The step-by-step guide for first-time home buyers

Step 1: Preapproval – meet with your Mortgage Broker to figure out what you can afford.
Smart buyers know that it makes sense to meet with a Mortgage Broker to determine their borrowing potential before they start looking for their dream home. Your mortgage broker can help you obtain a Lender "pre-approval" , for a mortgage up to a specific amount, which increases your leverage with Realtors and Sellers. At this first meeting, your broker will also advise you on which loan product best suits your needs.

To schedule a meeting with Maritime Mortgage, call Jim Brennan (NMLS MLO# 31603) at 1-781-341-4000 or 1-800-733-7077.

Step 2: Build your team – pick a Realtor®.
When you're choosing a Realtor, find one that you "click with" and who is familiar with the area where you would like to buy a home. A local Realtor's experience is essential when answering questions about school districts, real estate taxes, and neighborhood demographics and services.

Step 3: Define your "dream house."
Whether it's a corner lot, a fireplace, or lots and lots of closets, most buyers have a "wish list" in mind when they start house hunting. Deciding which features are essential and which are negotiable will help make your house search more efficient. It also helps your Realtor choose the right properties to show you.

Step 4: Keep score.
Once you've been in the house search for a while, you may find that the details of individual properties begin to blur in your mind. Here's where your wish list comes in handy. Print it out and bring it to each property you see. Score each property in real-time. Eliminate any homes that don't make the cut. This will help you narrow the field when you're making your final decision.

Step 5: Make them an offer they can't refuse!
Depending on your personality, this step will either turn you into an anxious wreck or unleash your inner Donald Trump. As the potential buyer, you begin the price negotiations by making a written offer and presenting it to the seller through an agent. Your offer is accompanied by a check as "good faith" or earnest money deposit to show the seller that you're serious. This money is put into an escrow account and will be credited towards your down payment if the seller accepts your offer. Your Realtor presents your offer and relays the seller's response. The seller can accept your offer, reject it or make a counter offer. You may go back and forth a few times, so be patient. Once you've agreed to a price and terms, you're ready for the next step.

Step 6: Have your prospective home inspected.
Of course, you had a chance to take a look at the house before you made your offer. But before you go through with the purchase, it is recomended to have a professional home inspector take a critical look at the property. The home inspection is meant to evaluate a property's structural and mechanical condition. It is strongly recommended that you accompany the inspector during the inspection. The process typically takes about two hours and gives you the opportunity to ask questions and pick up useful maintenance tips. The inspection report may allow you ask the Seller to make repairs or a financial concession to allow for the repair. If the inspection uncovers significant issues that are "deal breakers" for you, your offer form should allow you to withdraw from the transaction without penalty.

Step 7: Review and sign the Purchase & Sales Agreement.
If you are satisfied with the results of your home inspection, the seller's agent will present a Purchase & Sales (P&S) agreement for all parties to sign. As this is a legal and binding contract, it is recommended that it be reviewed by a real estate attorney prior to signing. The balance of your deposit is due at the signing of the P&S.

Step 8: Appraisal ordered by your broker.
Once you have a fully executed Purchase and Sales agreement, you must provide a copy to your Mortgage Broker. We will then order an appraisal of the property. The purpose of the appraisal is to establish its market value. Calculating a property's real market value protects the interests of both the Lender and the buyer.

Step 9: Celebrate your loan approval!
Your broker will let you know that a mortgage commitment has been issued for your new home. Make sure to review the commitment thoroughly to make sure it says exactly what you think it should say. Your Mortgage Broker will be happy to explain all details to you. If there are conditions to be met, like getting a homeowner's insurance policy for the property, act on them as soon as possible. At this time, the Closing Attorney will order the property title review and plot plan in preparation for your closing.

Step 10: Attend the closing and get ready to move in.
preparing for closing involves these basic steps:

At the closing, the Closing Attorney will explain everything you'll be asked to sign, including the Mortgage and other documents required to allow the seller to transfer title of the property to you, the buyer. You'll also be receiving the keys to your new home!