(1) Get Your Free Credit Report. You are allowed to get 1 credit report from each of the 3 major credit bureaus once every 12 months. Utilize this free opportunity to make certain that your credit is being accurately reported.
(2) Decide What You Can Afford? Make an honest evaluation as to what a comfortable monthly payment is for you and your family by doing a detailed budget. It’s better to determine a comfortable monthly payment first before you look at homes for sale so you are not tempted to “over buy”. Be sure to include costs such as real estate taxes, home owner’s insurance, or condo fees. Also, do not forget to include additional costs of home ownership such as remodeling and maintenance.
(3) How Much & Where Is My Down Payment? How much you are able to put down will affect the financing you can qualify for. Do you have your down payment money already in your bank account, or is the money coming from your 401k or a gift from a family member? It needs to be readily accessible & properly sourced. Have your down payment in place prior to looking at homes.
Also, Establish a reserve account: It’s important to have a reserve savings account for your new home. You don’t want to completely drain all of your savings on the down payment. Home ownership can come with unforeseen costs from things like storm damage to failed heating systems to increasing taxes and insurance. Having an emergency fund will make difficult situations more manageable for you and your family.
(4) Get pre-approved. Before you make appointments to look at houses, talk to your Mass. Mortgage Buddy. Getting pre-approved will allow you to shop with confidence. Also, most seasoned real estate agents will not show houses to buyers before you have a pre-approval letter, and for good reason. No sense in wasting time looking at homes that you can’t afford or qualify to buy.
(5) Select A Mass. Buyer’s Agent. It’s very important to find an experienced agent that is familiar with the neighborhood you are searching in. Take the time to interview your agent and make sure that person is responsive and you are comfortable with them. Remember, the listing agent represents the seller, not the buyer. Protect your interests with your own agent.
(6) Evaluate the neighborhood. After all, real estate is all about location, location, location. Do your research about potential neighborhoods. What is the crime rate? How is the school system? Are there any registered sex offenders? These are all unfortunate realities that you must remember to review when looking to buy a new home. Once you have found a potential home, visit at different times of the day to get a true sense of the neighborhood and neighbors.
(7) Be Ready To Move Fast. Most real estate agents in Mass will tell you that the housing inventory is very low right now. Quality houses that come on the market go under agreement quickly, often within 2 or 3 days. If you see a new house that has just come on the market which you really like, move fast to avoid getting into a potential bidding war with other buyers.
(8) Don’t Cut Corners On Inspections. Just about everyone knows that getting a home inspection is good common sense. You should also make sure you attend the inspection yourself, and don’t forget other inspections you may forget about like radon and well water inspections.
(9) Use a Mass. attorney: Use an attorney who specializes in real estate law. The cost of the attorney will vary depending on the services rendered, but the extra cost is well worth it to protect yourself on the biggest investment of your life. The Mortgage Buddy approved real estate attorney is Susan J. Mahony 
@ Mahonylawgroup@gmail.com.
(10) Remain Patient & Calm. Buying a home is an inherently stressful experience. Locating and deciding on the perfect new home can result in many sleepless nights. If you do not find the home you are looking for right away, stay patient, the right one will come along. Once it does, lean on your team of carefully selected professionals to help you get to the closing.
This Post is “Mortgage Buddy Approved”
