How to Buy Your First Home in DMV
It's exciting, emotional and a bit unnerving...so work with The Banner Team!
Considering buying your first home? We're always so excited to help first-time buyers leave their rent behind and join the ranks of home owners building equity! We are here to help you every step of the way on your homebuying journey in the DMV. Your Banner Team agent will help you understand the entire process, from securing a mortgage to finding the right home and neighborhood, to celebrating with you at the closing table.
Understanding Your Mortgage
The first step in your home search in the DMV is finding the right budget for your lifestyle. There are plenty of mortgage options designed to fit a variety of lifestyles and financial situations, including special incentives and options for first-time homebuyers. Learn more about mortgages, and find the kind that's right for you.
Work with Banner Team to Buy Your First Home in DMV
The Banner Team has helped first-time homebuyers just like you successfully move from renter to owner with the purchase of their first home! It's always a thrilling experience, and we love seeing how our first-time buyers make a house their own unique home.
Find Homes for Sale in DMV
Ready to discover the best places to live in DMV? Use our advanced home search feature to find exactly what you're looking for! Determine what you want and need in a home, from the floorplan to the neighborhood. Remember to consider what your MUST HAVES are, along with your WISH LIST. Once we start touring homes, it's a good practice to take notes of what you like and don't about each property and share the info with your Banner Team agent. That way we can hone in on the homes that match your "likes" so that your final choice is a great move!
Making an Offer
You've found the perfect house in DMV. Now, it's time to make the offer that will make it yours. The Banner Team will help you with this critical part of the homebuying process and will do the work of finding out what it is the seller is looking for. It's often not just the price! It can be a certain settlement date, few (or no) contingencies, or even a rent-back option so that they have longer than the typical 30-45 days that a sales transaction usually takes. Our real estate agents will work closely with you to determine an offer and negotiate the final deal with the home seller so that you know you've made a great buying decision.
What Will I Pay Up Front?
Earnest money
Your earnest money is the monetary deposit you make with your initial offer. We encourage our buyers to show the seller you are serious and will advise you about what we suggest conveys your intention to follow through with the contract. This money is later applied to your final move-in costs.
Down payment
This is determined by your loan, or possibly any government programs or assistance you have requested. There are many options available and we will find the lender with the product that will work best for you.
Closing costs
Closing costs include the charges you will pay to the title company for their title search services, any taxes and recordation fees that are part of every real estate transaction, appraisal fees, prepaid interest, and (if applicable) prepaid HOA fees. Additionally, unless paid by the seller and as negotiated, you may have Banner Team agent compensation costs. All of these costs will be provided to you well before closing so that there are no surprises at the closing table, and so that you have a complete understanding of what you are paying for.
Closing the Deal
Once the buyer and seller agree to the terms of the sale (this is when the contract is ratified) and the paperwork is in order, The Banner Team will work to ensure a speedy closing on your new home in DMV. You can typically expect this to be a 30-45 day window of time, unless you are paying cash. Our Closing Coordinator will keep you apprised of all of the dates and times as we move through the contract to close phase of your purchase.
Review your contract
Before you sign any paperwork, The Banner Team will help you carefully review the contract to ensure you have an understanding of the timeline and that you have the sufficient contingencies (home inspections, appraisal, etc.) that will give you the peace of mind you'll need when you are buying a home. Contingencies are designed to protect your interests during the sale process.
Finalize your mortgage
Work with your lender to submit your mortgage, appraise the new home, and review the closing costs. Your lender will explain the expectations of your particular mortgage loan.
Sign, pay, and get keys!
It's time to close! Before closing day, we'll have one last "final walkthrough" of your new home, so that you see that it is in the same condition it was when you either contracted to buy it, or had any home inspection items negotiated. If you had an inspection and repairs were requested, we will be able to see that they were done and we'll get receipts from the service providers who made them. We'll then set up a closing date and time, which is up to you. Many of our clients like to attend closing in person at the settlement company, while many others prefer to close on their home remotely. We will tailor your closing to the way that works best for you and then.....the keys are in your hand to your new home!
Still Have Questions About Buying Your First Home in DMV?
The Banner Team is here to help! We know you'll have plenty of questions and we're ready to answer every one. Buying your first home is easier than you think when you work with the best real estate team in DMV. So don't wait—contact us today and get started!