Smart buyers know that it makes sense to meet with a Mortgage Broker to determine their borrowing potential before they start looking for their dream home. Your mortgage broker can help you obtain a Lender “pre-approval”, for a mortgage up to a specific amount, which increases your leverage with Realtors and Sellers. At this first meeting, your broker will also advise you on which loan product best suits your needs.
To schedule a meeting with Maritime Mortgage, call Jim Brennan (NMLS MLO# 31603) at 1-781-341-4000 or 1-800-733-7077.
When you’re choosing a Realtor, find one that you “click with” and who is familiar with the area where you would like to buy a home. A local Realtor’s experience is essential when answering questions about school districts, real estate taxes, and neighborhood demographics and services.
Whether it’s a corner lot, a fireplace, or lots and lots of closets, most buyers have a “wish list” in mind when they start house hunting. Deciding which features are essential and which are negotiable will help make your house search more efficient. It also helps your Realtor choose the right properties to show you.
Once you’ve been in the house search for a while, you may find that the details of individual properties begin to blur in your mind. Here’s where your wish list comes in handy. Print it out and bring it to each property you see. Score each property in real-time. Eliminate any homes that don’t make the cut. This will help you narrow the field when you’re making your final decision.
Depending on your personality, this step will either turn you into an anxious wreck or unleash your inner Donald Trump. As the potential buyer, you begin the price negotiations by making a written offer and presenting it to the seller through an agent. Your offer is accompanied by a check as “good faith” or earnest money deposit to show the seller that you’re serious. This money is put into an escrow account and will be credited towards your down payment if the seller accepts your offer. Your Realtor presents your offer and relays the seller’s response. The seller can accept your offer, reject it or make a counter offer. You may go back and forth a few times, so be patient. Once you’ve agreed to a price and terms, you’re ready for the next step.
Once you have a fully executed Purchase and Sales agreement, you must provide a copy to your Mortgage Broker. We will then order an appraisal of the property. The purpose of the appraisal is to establish its market value. Calculating a property’s real market value protects the interests of both the Lender and the buyer.
preparing for closing involves these basic steps:
At the closing, the Closing Attorney will explain everything you’ll be asked to sign, including the Mortgage and other documents required to allow the seller to transfer title of the property to you, the buyer. You’ll also be receiving the keys to your new home!