Buying a Home in Southern MarylandMortgage Pre-ApprovalSearching for your new homeBuyer FAQ and Glossary

Buying a Home in Southern Maryland

One of the largest, most nerve-racking purchases you will ever make is buying a home. Whether it's your first home or your fifth home, this is no small decision. There is so much advice out there regarding this topic and yet many of the steps remain the same. Let’s break it down, here are the major steps to buying a home. 

buying home journey

Buying a Home in Southern Maryland

How much can you afford? Budget & Stick to it!

This is THE MOST important part. Find out how much you are qualified for, but even more so, how much you can actually afford. It is said that your mortgage payment should only be ¼ of your total monthly income. This is so you don't become “house poor”. Whatever this number is for you, that should be your budget and you want to stick to it no matter what. It might not be time for your dream home but it could be time for your starter home. 

Discover your homebuying potential with our Mortgage Calculator! Mortgage Calculator

What are your mortgage options?

There are many mortgage options out there depending on what you do for a living and if you are putting a down payment onto the purchase of this home. 

  • VA Loan- For eligible veterans/no down/low and fixed interest rates
  • Conventional Loan- not insured by the federal government/has a PMI if there is less than 20% of a down payment
  • FHA Mortgage- little or no down/from an FHA approved lender and insured by federal housing administration

By getting familiar with the many forms of home loans/mortgages, you will be able to make an informed choice that is in line with your financial objectives and situation. 

Ready to buy a home? Start your home-buying journey with us!

Preapproval Letter

Once you have selected your mortgage type and what lender you are going through they will work with you to get a preapproval letter that you can use with your agent as you begin to look for your home. 

Mortgage Pre-Approval

Get a head start on your homebuying journey by securing your financing,  it's fast, easy, and puts you in a stronger position when making an offer on your dream home. Your future home awaits – start the pre-approval process today!

Select a real estate agent

Reach out to trusted friends and family around you for a referral or call a local real estate office to get referred to an agent.  A skilled real estate agent streamlines your homebuying process, providing expertise, negotiation skills, and invaluable guidance for a successful transaction.

When it comes to choosing excellence and personalized service, consider the Southside Group. Click here to discover why their commitment to your success sets them apart in the real estate market

Pick your home/neighborhood

Home Search

Selecting your ideal home and neighborhood is a collaborative journey with your trusted real estate agent. Together, you'll explore options that align with your financial parameters and personal preferences, ensuring a tailored and successful homebuying experience.

Offer/Offer acceptance

Once you have selected your desired home your agent will work with you to write and submit your offer. This offer can be accepted or the sellers can counter your offer and then you can accept or counter again. This can go back and forth until there is an agreement or you walk away from that transaction. 


Once your offer is accepted, then you move forward into the escrow process. This involved many things but the two major ones are inspection and appraisal.

Inspection- A licensed inspector that has the state building codes will come to inspect every inch of the home to point out anything and everything that may possibly need repair or meet all the standards. A full report is given to both the buyer and seller. To know more about home inspection click here.

Appraisal- this is done by an appraiser who comes out to determine the value of the home in the current market conditions and many times this needs to match the sale price in order for the mortgage loan to have final approval. 

Negotiations with seller

Based on the results of the two above, you will work with your agent to negotiate with the seller for repairs on the home, lowering of the sale price, or a financial credit within the sale of the home. 

Loan Approval/Loan Docs signed

When all negotiations are settled and the loan is approved then you will sign your loan docs with a notary. 

Escrow docs signed/Close of Escrow.

When the loan is financed and everything is complete, you will sign closing docs, the loan will be funded, and you will close escrow. This is the moment you get your keys and the house becomes your new home!

Check out our Financial Terms Glossary here.

Each of these steps will have more details to it, but this broad overview should give you a clear understanding of the process. Your agent will walk you through all of this and make it as seamless as possible for you. 

Interested in new construction? Explore our New Construction page (Bay Custom Homes) today and discover your dream home in Southern Maryland!


Explore our Buyer FAQs and Glossary for answers and insights. Questions? Contact us anytime.

 Get started below by looking through the most popular communities in the Southern Maryland real estate market. 

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