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Home Purchase Basics

Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you're a first-time homebuyer. Here's some information that will keep you on track.

In General....

A home purchase may be your largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Mortgage Advisor, it should be an efficient, pleasant, and ultimately rewarding experience.

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Housing counseling agencies approved by the U.S. Department of Housing and Urban Development (HUD) can offer independent advice about whether a particular set of mortgage loan terms is a good fit based on your objectives and circumstances, often at little or no cost.

If you are interested in contacting a HUD-approved housing counseling agency in your area, you can visit the Consumer Financial Protection Bureau’s (CFPB) website, www.consumerfinance.gov/find-a-housing-counselor, and enter your zip code.

You can also access HUD’s housing counseling agency website via www.consumerfinance.gov/mortgagehelp.

For additional assistance with locating a housing counseling agency, call the CFPB at 1-855-411-CFPB (2372)

Count On Your Real Estate Agent:

Preview available homes to weed out those that are overpriced, or undesirable in some other way.

  1. Present the homes that suit your needs as you've defined them.
  2. Help you determine the difference between a "good buy" and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.
  3. Negotiate the best deal for you. With a Pre-Qualification letter from us in hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the Seller, and may make the difference between the Seller accepting your offer or someone else's -- even if your offer is lower!

Count On Your Mortgage Advisor To:

  1. Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)
  2. Keep you informed of your loan status throughout the entire process.
  3. We can keep your Real Estate Agent and attorney informed of our loan progress (Note: your personal information is always kept confidential between you and us; only deal points and progress are shared with your permission).
  4. Get the appropriate loan for you at a competitive rate and fee. This will save you significant money "up front" and throughout the years to come.

Count On Yourself To:

  1. Keep your Real Estate Agent informed of any questions or concerns as they develop.
  2. Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.
  3. Enjoy purchasing your home, but do remain objective throughout -- to make the business decisions that are best for you.
  4. Make sure you are pre-qualified as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
Salisbury Bank NMLS #562127
PO BOX 1868, Lakeville, CT  06039
Toll Free:  (800) 222-9801
sbtmortgage@salisburybank.com
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