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Office of Homeownership
How to Maximize Your Homebuying Experience
Enroll in and Complete a Housing Counseling Workshop
This valuable first step will help provide a strong primer for the homebuying process from start to finish.
Baltimore Housing maintains a list of City-approved counseling agencies
Research Mortgage Options
There are many free options for researching mortgage products. Many banks have brochures and
pamphlets that explain the types of mortgage products. In addition, the Internet, certified housing
counseling agencies, and public libraries are great sources for information. Among the information you
want to understand is: types of mortgage product options, rates and terms of these products.
Begin Loan Application Process
Most lenders will require potential mortgage borrowers to complete a loan application in order to
determine information vital to ensuring loan qualification. Although many homebuyers first identify
the desired home before completing the application, a best practice is getting pre-approved prior
to identifying the home to determine how much one can afford. The pre-approval process requires
some time commitment and as much information as the full loan application process. Pre-approval is
a commitment to provide mortgage financing and all Baltimore Housing loan products require loan
application information.
The recommended steps for working with a lender are:
 Gather all required documents including tax forms, pay stubs, bank statements, proof of other
funding sources (e.g., brokerage reports or mutual fund balances). Most lenders will provide a specific
checklist.
Prepare any questions regarding financing you have. This will help ensure that you accomplish your
objective to be educated about the process and loan products.
Identify a Real Estate Agent
Any homebuyer has the option of speaking with more than one real estate agent in advance of executing
any documents.
Identify a Home
Prepare a list of desires and needs for your home. Be certain to delineate between those items that are
necessities and bonuses. Give thought to the other factors, including community amenities such as schools,
parks, retail establishments, and proximity to preferred transportation routes.
Identify Other Professionals to Help You
Engaging a real estate attorney can be helpful (but may be an additional cost) in giving the homebuyer
another set of trained resources. Free and/or reduced rate legal services in connection with a home purchase
are available through the Civil Justice Network and St. Ambrose Legal Services. Research home warranties
(if applicable). Engaging the services of a good home inspector can also be helpful.
Finalize the Loan Process
Contact your chosen lender to begin the process of finalizing your loan process. Collect and provide
updated documents to the lender as soon as possible. This will ensure that the lender has the most
up-to-date financial information and will make for a more smooth loan approval and closing process.
Please keep in mind that time is of the essence as interest rates or other factors may change and impact
your loan. Get a sense of the timing for a financing decision. Most lenders will be able to give a clear
indication of the decision turnaround time as well as provide details about your application or types of
loan products. Your lender will be able to provide you with a good faith estimate, itemizing the various
fees and costs and the amounts due at closing.
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