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Buying a Home 101: Part 1

Buying a home

Before buying your new home, check out our steps for buying a home!

There is a lot of websites out there that will tell you that buying a home is easy. But the that isn’t always the case for most Marylanders. Buying a home does not happen overnight and it is not a quick process. Let’s go over some steps you will need to take in order to buy a home from start to your inspection and settlement.

Step 1: Checking Your Credit

The first step of making any big purchase is to check your credit score. Unless you are paying cash for your new home, paying with your credit is the only option. Many mortgages require you have a score of 580 or higher depending on the type of mortgage you are applying for. This is also the time when you should begin saving for your down payment, closing costs, and other costs you may have to pay upfront during this process.

Step 2: Shopping for a Mortgage

It may seem a little weird to be shopping for a mortgage before you know the price of your potential home but shopping beforehand is done for several reasons. The first is to know how much house you can afford. A few thousand dollars will make a big difference between your dream home and an alright house. You should also find a mortgage where you feel comfortable making the monthly payments. Make sure your lender does not try to push you into payments that will be too much for you to pay every month. The second benefit of shopping for a mortgage before you look at houses is to have the preapproval letter in hand. This letter can be used as leverage with the sellers to show that you are extremely serious about buying a home.

Step 3: Finding an Area

When thinking about buying a home, do your own online research and even spend time in the neighborhood you’d like to live in. Find out how much homes are selling for in the areas, what do you get with the house, and what about the comp’s prices? When you find a house you’d like to own or a neighborhood you’d like to live in, then it is time to find a real estate agent.

Step 4: Finding an Agent

It is important to work with an agent you trust and feel comfortable with so don’t be afraid to ask around. Simply Referable prides itself on being just that, referable. Our clients love to talk to their friends and family about their experiences with our agents and their new home. It is important to find an agent that is knowledgeable about the neighborhood you want to move to as well as similar areas you might enjoy just as much.

Now that you have all your “ducks in a row,” you are ready to start looking for your perfect home. Don’t forget to check out “Part 2” to find out other important information on buying a home.

Buying a Home with Simply Referable!

The small team of realtors at Simply Referable is deeply focused on creating a memorable selling experience for you and your family. Each of our team members has an area of expertise, and we strive to form lasting bonds with each of our clients. We want to be your go-to realtors every time you or a friend wants to make a change. With local experience, our realtors can help you choose a house that is just the right fit for your family, now and forever. Contact us online or give us a call at 410-983-9045.