Are you thinking of buying your first home? Congratulations, this is an exciting new chapter in your life! But before you start house hunting, there are a few things you need to know about buying a home in the current competitive seller’s market in Maryland, Virginia, and Washington D.C. Fortunately, the My Home Mortgage Team can walk you through the process. Keep reading as we share our best tips for first-time home buyers facing a seller’s market, and contact us if you have any questions.
Check Whether You Pre-Qualify
The first step in the home-buying process is finding out whether you pre-qualify for a mortgage. Doing so will give you an idea of your purchasing power and help you narrow your search to homes within your budget. With over 25 years of experience, you can trust the My Home Mortgage Team to help you pre-qualify for a loan.
Seek Down Payment Assistance
If you’re like most first-time home buyers, you may not have a large down payment saved up. Luckily, it’s easy to find programs that will help. In fact, the My Home Mortgage Team can point you in the direction of state programs such as:
Get Pre-Approved for a Mortgage
Once you know how much house you can afford, it’s time to get pre-approved for a mortgage. This is an essential step in the home-buying process because it will give you a clearer picture of your budget, show sellers that you’re serious, and help you stand out from other buyers.
Set Aside Earnest Money
When making an offer on a home, you should put down what’s called “earnest money” to encourage the seller to take their house off the market. This is a deposit that shows the seller you’re a serious buyer and serves as insurance in case you back out of the deal. If you end up closing, your earnest money can go toward the closing costs.
Buying a house in a seller’s market can be daunting, but it’s not impossible! The My Home Mortgage Team is here to help first-time home buyers in Maryland, Virginia, and Washington D.C., so contact us to start your path to owning a home today!
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Testimonials
Patient & Helpful
Tammi was very patient and very helpful throughout the entire application process. Being a first-time home buyer I didn't know a lot of this which made me frustrated but I was able to get approved and now I am a homeowner thanks to Tammi!
— James C.
No Pressure or Stress!
Tammi Lewis made my home buying experience very easy. I felt no stress or pressure. Tammi was with me every step and made sure I understood everything with detailed talks. My credit score was low and Tammi advised me how to raise it. So that the Loan process would be approved with no problems. Any one know that wants to buy their first home I am recommending Tammi Lewis and First Home Mortgage.
— Charlie F.
Professional & Timely
Rob made sure my experience as a first time home buyer was smooth and painless. Very professional and got things done in a timely manner. Could not have asked for more!
— Samantha J.
Great Experience for a New Homeowner
Rob was at all times, willing to go over the numerous pages of information with me. I am a new homeowner and had many as this was my first time navigating the home-buying waters. He explained things to me in a way that I understood and got me all of my documents in a timely and efficient manner. I enjoyed working with him and would refer him to anyone who is looking.
— Erica F.