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Buying a home can feel like an overwhelming process. At Live Baltimore, we are here to assist you with all phases; from identifying a neighborhood that suits your lifestyle, to finding incentive programs that can assist in the purchase of your home.
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The first step in buying a home is determining how much you can afford to pay. By getting pre-qualified through a mortgage lender you will be able to narrow your search to homes you can afford. This will also give you more negotiating power with the seller.
- Contact a Live Baltimore Preferred Mortgage Lender for a pre-qualification letter that states exactly what loan amount you qualify for.
- Gather documentation about your finances: W-2 tax statements, pay stubs, banking statements, etc. Your lender will provide you with a checklist for pre-qualification.
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With over 200 neighborhoods in Baltimore City , how do you choose just one? Start with a visit to LiveBaltimore.com’s neighborhood profiles to preview 130 areas and find a community that best suits your needs. Next, come into our Home Center to meet with a Live Baltimore specialist that can talk with you about neighborhood amenities, show you a variety of areas on our life-sized wall map, and refer you to a neighborhood ambassador that you can speak with. With virtually every type of housing stock available, Baltimore City has what you are looking for.
What to consider:
- What area of the city do I want to live in?
- What kind of home do I want; detached or rowhouse style?
- Do I desire a family oriented community or one with a more lively night life?
- Do I need to be close to public transportation or highway access?
You can further narrow your search by researching our Average Home Sales Database . Here you will find average and median prices of all neighborhoods over the last six years, giving you a better idea of areas within your budget.
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Connect with a Live Baltimore Preferred Real Estate Agent . In most cases, you will need a licensed real estate agent to help you gain access to homes for sale. But more than that, a good agent will help you find the right house in a neighborhood that fits your needs, and assist in negotiating the final offer price.
Our Preferred Real Estate Professionals can be searched by neighborhoods of specialty, giving you the inside scoop on soon-to-be-listed properties. Additionally, they receive extensive training from Live Baltimore on incentive, property tax and grant programs that apply to those specific areas. Come into our Home Center and meet with one of these agents at any time, search here and receive an immediate online referral.
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Your agent will work with you in putting together an offer to present to the seller. When determining this amount take into account the condition of the home, market activity, comparable area homes values, and the seller’s circumstances.
Also, consider savings realized through available incentive programs, from down payment assistance to tax credits. Research all of these incentives here .
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After your offer is accepted, it’s time to secure financing and this step will be much faster if you are pre-qualified. There are different types of mortgage products from fixed rate, adjustable rate, and FHA, among others. It’s important that you research the options thoroughly and seek assistance from your mortgage loan officer. You’ll also need to collect personal financial documents to submit with your application.
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Now it’s time to sit back and let your loan officer take over. They’ll order an appraisal on the property, approve your loan, send you a commitment letter with terms and conditions of your loan, prepare the documents for closing, submit them to your title company, and finally attend the closing proceedings.
At this time you may also want to purchase homeowner’s insurance and line up a home inspector that will give you a thorough assessment of the current state of the property.
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Congratulations! After attending the closing and signing all of the paperwork you’re a homeowner! Now Sign Up to be a Live Baltimore Ambassador to represent your neighborhood to other potential buyers. After you've settled in, take a look at our Now That You're Here page for info on recycling, permits, phone & cable service, and more!
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