have an idea how much home you can comfortably purchase. Use this information along with your own personal preferences to determine what your new home must have for comfort and convenience.
3. Find a Real Estate Agent: Now you know your needs and better understand your individual home purchase affordability, it’s time to locate a great real estate agent. The most common ways for buyers to find agents are referrals from friends and family members, neighborhood signs, and open houses.
4. Find “The One” and Make an Offer. With the help of your agent, you should be able to gain access to homes in your area that meet your search criteria. Once you find the home one which meets your needs, he or she will help you submit an offer and come to agreement with the Seller.
5. Complete the Loan Process. With your offer accepted, you will now return to the lender with all your financial information to complete a full loan application.
6. Inspections. During the first days of your transaction, you will complete structural/mechanical and termite inspections to make sure everything is in order with your new home.
7. Settlement/Closing. Approximately, 30 to 45 days after your offer have been approved, you should expect to close on your new home! At the closing, you will sign all lender documents to accept the terms of your loan, transfer the property into your name, and pick-up the keys to your new home.
For more detailed, information on the home buying process, click here to request a free Homebuyer Booklet.