Mortgage Talk: Putting Together a Team When You Buy a Home on Cape Cod

Start the process early and build your team...
Frank Merola is Executive Mortgage Banker for William Raveis Mortgage LLC.

If you looking to purchase a home on Cape Cod you will want to start the process early and put together your team of professionals that will assist you. Following the mantra that “many hands make light work “will make the path to home ownership a much smoother process.

  1. You will want to figure out how much you qualify for by meeting with a mortgage professional. Some of the online calculators are vaguely accurate but it is always best to discuss your scenario with a professional. At a minimum you want to gather all your financial statements and decide how much you can afford for a down payment?  If you can put 20% down, you will avoid private mortgage insurance, but at the same time there are loans with lesser down payments.  A mortgage broker can shop around for you to find the best mortgage product and loan program for your situation. You will want to prepare to have your credit analyzed as well. When you work with a mortgage professional, they will give you a figure or range of what you can afford so you can shop for homes that you can truly afford to purchase.
  2. You want to have a  Real Estate agent that will identify properties in the market you are looking in. There are vast differences between properties in Provincetown and Bourne. Working with a real estate agent who knows the local market and neighborhood you’re interested in will be invaluable. Your agent will also be a huge resource to you when it comes to making an offer and any negotiations that come with it.  He or she will also walk you through the different phases of the transaction from home inspection to appraisal, to signing the purchase and sales to the eventual closing.
  3. Although not required it’s always smart to have a home inspection. A good home inspector will identify any issues with the home and point out any deficiencies. Typically, your home inspector will provide you with a detailed report and photographs of the home you are purchasing.
  4. When buying property on Cape Cod you will need to have a licensed Real Estate attorney as your settlement agent. Your attorney will perform a title search of the home you are buying and explain all the closing documents to you. Often times your attorney will review you purchase and sales agreement and help you manage any contingencies and extensions, if needed.
  5. Lastly prior to buying a home you will want to make sure it’s insured properly. You will want to retain a licensed insurance professional who can assess how much coverage you need and give you different options and quotes to meet your budget.

Purchasing a home is often referred to as the largest investment you will make in your lifetime so assembling a team of professionals to help you will make the process that much smoother and more rewarding. Feel free to reach out if you have any questions or need a recommendation. Go Patriots!

Frank Merola

Executive Mortgage Banker

NMLS Mortgage Loan Originator ID: 1020051

William Raveis Mortgage LLC NMLS ID #2630

Cell 508-740-5922

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