7 steps to buying your home


7 steps to buying your home

Don’t get lost on the road to home ownership. Here are the 7 steps that can get you there. Maryland’s mortgage program will help guide the way.

Step 1: Educate Home Buyers

Take a Homebuyer Education course to learn more about the process and obtain the required certificate. https://bit.ly/3AC89AI

Step 2: Lender pre-approval

Find a lender and get pre-approved to determine what you can afford.

Get referred to a senior MMP loan officer here: https://bit.ly/3hXqHEs.

If you prefer, you can contact a lender directly from the approved list: https://bit.ly/3zBYBEC

Step 3: Get a real estate agent

A real estate agent will help you find the homes that best suit your needs.

You can locate agents in your area by visiting the Maryland REALTORS® Buyers website at https://bit.ly/3EKe9dp.

Step 4: Submit an offer

Once you’ve found the perfect home, it’s time to make an offer. Your real estate agent will be able to guide you on what a competitive offer is, as well as any other eventualities that the offer will be based on (home inspection, financing, etc.)

Step 5: Loan Application and Lockdown

Your loan officer will help you identify the right Maryland Mortgage Program loan for you and lock in that low interest rate. They will walk you through the other required steps like home inspection, appraisal, etc. The underwriting team will review your updated employment and credit information to make sure you are eligible for a loan.

Step 6: Review the Maryland Mortgage Program

The lender will submit your loan file to the Maryland Mortgage Program team to ensure it meets state requirements. Once this approval is received, your lender will schedule the closing.

Step 7: Closing

Congratulations, you did it! Once you have signed the documents, you will be given the keys to your new home.

The Maryland Mortgage Program has been the state’s flagship homeownership program for over 40 years. Under the Hogan administration, the Maryland Mortgage Program provided more than $ 4.1 billion in mortgages to more than 18,900 Maryland residents and eliminated more than $ 17.4 million in student debt for homebuyers. a first home. For more information visit http://mmp.maryland.gov.

The Maryland Mortgage Program has developed a Buyer’s Guide to help you, wherever you are in the home buying process.

Download the MMP Buyer’s Guide (English | Spanish).

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