| Buying a Home
Hunt for 'HousePartners'
Contact us to find
your new home - click here
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| Click
here for a full Database of Maryland Homes
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| Review of the Home Buying Process:
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| 1. Introduction
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- A general outline of the buying process |
| 2. Agency Representation
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- Buyers agent, sellers agent, cooperating agent, dual agt. |
| 3. Settlement Fees |
- Fees paid outside of contract, taxes |
| 4. Qualifying Guidelines |
- What will your lender ask of you |
| 5. Choosing your home
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- Insights into making choices |
| 6. The Contract
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- Helpful hints when writing a contract |
| 7. Inspection,
Settlement
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- Things you must not forget |
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| The first step in buying a home is to choose
a Realtor. After you talk to friends and neighbors. Call, e-mail or write a few Realtors. The
best Realtor will be the one who responds to your communication promptly, who
answers your questions directly and honestly and whom you feel comfortable
working with. Choose your own realtor before visiting or buying a newly
constructed home. You need your own agency representative, not simply a
representative of the seller. |
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| The next step is to assess your capability to obtain a mortgage.
Mortgage companies base their readiness to give you a mortgage on several
factors. The most used factor is your credit
score. Ask for your
credit score. They are obliged to tell you. Your credit score will
vary among different lenders depending upon their mode of correlating the
information. Your credit score will vary at different times depending upon
additions or changes to your credit history. A credit score of 600 or more is acceptable. A
credit score
of 560 to 599 is considered borderline. In borderline cases the final
determination will depend upon other factors which are weighed separately by
different companies. |
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The next most used factor in the determination of credit worthiness for a
mortgage is the income/debt ratio.
Credit worthiness is further defined by items in your credit history and your
available sources of funds. |
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| Please share any questions or suggestions with us. We would like to
know if our presentation was helpful to you and how we can make it better or
more user friendly. |
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| Use the Feedback contact form, e-mail
or call us for further information. |
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| Edward and Katie |
