Having good credit is extremely helpful when purchasing a new home. Good credit will help you get the house you desire and may lower your interest rates when taking out a mortgage.
The home-buying process may seem difficult and confusing, but if you follow the nine steps to buying a home you be holding the keys to you new home before you know it!
Ensuring that your mortgage company is licensed is absolutely crucial to protect yourself when buying a new home. If a company is licensed they have meet all the requirements and regulations of the state, and therefore, have established themselves as a legitimate lending institution.
The Massachusetts Department of Housing and Community Development (DHCD) provides several services for 1st time homebuyers including, providing a list of DHCD assisted affordable units for sale, giving assistance to homebuyers with downpayments, closing costs, and mortgage information. The DHCD also provides first-time homebuyer education programs which are held periodically through the Commonwealth.
The Massachusetts Association of Realtors provides a free online database to find realtors in your community.
Finding a good real estate broker is one of the most important steps in buying a new home. However, before you find a broker to work with you should first make sure that the broker is licensed by the Massachusetts Real Estate Board. This ensures that the broker meets the statutory and regulatory requirements for real estate brokers and salespeople within the Commonwealth and subjects the broker or salesperson to punishment if he or she violates the state's rules or regulations.
One of the most important aspects of buying a home is negotiating a fair price with the seller. This process often involves two real estate agents, one acting on behalf of the seller and one acting on behalf of the purchaser. In this type of negotiation each party is said to be working with a single agency, an agency that represent either the buyer or the seller, not both. However, both the buyer and the seller also have the option of working with the same agency. This is referred to as a dual agency, and in a dual agency negotiation the real estate broker represents both the buying party and the selling party. If you are working with a dual agency you should make sure that the agent clearly discloses the fact that he/she is representing both you and the seller. If the broker fails to make the disclosure he or she may be subject to sanctions and or fines.