1st Time Home Buyers

Buying your first home can be a daunting task. After all, this is potentially the biggest purchase you will ever make. We have collected some great resources that will help demystify the entire homebuying process.

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Common questions for the 1st time homebuyer

Look here for answers to frequently asked questions about the home buying process.
Buying vs. renting - Helps you decide whether buying is the right choice for you.
The home buyer's wish list - Decide what is important to you when choosing to buy.
Grants - A super resource to find out what grants are being offered to 1st time homebuyers

Your Credit history makes a difference!

How you pay your bills play a large role in how much interest rate you will pay on your new mortgage. You can request a FREE credit report from each bureau once a year HERE. If you have already received your free credit report for this year, you can obtain a credit report through each of the credit reporting agencies for a nominal fee. There are 3 major credit reporting agencies that mortgage lenders use. It's a good idea to request a report from each agency to ensure there are no errors:

Experian
Equifax
Trans-Union

Lenders use your FICO score as a basis for determining credit-worthiness. To find out how to better understand your credit score, and for information on how to repair and rebuild your credit, click here.

Understanding Your Rights

There are many federal and state laws in place to protect you, the home buyer. Understanding your rights will save you stress and confusion down the road.

Fair housing, equal opportunity
Borrowers' rights
Your rights & your lender's rights
Manufactured housing standards
RESPA consumer protection against illegal referral fees
RESPA disclosures

Mortgage Information

Today, there are as many different loan programs as there are home buyers. Here are some great resources to help you when shopping for a mortgage. Donna Brady-Connor from Pioneer Mortgage is always available at no cost or obligation to answer any questions you may have about getting the right mortgage to fit your needs. Give her a call today at 617-834-2818.

Mortgage glossary
HUD's mortgage insurance programs
FHA mortgage limits
VA loans
Department of Agriculture loans
The appraisal

Home Inspections

It is always a good idea to get the home inspected by a licensed home inspector. There could be serious defects with the home that are invisible to the general consumer. These defects could potentially cost you thousands of dollars. A licensed home inspector will inspect every inch of your home for things like water damage, leaks, pests, mold, and the list goes on and on.

Homeowner's Insurance

If you are obtaining a mortgage, lenders require you to have homeowner's insurance. This coverage protects them as well as yourself in case of a loss. You should shop around to get a policy that best meets your needs.

12 ways to save money on your homeowner's insurance

Title Inspection

The title inspection is performed by an independent third-party called the title company. A title inspection is done to protect the lender in the case of claims brought forward against your new home. You can obtain your own title insurance to protect yourself against loss in the event a claim is made.

Obtaining title insurance

Settlement & Closing

You've made it this far! You are almost homeowners! The last step to owning your new home is the closing or settlement. This step can be done by either the title company or the lender's attorney.

Explanation of settlement costs
Calculating the amount to bring at settlement
Costs shared by buyer and seller
Sample HUD-1 settlement statement

That's it in a nutshell! If you have any questions or need assistance with any of the information here, please  contact us. We are here to help you get into the home of your dreams.