Ocean City Home Deals

Type: Condo / Townhouse
Square Feet: 1,218

Ocean City Home Deals
Ocean City Home Deals
Ocean City Home Deals

Real Estate Tools

Mortgage Calculator

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This calculator is provided for educational and informational purposes only. It relies on assumptions and information provided by you regarding your goals, expectations and financial situation. Calculations are provided by third-party sources whom we believe to be reliable, but we cannot guarantee the accuracy of these results. All figures are hypothetical and may not be accurate indicators of historical or current performance. Past performance does not guarantee future results. This calculator does not take into account individual circumstances and should not be relied upon in any way as the sole source of information. Please consult with financial, tax, and legal advisers for any advice relating to your personal circumstances. This service shall not infer that the company assumes any fiduciary duties.

What is the first step in buying a home?
The first step is qualifying for a mortgage with a good lender. By doing this 1st, you will be able to determine the price range you should be searching, the payment amount, down payment and closing costs required. Then you will be ready to start looking.

What should I look for in choosing a lender?
The lender should be accessible to work with you by phone and should be an effective communicator. They should take the time to explain the various programs and recommend options to fit your needs. While the interest rate is important, service is important as well. Make sure you fully understand the terms and conditions of the loan as well as all fees and requirements. We have several lenders we work with on a regular basis and highly recommend. We have developed relationships with these professionals and are able to help you through the process.

Why buy?
It’s a great time to buy a house in Maryland, if you have the financial means to qualify for a loan and can provide a lender with reasonable assurance of repayment. Sellers are motivated to price their homes to sell quickly. Interest rates are attractively low.

What are the 3 most important steps to do before I buy a home?
In today’s market, the best steps that you can take to prepare for buying a home are: 1. Improve your credit score; 2. Increase your household savings/reserves; 3. Be prepared to make a minimum cash down payment of 3 % to 5% of the sales price.

What is a “first time” homebuyer?
To be eligible for financing programs targeted for first-time homebuyers, most lenders in Maryland follow the U.S. Department of Housing and Urban Development (HUD) definition: a “first time homebuyer” is an individual who has not had an ownership interest in a principal residence (anywhere) for the previous three (3) years. Individuals who are separated or divorced and had an interest in real property during the previous 3 years may be eligible, if they can document that they did not live in the property during the immediate past 3 years. Those persons also must no longer have title to that joint property or will divest themselves of title to the property prior to closing. First-time buyers in Maryland who have never owned property in Maryland as a principal residence are entitled to a one-time waiver of the state’s portion of transfer taxes at settlement.

What is a “buyer’s agent”?
A “Buyer’s Agent” is a licensed real estate agent who represents only your interests throughout the home buying process. A Buyer’s Agent assists the buyer in locating properties, evaluating them, preparing offers and negotiating the terms of an offer solely on the Buyer’s behalf. After the Seller accepts the offer to purchase, the Buyer’s Agent continues to facilitate the transaction for the Buyer through settlement. In Maryland, the commission for the Buyer’s Agent is typically paid at closing by the Seller. A written agreement between a Buyer and a real estate agent is required to establish the relationship with a Buyer’s Agent.

What is the difference between down payment and closing costs?
Down-payment is a percentage of the purchase price of a home. Lenders require that borrowers must invest a certain percentage of the purchase price in the home. It is an assurance to the lender that the borrower is willing to make an equity commitment (investment) to the property. Today, most mortgages require a minimum down-payment of at least 3%, often 5% to 20%, depending upon the loan type and terms, with the mortgage financing the balance of the purchase price. The down-payment is paid at closing. Closing costs are the other, non-down payment costs, paid at closing or settlement. Closing costs include the total costs and fees associated with closing a loan, including property taxes, state and county fees, lender fees, and the first year’s hazard insurance premium. Although closing costs can be substantial, especially for first-time homebuyers, Buyers and Sellers may negotiate for the Seller to contribute towards the Buyer’s closing costs at settlement, depending upon the terms of the mortgage and the policy of the lender.

What is APR and why is it different than the interest rate on my mortgage loan?
“APR” means “Annual Percentage Rate,” the number that informs the consumer of the total costs of the loan, expressed as a yearly percentage rate. APR takes the total cost of credit into account (including the interest rate and all lender fees financed over the term of the loan). APR can never be lower than, and is almost always higher than, the stated or advertised interest rate on the mortgage loan. Within reason, the APR is a tool that allows you to compare different types of mortgages based on their total cost.

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RLS Equal Housing Listing information is provided courtesy of The Coastal Association of REALTORS®, which neither guarantees nor is in any way responsible for its accuracy. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of The Coastal Association of REALTORS®. The materials contained within this page may not be reproduced without the express written consent of this broker. The information contained within this page is for personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All room dimensions and other measurements are approximate. All information is deemed reliable but is not guarantee. Prospective purchasers should verify the information to their own satisfaction. All data is provided 'AS IS' and with all faults. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Some real estate firms do not participate in Internet Data Exchange® and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Some or all of the listings displayed may not belong to the firm whose web site is being visited. Information deemed reliable but not guaranteed.

Ocean City Home Deals is licensed in Maryland. © Ocean City Home Deals and its related entities. An independently owned and operated broker member. Used under licenses. Equal Housing Opportunity.