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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 Loan Officer, it should be an efficient, pleasant, and ultimately rewarding experience.

Count On Your Real Estate Agent To:

  1. Preview available homes to weed out those that are overpriced, or undesirable in some other way.
  2. Present the homes that suit your needs as you've defined them.
  3. 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.
  4. Negotiate the best deal for you. With a Pre-Approval 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 Broker and Loan Officer 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. Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and us; only deal points and progress are shared).
  4. Get the appropriate loan for you at the best rates and fees. This will save you significant money "up front" and throughout the years to come.
  5. 30 Day Guarantee. If you have a pre-approval from our company, we will guarantee a closing to take place within 30 days of you signing a Purchase Agreement.

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-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.

Important things to know:

  1. Try to avoid making deposits into your asset accounts, such as your checking or savings account(s), that are not direct deposits from your employer. It is required that  deposits into your accounts be documented as to where they came from and this documentation trail could very quickly become frustrating for you.
  2. If you are considering changing employers keep in mind that it is required for you to provide a paystub that reflects a minimum of 30 days of year to date income. This paystub would typically not be available until you've been employed for 4-6 weeks depending on the pay cylces and therefore you would not be able to close a loan until this time frame has passed.
New England Residential Finance, LLC NMLS #815059
415 Wolcott Road, Unit 4, Wolcott, CT  06716
Toll Free:  (855) 875-9801
Direct:  (203) 441-4716
Fax:  (203) 441-4806
info@nerfllc.com
Copyright © 2020 New England Residential Finance, LLC is a MORTGAGE BROKER ONLY NOT A MORTGAGE LENDER OR A MORTGAGE CORRESPONDENT LENDER (Sec. 36a-497)
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