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Your Home, Your Future -A ComprehensiveGuide to Maryland HOMEBUYINGB Y : R H O N D A E . G R A V E S

Your Financial Foundation34ContentsIntroductionHomebuyer EducationChoosing Your Team of ProfessionalsHouse HuntingHome Buying Process - OfferAcceptedEmbrace Your Homebuying Journey568910 The Pre-Approval Process7

I’m Rhonda Graves, the team lead for The GravesGroup of Realty ONE Group Excellencein Pikesville, MD. I’m your go-to agent when itcomes to Maryland’s diverse and thriving realestate market. I spotlight it’s most desirableneighborhoods and the many places to visit fromthe cities to suburbs.. I love working with workingprofessionals who want to upgrade to next levelhomes and families that are looking to downsizeand sell their homes. I’m well versed on the needsof First Time Home Buyers and as a Veteran Ihave a special desire to serve our service menand women in homebuying and relocation. @rhondamovesmdwww.facebook.com/rhondamovesmdHi, we’re The Graves Group & we’re excited topartner with you! INTRODUCTIONTHEGR AVESGROUPMD.COM @RHON DAMOVESMDRandall Graves is my brother, business partner, &co-team lead. Randall’s approach to sellinghomes is client first, strategic marketing andanalytical negotiations. Randy as we call him, hascharm and a friendly demeanor that creates asafe space for open honest communication toensure the desired results for all parties. Randy isalso our financial guru. He’s a successful investorwho utilizes his high level business acumen toperform high quality renovations. He is motivatedto elevate both the buyer’s lifestyle and theblighted areas of Maryland. @ran_realestateThe Graves Group of Realty ONE Group Excellence in Pikesville, MD. servicesMaryland, Washington DC and Pennsylvania.We’re a reputable group of dedicated, experienced and hardworking agents whogo above and beyond to make the home buying experience an exciting,educational and transformative experience. It's advantageous to collaborate withus for a successful outcome. We pride ourselves on being knowledgeable of thereal estate market trends and economic indicators. Our satisfied clients are what we are proudest of and they become part of The Graves Group family for life.We’ve created this eBook to be a guide for those who want to purchase a housebut are uncertain about how to begin the process. This guide along withattending the online workshop will make the process very clear and give all thetools to start your journey to homeownership.#Homeownership2024 #DreamHome #HomebuyingWorkshop"

Step 1: Understand Your Financial Landscape Evaluate your financial health, including income, expenses, andexisting debts. Determine your affordability and establish arealistic budget for your home purchase. See electronic budgetsheet attached.Check your credit report and address any issues. We recommendchecking your credit report for any errors or discrepancies. Step 2: Know Your Credit ScoreOpen a separate savings account for your home purchase. Thishelps organize your funds and demonstrates financial disciplineto lenders.Step 3: Open a Dedicated Home Buying AccountYour Financial FoundationAttend The Graves Group’s Homebuying Webinars. We will hostseminars and webinars monthly, notifications will be sent viaemail to register. We will discuss how to review credit reportsand write dispute letters to be mailed to the credit bureaus tostart fixing credit immediately.Evaluate spending habits, assess the budget by identifying theactual monthly income , expenses (needs and wants) and findcost savings by eliminating unnecessary subscriptions, fees andoverspending . It may be best to cut back on entertainment, bigpurchases and excessive buying when preparing to buy a home.THEGR AVESGROUPMD.COM @RHON DAMOVESMDSet up credit monitoring. It may make sense to lock you credit torefrain from opening new credit lines and to keep creditors frommaking inquiries that may damage your credit score. Meet with a lender to get an overview of your current creditscore. Ask for advise on steps to improve your score to a homebuying rating. A good credit score helps with securing favorableloan terms.

Enroll in a Home Buyer EducationClass. Maryland has locations inthe city and the county. It’s bestto contact the agency in the areayou plan to purchase your homeas the representatives may bemore versed on grants pertainingto their specific location .Invest in knowledge by taking ahome buyer education class.Classes are offered online and in-person. It’s best to attend and getcertified in case funds areavailable to help you reduce yourout-of-pocket costs.Learn about the home buyingprocess, financing options, andresponsibilities as a homeowner.The housing counseling agency’sworkshops focus on improvingyour personal finances andincreasing your financial stability.in addition to home buying do’sand dont’s. Homebuyer EducationTHEGR AVESGROUPMD.COM @RHON DAMOVESMD@RHON DAMOVESMD

