3 Tips for Home Buying from The Coop

An American flag flies from the open porch and gardens surround a small single family home on a Spring afternoon on Cape Cod on the Massachusetts coast.Buying a home can feel like a daunting task, raising many questions. Paperwork? Finances? Where to begin? Not to worry, the Coop’s experienced loan officers are here to support you. Whether you are a first-time homebuyer or recent retiree, our residential mortgage team will help you buy your dream home.

To get started and in honor of American Housing Month, here are three of our top tips when purchasing a home.

Do your homework

Know exactly how much house you can afford, bearing in mind the monthly principal, interest, property taxes, home owner’s insurance, home maintenance estimates and any association fees. Equally as important, get a pre-approval or a pre-qualification letter from an experienced mortgage lender. You can get started easily with the Coop by clicking HERE.

Be at the ready

The mortgage process has many time-sensitive steps. Attorney, Realtor®, Lender, Insurance Agent and Home Inspector – these are a few of the people you’ll be communicating with on a regular basis.  Being able to respond quickly is critical. Whether that’s by signing an electronic document (eSign), sending an email, or returning a call, timely responses keep the process from grinding to a halt. Fortunately, today much of that process is paperless. If you prefer a more traditional path with paper, pens and office meetings, you always have that option, too.

Expect the unexpected

Things will come up that are out of your control. An issue with a title search from the previous owner, The house doesn’t appraise for the purchase price. Or the closing date is shifted, and you’ve got all of your belongings in a U-Haul sitting in front of your new dream home. The mortgage process is hardly ever perfect, but be patient and take a deep breath. It’s a delay, not a derailment. You’ll be relaxing in your new home soon!