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The Firemen's Group
410-715-2759
Info@frgmd.com
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The Firemen's Group
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410-715-2759
Info@frgmd.com
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Buyers Info
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Sellers Info
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Owning Your Home
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BEFORE STARTING THE BUYING PROCESS YOU MUST:

  • Examine your current financial situation and determine how much you can afford
  • Figure out what is your monthly surplus and what you are willing to spend on mortgage
  • Mortgage should not be more than 25-30% of monthly take home income
  • Consider where you are going to be in regards to work, family, etc. in the next 5 to 10 years
  • Educate and prepare yourself as much as possible in advance

STEP 1: SIGN A BUYER AGREEMENT & GET A LOAN PRE-APPROVAL

  • Sign a buyer agreement; this is required for your agent to represent you as the buyer
  • Meet with a lender; they will review your finances and credit history
  • Be sure to take all costs into consideration when estimating what you are comfortable paying monthly
  • Lender will pre-approve you and provide you with a document that details how much you can borrow to buy a home

STEP 2: BEGIN A HOME SEARCH

  • Let us know what your timeline for moving is
  • With a price range in mind, make a list of neighborhoods that you're interested in, and must and must-not have's for your new home
  • User our website (http://www.frgmd.com) to begin a preliminary search
  • Create a profile on our site so you can keep track of home viewed; this will help us show you properties as close to your specifications as possible

STEP 3: MAKE AN OFFER

  • Once you've found the home you'd like to buy, it's time to submit a contract. Contracts enable you to specify a sale price and also include many clauses for specifying various terms of purchase, such as the closing and possession dates, your deposit amount, and other conditions
  • Deposits are typically 1%-5% of the offer price
  • Once we've written the offer, we will present it to the seller
  • Seller can accept your offer, reject it, or counter it to initiate the negotiation process
  • When the offer is accepted we will begin following through with the offer conditions
  • Be prepared for expenses such as home & termite inspections, application fees and prepay homeowner's insurance before closing/li>

STEP 4: SECURE YOUR FINANCING

  • Go back to your chosen lender to finalize your mortgage details so you can close the deal
  • You will finalize your down payment, interest rate, regular payment schedule and any other financial conditions associated with the closing
  • It is important to stay clear of any big credit purchases that may affect your ability to secure a loan

STEP 5: GO TO SETTLEMENT

  • The settlement company will perform a title search to ensure that there are no claims against the title
  • We will perform a final walkthrough of the property to ensure it's in the same condition as when you made the offer
  • The settlement will include paying your closing costs, legal fees, property adjustments, and transfer taxes
  • At that point, you will receive the property title and copies of all documentation pertaining to the purchase
  • Unless otherwise agree, you will immediately assume possession

Congratulations!

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