You have decided to buy a new home. This booklet will help you take this
big financial step by describing the home buying, home financing, and settlement
process. Lenders and mortgage brokers are required by federal law, the
Real Estate Settlement Procedures Act ("RESPA"), to give you this booklet.
You should receive it when applying for a loan, or within three business
days afterwards. Real estate brokers frequently hand out this booklet as
started the home buying process in one of two ways: you saw a home you
were interested in buying or you consulted a lender to figure out how much
money you could borrow before you found a home (sometimes called pre-qualifying).
The next step is to sign an agreement of sale with the seller, followed
by applying for a loan to purchase your new home. The final step is called
"settlement" or "closing," where the legal title to the property is transferred
At each of
these steps you often have the opportunity to negotiate the terms, conditions
and costs to your advantage. This booklet will highlight such opportunities.
You will also need to shop carefully to get the best value for your money.
There is no standard home buying process used in all localities. Your actual
experience may vary from those described here. This booklet takes you through
the general steps to buying a home, to eliminate, as much as possible,
the mysteries of the settlement process. This information and more can
be found at on the Official
Special Offer For Home
Buyers and Sellers using BostonMLS.com & MassMLS.com!
Allow us to
refer you to a Boston & Massachusetts area MLS real estate broker,
and if you decide to purchase or sell a home through that broker, we will
instruct that broker to reduce the referral fee that agree to pay us, is
if any, by 35%, and to credit you that 35% towards your closing costs.
We often refer buyers and sellers to other brokers, they are happy to get
the business. Often, a "buyer" or "seller" side referal can be 15% of what
the broker nets in commissions. On a $500,000 sale, a "side" might be worth
$15,000 in commissions. 20% of that would be $3,000. 35% back to you is
over $1,000! That can go a long way towards paying the attorney, or towards
your mortgage points! Send us an email and we'll be sure to get right back
to you. Thank You,