Homebuying<br />
options & benefits

Homebuying
options & benefits

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Home-Buying Process

Application and pre-approval letter

If you’re looking to purchase a home in Massachusetts, it’s important to get a pre-approval letter from a lender. This will show sellers that your financing is secure and make your offer more competitive. To get pre-approved, you’ll need to fill out an application with your personal and financial information, including your income and assets. This will help the lender determine how much you can afford to borrow. You’ll also be asked for your Social Security Number to run a credit check. The Digital Mortgage process allows you to complete the application in just a few minutes on your phone or computer. If your application is approved, you can request a pre-approval letter from your loan officer to share with your real estate agent. In a seller’s market like Boston, a pre-approval letter can make a big difference in whether your offer is accepted or not.

Find your dream home

When you’re ready to start your home search in Boston, Massachusetts, it’s important to work with a real estate agent who can help you find your dream home. Your agent will be able to show you properties in your desired location and price range and assist you in putting in an Offer to Purchase. They will also handle all the negotiations and paperwork involved in the process. Once you’ve found the right home and the seller accepts your offer, the home will go “under contract.” It’s an exciting time and your agent will be there to guide you through every step of the way.

Inspection and appraisal

It’s essential to make sure that the house you’re purchasing is in good condition. Even if the home appears to be in excellent shape, it’s important to have a licensed home inspector conduct a thorough inspection to ensure that there are no hidden issues. A home inspection will cover the electrical, plumbing, roof, and overall condition of the property. Your real estate agent can recommend a reliable inspector; the inspection is usually scheduled shortly after the contract is signed. It’s a good idea to attend the inspection so that you can learn more about the inner workings of the home.

In addition to a home inspection, your lender will also order an appraisal to confirm the value and condition of the property. The appraiser will compare the home to similar properties in the area and determine its fair market value. You and your agent will receive a copy of the appraisal report, which will show the appraised value and the comparable homes that were used in the calculation. The appraisal must be equal to or greater than your offer price in order for your mortgage to be approved. If everything goes smoothly, you’ll receive your mortgage approval and can move forward with the home-buying process.

Underwriting and final approval

Underwriting is the process of verifying all the information that has been gathered during the mortgage application process. This includes your personal and financial information, such as your income, employment, and assets, as well as the details of the property you’re purchasing. The underwriter will review all of this information to ensure that it is accurate and complete. If everything checks out, they will sign off on the documents and issue final approval for the loan.

Once the underwriter has given their approval, the mortgage team will schedule your closing and review the Closing Disclosure (CD). The CD is a standard document that outlines the final terms of the loan, including a breakdown of all the costs and fees associated with the transaction. It’s important to review the CD carefully to make sure you understand all the terms of the loan and are comfortable with the costs involved. Once you’ve reviewed the CD and are ready to move forward, you can attend the closing and complete the home-buying process.

Closing and your new keys

Once your loan is fully approved, you're ready to close your loan and get the keys to your new dream home. We'll send you the closing package the day before your closing appointment. You'll sign the remaining mortgage documents at closing and pay your down payment and closing costs. Some lenders are moving this process online, making it faster and more convenient than visiting an office to sign papers. With our simple and innovative E-Close process, closing appointments could only take about 30 minutes.

Congratulations, your dream home is all yours! Now, it's time to move in and get to know your new neighbors!

 

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Use our resource center to learn more about purchasing a home, like how much home you can afford, when it’s a good time to buy in your area, and other intelligent mortgage strategies.

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