THE GRAVES GROUP’S REAL ESTATE AGENTSASSISTS WITH ASSEMBLYING YOUR TEAM OFPROS, A MORTGAGE BROKER/LENDER,INSPECTOR, TITLE COMPANY, HOUSINGCOUNSELOR & MORE.CHOOSE US, WE’RE KNOWLEDGEABLE,ATTENTIVE, AVAILABLE AND PASSIONATEABOUT ELEVATING OTHERS.WE PARTNER WITH VERY REPUTABLEFINANCIAL ORGANIZATIONS TO ENSURE YOURECEIVE THE BEST FINANCIAL PRODUCTS FORYOUR SPECIFIC SITUATION. TIT L E CO. OR R E A LEST A T E ATTORNE YLEN D E RS & MORT G A GE BROKERS ,DISCUSS VARIOUS FINANCING OPTIONS(BELOW). UNDERSTAND THEADVANTAGES AND REQUIREMENTSASSOCIATED WITH THE LOAN TYPESTHAT FIT YOUR FINANCIAL SITUATION.CON V E NTIONALVA LOANFHA LOANUSD ACON F I RMCLE A R TITLEISS U E TITLEINS U R ANCE RE M E DY LEINSOFF E RSET T L EMENTSVC S , CLOSEDEA L SChoosing Your Team ofHomebuying ProfessionalsTHEGR AVESGROUPMD.COM @RHON DAMOVESMD

DOCS YOU M AYNEED -PAY STUBSTAX RETURN SBANKSTATEMENTSW2S1099DD-214INVESTMENTACCOUNTSCHILD SUPP ORTOFFER LETT ERSSOCIAL SEC URITYRETIREMENTDISABILITY DOCSRENTALVERIFICATI ONDEBT STATE MENTSECT.Budgeting for Homeownership:Budgets guide the buyer in assessing their currentfinances to prepare to pay on-time monthly mortgagepayments. Use our mortgage calculator, go tothegravesgroupmd.com and input your data. Propertyprice, property taxes (estimate 1% of price), interest ratebetween 6.5% and 7% and input $1200 for homeowners’insurance. Play around to get an idea of affordability.Down Payment (DP) Options:Loan types have varying DP amounts. Conventional loans require 3% -20% down, FHA loans are typical 3.5%. DPrequirements for Veteran (VA) and USDA loans have 0%DP.Required Documentation:Gather documentation needed for pre-approval, such asproof of income (pay stubs, tax returns), employmentverification, and details about existing debts. Be timely providing updated documents as requested.Pre-Approval Process Timeline:The timeline for the pre-approval process, is typically afew days. We emphasize the importance of starting thisprocess early in the homebuying journey. You can’t makean offer without a pre-approval.A pre-approval letter is not a loan commitment but aconditional commitment from the lender. It shows sellersthat the buyer is a serious and well positioned candidate.Pre-approval means, “a preliminary assessment by a lender to determinethe maximum loan amount you qualify for based on your financialsituation.” Financial Readiness Assessment:Lenders request documentation from potential buyer's to ascertain theircurrent financial status. This requires a discussion of income, debt, andcredit score.. These factors heavily impact buyer’s eligibility for amortgage. Lenders can advise buyers to proceed to buy, wait and takeactions to increase their ability to qualify for a loan or to enhance theirposition to get more favorable loan terms. One may be able to buy butdesire approval of a higher purchase price, down payment grants or abetter interest rate.The Pre-ApprovalProcess@RHON DAMOVESMD@R HONDA MOVES MD

House HuntingI MUST emphasize the significance of obtaining a pre-approval beforestarting the home search to ensure that the buyer is presented withproperties within their budget range.If the buyer wishes to make an offer the pre-approval must accompanythat offer or the Seller will not look favorably at the offer. If there aremultiple offers the offer with no pre-approval may not be reviewed at all.THEGR AVESGROUPMD.COM @RHON DAMOVESMDHopefully, expectations have been set and based on the type of market buyersshould be aware of the potential for homes to be sold AS-IS. AS-IS means thereare no repairs performed by the seller. The agent must secure as muchbackground info on these types of homes and suggest an inspection beperformed to ascertain if moving forward with the purchase is optimal.Additionally, buyers need to be prepared for bidding wars where certainproperties garner many interested buyers willing to make an offer. This leads tomultiple offers and a strategic real estate pro will know how to navigate thatsituation successfully.Be ready for out of pocket, or at time of service costs which are the earnestmoney deposit (1% of price), home inspection ($400+) and appraisal ($500+). As buyer’s you decide who does the home inspection and title work for yourtransaction. Our team partners can recommend the best in the business ifunsure who to utilize. Once all of this is in order get out and shop, this can be thelongest part of the process for buyers. We suggests you make decisions in atimely manner because Md real estate is estimated to be on the market anaverage of 30-40 days. We send you the homes based on your criteria andshow the properties you select.. Hesitation can cause a missed opportunity sobe intentional about your home search.LOCATION , LOCATION , LOCATION -MONEY SPENDS DIFFERENTLY FROM ONENEIGHBORHOOD TO THE NEXT AND BASEDON TYPE OF HOME. IF YOU STRONGLYDESIRE A CERTAIN NEIGHBORHOOD, IN THEEARLY STAGES, LET YOUR AGENT KNOWSO THAT THE AGENT CAN MAKE YOUAWARE EARLY OF THE PURCHASE PRICESAND THE MONTHLY MORTGAGE PAYMENTYOU MAY PAY FOR THAT SPECIFIC AREA.@RHON DAMOVESMD

