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FIRST-TIME HOMEBUYERS CHECKLIST IN MARYLAND

FIRST-TIME HOMEBUYERS CHECKLIST IN MARYLAND

First-time homebuyers have many questions. How much home can I afford? What types of features should I look for? Who’s the best lender? Where are the best school districts? Is their credit score good enough to qualify?

FIRST-TIME HOME BUYER’S CHECKLIST IN MARYLAND

In a competitive market where homes can fly off the market in a week or less, it’s essential that buyers come to the table prepared. Here’s a list of steps every first-time homeowner should consider in their search.

STEP 1
MAKE SURE YOU’RE READY TO MAKE THE MOVE
  •  Do you have a stable job?
  • Do you plan to live in the same location for at least the next 5-10 years?
  • Are you prepared to accept the responsibilities of homeownership?
STEP 2
CREATE A WISH LIST
  • Rank what’s most important to you:

Location: Suburbs, city, or country?

Size: How many bedrooms/bathrooms? A yard?

  • School district
  • Public transportation
  • Commute distance/time
  • Rental income opportunity
STEP 3
DETERMINE YOUR FINANCIAL STATUS
  • Request your credit report from all three credit bureaus (Equifax, Experian, and TransUnion). Correct any credit errors ASAP.
  • Estimate your down payment. A 20% down payment is ideal to avoid paying private mortgage insurance.
  • Calculate approximately 3-6 months’ worth of emergency funds for unexpected maintenance
STEP 4
COLLECT YOUR NECESSARY DOCUMENTS
  • Gather proof of employment, including pay stubs and tax returns from past
    two years.
  • Print bank and investment account statements from the past 90 days.
  • List your previous addresses of residence and current landlord’s contact information.
STEP 5
RESEARCH LENDERS AND MORTGAGE OPTIONS
  • Gather quotes from lenders, comparing rates, fees, and terms.
  • Get pre-qualified for a loan to show sellers you’re serious.
  • Obtain a pre-approval letter.

If you are looking for a real estate agent, realtor, and lifelong real estate partner contact a Reliable Investment Consulting agent today at 301-823-5800, hire an experienced team of a real estate professionals in the Washington, DC, and Maryland marketplace

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