Often thought of as a college town, the town of Towson, Maryland offers a lot more than just a college bar atmosphere. With a population of nearly 60,000 residents, this town is full of schools, restaurants, professional office buildings, shops, and much more. With so many families looking for a new start, how do you approach buying into this growing community? Well, we can help with our steps on buying a home!
Step 1: Finances
How are your finances? When thinking about buying a house, think about how much you can afford. Sit down and make a budget. Use an online mortgage calculator to help calculate an affordable monthly payment. Make sure to factor in your down payment, closing costs, fees, renovations/remodeling, and furniture. While most people will tell you a mortgage is 20 percent of the price, it can actually be lower. There are some loans available without or with very little down payments as well as grants to help you take care of it.
Step 2: Pre-approval for Your Mortgage
The first thing to do before getting a mortgage is to check your credit score. Scores range from 300 to 850. But the higher your score is, the more likely you are to get approved for a mortgage. If your credit score is good, it is time to get pre-approved with a mortgage. Ask your Simply Referable realtor for a preferred lender they work with or shop around online for the best rates possible. When you get pre-approved for a mortgage, it is basically the company saying you qualify for a mortgage. It is not an approval for one. During this time, you can get approved for a mortgage before shopping for a home, making the rest of this list go faster. But it will limit the amount of money you have to submit on a house.
Step 3: Looking for a House
This is the fun yet stressful part of the process. The average buyer will see four to five houses during their search, but that doesn’t mean you can’t see more. Talk to your Simply Referable agent about what you are looking for in your next home. How many bedrooms and bathrooms, how much space will you need, does the kitchen, household storage, and back yard matter? These are all questions to go over with your realtor early so you have the best chance at finding the perfect Towson home for you!
Step 5: Make an Offer
Now that you have found your dream home, make an offer as soon as possible. Homes are usually priced on the high end with an expectation that potential buyers will haggle the price down. Start five percent below the asking price and look at comparable homes to see what they have sold for. There may be a counter offer so be prepared to move your price around a bit before snagging a deal. Once you have a firm price, you will need to make an earnest money deposit that goes into escrow to give the seller once the property is closed.
Step 6: Closing on Your Home
Before closing, make sure to get the house inspected. While inspections do cost you money out of pocket, it will help to ensure the property is in good condition structurally. Closing can take a few months because the seller may have to wait for their own closing before they sell their home to you. Closing costs will include a down payment, title fees, appraisal fees, attorney fees, and inspection fees. Buying a home is a lot of work, but using our six steps, you will be in your new Towson home in no time!
Simply Referable Can Help You Find Your Towson Dream Home!
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.