Home buying Process Offer and Negotiation Phase:Negotiate Terms: Work with your realtor to negotiate the price,contingencies, and closing timeline. Contigencies are things thatmust happen in order for your loan to receive approval or homepurchase to be completed.Financing Contingency - Lender must approve your loanaccording to the timeframe of the contract.Appraisal Contingency - Lender requires the home value beequal to or greater than the loan being financed. If not you maywaive this contingency and pay the dollar amount betweenlower appraised value and the contract purchase price. Settlement Contingency - Buyers may need to sell their currenthome prior to purchasing the next home. Also, sellers may havea need to keep possession of the home you desire to purchaseuntil they buy a new home.Closing Timeframe: Most lenders in Md can approve a loan in 21days and close the loan and settle in 30 days. There are somecases where buyers are awaiting grants and 45 - 60 days areneeded prior to settlement.Finalize Offer: Sign contract and addenda once negotiations arecompleted and agreeable. Ratify the contract to start escrow. Escrow: Be prepared to deposit the Earnest Money Deposit whensubmitting the offer, it must be deposited in escrow within days ofoffer acceptance.Home Inspection: Schedule a professional inspection quickly toassess the property's condition.HomebuyingProcess - Offer AcceptedTHEGR AVESGROUPMD.COM @RHON DAMOVESMD

Contract to Closing Phase:Throughout these phases, effective communication with your realestate agent, lender, and other professionals is crucial. An agentcan guide you through each step, ensuring a smooth and informedhomebuying experience. Keep in mind that variations may occurbased on local practices, market conditions, and individualcircumstances. Secure Financing: Finalize your mortgage application and workclosely with your lender. Your contract specifies how much timeyou have to apply with documentation. TIME IS OF THE ESSENCE!Appraisal: The lender conducts an appraisal to ensure theproperty's value aligns with the loan amount or is equal to or higherthan your purchase price. Appraisals at lower values may berenegotiated or contract may be voided. Title Search: The title company performs a title / lien search toensure there are no conflicting ownership issues.Closing Costs: Budget for closing costs, including fees, taxes, andinsurance. Typically these fees are between 3-6%.Final Walkthrough: Inspect the property one last time beforeclosing. Sign off on the satisfactory acceptance of the home.Post-Closing Phase:Transfer Utilities: Arrange for the transfer of utilities to your name.Home Maintenance: Begin regular maintenance and consider anydesired renovations.Settle In: Unpack, get acquainted with your new neighborhood, andsettle into your new home. Once moved in take a video of yourhome for insurance purposes and record the serial #s and costs ofvaluables.Embrace YourHomebuying JourneyTHEGR AVESGROUPMD.COM @RHON DAMOVESMDLets Work Together!At settlement the real estate agent’s duties are completed unless specificextended services are agreed. You are now a homeowner and if we haveprepared you properly and represented you well, you can enjoy your newhome for a long time.

CONGRATULATIONS! YOU'VE NAVIGATED THROUGHESSENTIAL STEPS TO PREPARE FORHOMEOWNERSHIP. SPECIAL THANKS TO OUR FIRST HOMEBUYING WEBINAR MORTGAGE / FINANCING PROFESSIONAL MR. MELVIN PANNELL, MORTGAGE BROKER443-356-2652FOLLOW HIM AT:IG: @ACEOFMORTGAGESFB: MELVIN PANNELL. YOUR DREAM HOME IS WITHIN REACH! CLICK HERE TO REGISTER FOR A FUTURE WEBINAR - YOUR HOME, YOUR FUTURE - A GUIDED WORKSHOPW/ THE GRAVES GROUP DATES ARE TBD & WILL BE EMAILED.Begin YourHome Ownership Journey ****REGISTER NOW!****Your Home, Your Future-A Guided Workshopthegravesgroupmd.com @rhondamovesmdCALL RHONDA 443-765-1233

Special Thanks to our Mortgage Broker, Call 443-356-2652. 443-765-1233