November 22nd, 2017 12:22pm

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GENERAL MORTGAGE INFORMATION

Steps to Buying a Home
 
Enroll in a MassHousing approved homebuyer workshop: You will be provided homebuyer counseling which will include: mortgage information with local lenders, assistance by local real-estate professionals, budgeting and credit counseling, and much more. Upon completion of the workshop, you will receive a letter of completion.
 
Get pre-approved:  Meet with one or more mortgage lenders (banks and/or mortgage companies) to get pre-approved. This will give you an idea of the price range you can afford.
 
Find a house: You may want to contact real estate agents to show you homes in your price range.
 
Make an offer: When you've found a house you want to buy, you'll make an offer of a certain price to the seller by filling out a Contract to Purchase form, and making a small deposit (usually about $500). That offer may be accepted, countered, or rejected. If your offer is accepted, you'll receive a signed copy of the Contract to Purchase form.
 
GET a home inspection: After your offer is accepted, you have 10 days to have the property inspected by a home inspector. This is a good idea, since it will identify any defects with the property that may need addressing as part of the purchase.
 
Sign a Purchase and Sale (P&S) agreement: The P&S is the legal contract to purchase the house. Among other things, it identifies the buyer and seller, the property, the sales price, and the dates by which you must obtain a mortgage and close on the purchase of the property. Since it is a legal contract, you may wish to have it reviewed by a lawyer. It is customary to provide a deposit of 3% or 5% of the purchase price at the time the P&S is signed.
 
Obtain financing: You may want to contact several mortgage lenders (banks and/or mortgage companies) to compare interest rates and terms. When you've found the best mortgage program for you, obtain, complete and submit a mortgage application. A mortgage originator will help you with this process.
 
Mortgage and loan closing: On a set date, you, the seller, and the lender who is providing your mortgage and the lender's lawyer will meet to close the sale of the property. This will involve signing documents and exchanging money.

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