Welcome back
Hey, there
Buying a home in MoCo has a sequence. Tap any stage to pick up where you left off.
Overall progress 0%
🛠️
Stage 0 · Credit Prep
0 of 6 complete
›
📋
Stage 1a · Pre-Approval
0 of 5 complete
›
✍️
Stage 1b · Define Your Needs
0 of 4 complete
›
🔍
Stage 2a · House Hunting
0 of 6 complete
›
🏠
Stage 2b · Touring Homes
0 of 5 complete
›
🤝
Stage 3 · Making an Offer
0 of 5 complete
›
🔬
Stage 4a · Inspections
0 of 7 complete
›
🏦
Stage 4b · Appraisal & Financing
0 of 5 complete
›
🔑
Stage 5 · Closing Day
0 of 5 complete
›
From Mai

"Buying a home in MoCo has a sequence. Work through each stage and nothing will catch you off guard. Text me anytime at 240-889-5388."

Reference

Real Estate Glossary

Appraisal
An independent assessment of a home's market value, ordered by your lender. If it comes in below your purchase price, your lender will only loan against the appraised value — you cover the gap, renegotiate, or walk.
Appraisal Gap
The difference between your purchase price and appraised value when the appraisal comes in low. In competitive markets, buyers sometimes agree to cover this gap out of pocket.
As-Is
The seller won't make repairs. You can still inspect — you just can't negotiate repairs. You can still walk if you find something serious.
Clear to Close (CTC)
Your lender's confirmation that your loan is fully approved and ready to fund. The green light before closing.
Closing Costs
Fees paid at settlement beyond your down payment. Typically 2–5% of the loan amount. Includes lender fees, title insurance, recording fees, and more.
Closing Disclosure (CD)
A document from your lender showing final loan terms and all closing costs. You must receive it at least 3 business days before closing.
CMA
Comparative Market Analysis — an analysis of recently sold similar homes used to determine market value. How your agent helps you decide what to offer or what to list at.
Contingency
A condition that must be met for the contract to proceed. Common: inspection, financing, appraisal. If unmet, you can typically walk with your earnest money back.
Conventional Loan
A mortgage not backed by the government. Typically requires 5–20% down and a credit score of 620+. Generally offers more flexibility than FHA on offer terms.
Days on Market (DOM)
How long a home has been listed. A home sitting 30+ days in a competitive market usually has a reason — price, condition, or something else worth investigating.
Earnest Money Deposit (EMD)
A good-faith deposit (typically 1–3% of purchase price) submitted with your offer. Applied to your purchase at closing. If you back out without cause, you may forfeit it.
Escalation Clause
A provision that automatically increases your bid by a set amount above competing offers, up to a cap. Useful in multiple-offer situations.
Escrow
A neutral third party holding funds or documents during a transaction. Your earnest money goes into escrow. At closing, the title company handles final disbursement.
FHA Loan
A government-backed mortgage. Allows down payments as low as 3.5% and is more accessible with lower credit scores. Requires mortgage insurance.
Home Inspection
A professional examination of a home's condition — structure, systems, major components. Not required by law but strongly recommended.
HOA
Homeowners Association. Manages a community and collects dues. Review HOA docs before committing — rules, fees, and reserves all matter.
Loan Estimate (LE)
A document from your lender showing estimated loan terms and closing costs. Issued within 3 business days of your application. Compare to your Closing Disclosure before settlement.
Maryland Mortgage Program (MMP)
A state program offering down payment and closing cost assistance to qualifying buyers. Ask Mai if you qualify — Tammi Printz at First Home handles MMP loans.
MLS
Multiple Listing Service. The database agents use to list and search homes. In Maryland, this is Bright MLS. What you see on Zillow or Redfin comes from here — but can lag 24–48 hours.
Offer
A formal written proposal to purchase a home, including price, terms, contingencies, and settlement date. Once accepted, it becomes a ratified contract.
Pre-Approval
A lender's written commitment to loan you up to a certain amount, subject to final underwriting. Required before making offers in today's MoCo market.
Radon
A naturally occurring radioactive gas that can accumulate in homes. Maryland has elevated levels in many areas. Test for it during inspection — mitigation is straightforward.
Ratification
The point when both buyer and seller have signed and agreed to all contract terms. Your contingency deadlines start here.
Seller Credit
Money the seller agrees to credit toward your closing costs. Shows up on your settlement statement — reduces your out-of-pocket without the seller cutting a check.
Seller's Disclosure
A form required in Maryland where the seller discloses known material defects. Review this carefully before making an offer.
Settlement
The closing — the final meeting where ownership officially transfers. You sign, funds are exchanged, and you get keys.
Title Insurance
Insurance protecting against defects in ownership history (liens, disputes, errors). Lender's title insurance is required. Owner's is optional but recommended.
Under Contract
A home where the seller has accepted an offer but settlement hasn't occurred yet. Still technically on the market but under negotiation.
Underwriting
The process where your lender verifies your income, assets, and credit to finalize loan approval. Happens after you're under contract.
Walk-Through
A final inspection of the property before closing to confirm it's in the agreed condition. Schedule for the day before or morning of settlement.
Your Space

My Notes

Questions for Mai, homes you're tracking, anything you want to remember.

General Notes
Saved ✓
Overall Progress
Journey complete 0%