Maryland is one of the most impressive regions in the Americas. That’s why buying a house in Maryland is exciting and fun. But when buying a house in Maryland, factors such as your financial situation, current job, and economic and living conditions may cause the process to take longer. In addition, when all these conditions are combined, the price of the house you will buy varies according to your budget.

For example, average house prices in Silver Spring Maryland are set at $500,000. In this city, houses are sold in a short time like 15 days. In this context, to buy a house in Silver Spring, you will need to be quick and make a careful decision.

In addition, in cities such as Bethesda MD, and Ellicott City MD, houses are waiting for a longer period without being sold, as house prices are $8000,000 or more. If it suits your budget, you may have more time to find a house and move to these cities.

There are many things you need to know in this context. We have listed for you how fast you need to be when buying a house in Maryland and what more you need to know. Here is the Quick 8 Steps Guide to Buying a House in Maryland.

Step 1: Save for a home down payment

The more down payment you have when you buy a house, the less loan you will get. In this way, your loan repayment amount will also be less. The lower the loan amount, the less interest you will pay. Typically, when buying a home in Maryland, they require you to pay 20% of the price as a down payment. That means you have to make a down payment of $80,000 for a $400,000 house.

If you do not have a 20% down payment, you can become a homeowner with a lower down payment with government-supported loans. VA and FHA loans are government-sponsored loans. It is possible to pay a 3-5% lower down payment with these loans.

Mortgage Type Minimum Down Payment (%) Down Payment ($)
VA Loan 0% $0
FHA Loan 3.5% $13,982
Conventional 3% $11,985


However, if you pay a down payment of less than 20%, your monthly loan repayment amount will be higher. In addition, you may have to purchase mortgage insurance. You can get information about the possibilities by contacting your biggest supporter, EV A-Team while buying a house. EV A-Team finds and presents the most perfect house offers for you and helps you to buy great houses with a low budget. You can also consider the following loan offers.

  1. Maryland 1st Time Advantage Loan
  2. Maryland Mortgage Program Flex
  3. US Department of Housing and Urban Development

Step 2: Get pre-approved for a mortgage

You have to deposit a certain amount of money to the vendors for the mortgage. You need to get approval for this as well. In Maryland, many sellers will require you to get pre-approved before showing the house. Mortgage Lenders want to know your finances, cash reserves, and total income before they buy your home. In this case, they demand that your debt-to-income ratio be less than 36%, including the mortgage.

  • Total Income
  • Personnel Dept
  • Cash Reserves

Step 3: Choose the location that fits your budget

Your budget is an important factor in determining the state and province where you will purchase a home. You can easily expand or narrow the options after you determine your home purchase budget while giving this much. The average price to buy a home in Maryland is now $500,000. But don’t worry if these prices don’t fit your budget. Prices vary from city to city, even from neighborhood to neighborhood.

Note: When you are going to buy a house, research the old house values in the city. In this way, you can also see how much the houses are worth in that city over time. This will help you choose the house you will invest in.

One of the most important points to consider when purchasing a house is the local lifestyle. Do the living conditions of that area suit you?

  • School districts
  • Crime Rates
  • Your daily commute
  • Restaurants
  • Transportation

Step 4: Find the Best Real Estate Agent in Maryland

The real estate agent will help you find the most beautiful house for your budget while looking for a house. In this context, we recommend that you work with companies that are experts and experienced in the field. The real estate agent is the person who facilitates the home buying process. Managing all the processes between you and the seller, allows you to buy the house at the best price. For this, it will make your job easier to have the following features before agreeing with a real estate agent;

  • Experienced
  • How many houses were sold during the year
  • The price ranges of the houses it owns
  • General comments about the real estate agent
  • Individual comments, reviews, and grievances
  • Communicating with you
  • Process management

Step 5: Start Looking for a Home in Maryland

Before you start looking for a home in Maryland, you should set a list for yourself. In this list, options such as must-haves, and nice to have but not must be included. This way you can narrow down your home options. By examining the house options, you can decide which house you want to buy. Make a list of everything you want to have in the home. It is also important that you choose options such as 3 bedrooms, and 2 bathrooms.

Then start looking through the postings. The current location inventory will provide you with the best options. The busiest time to buy a house in Maryland in May, while the most flexible time is January. Accordingly, it is possible to narrow the options.

Step 6: Make an Offer

In Maryland, homes stay on the market for 58 days before buying a home. These rates vary from month to month. For example, while houses remain in the market for 73 days in January, 44 days remain in May. In general, houses are sold more in warm weather.

What should your offer include?

  • Seller concessions
  • Repair Credits
  • Inspection contingencies

First of all, when reviewing your offer, you must determine the amount you will pay the seller. For example, you can claim from the seller the expenses that will arise when buying a house. If the house you will buy needs repair, you can request it from the seller. You can inspect the house and request it from the seller. Or, you may not trust the seller and do not have the inspection. This will also come down in price.

Step 7: Inspections and Appraisals

The inspections and appraisals you will make will help you to get more ideas about the real price of the house. In this way, you can negotiate more easily with the seller and bid on the house.

Home Inspections in Maryland

Inspections: Before purchasing a home in Maryland, you can inspect the home with a licensed inspector. This inspector inspects the house by examining the roof, foundation, electrical system, HVAC system, and Plumbing of the house. In this way, problems in the house arise.

Appraisals: With Appraisals, you can find out the true value of a home. If there is a difference between the sale price and the real value of the house, you will need to determine your agreement in this direction. This will result in you paying the more or less down payment.

Step 8: Buy the house officially!

You have officially arrived at the final stage of buying the house. The title deed company will assist you at this stage. When signing documents, make sure they are written by your agreement. Review all the documents in detail and sign them accordingly. Payment is made after the paperwork is completed. At this stage, the title deed company will tell you the amount of payment. At this stage, it can be examined under 4 titles;

  • Lender fees: Costs related to your loan
  • Prepaid Costs: Costs like property tax, home insurance, and mortgage interest
  • Title and escrow charges: title deed fee
  • Other costs: costs that may change for each buyer and seller. Natural disaster certification fee etc.
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