If your down payment is less than 20%, you’ll likely need to pay Private Mortgage Insurance (PMI). This is added to your monthly mortgage until you reach 20% equity. Don't get caught by surprise on this, reach out to discuss your options.
You're only a first-time homebuyer once. Because of that, there are few moments as exciting and exhausting in equal measure. Securing your first mortgage can be full of seemingly endless "wait, what?" moments... Unless of course, you go through it with us.
We make it easier for first-time homebuyers with loan options designed specifically for you, real education and no-judgment handholding, all from people who actually care.
Benefits of our first-time buyer program include:
Buying your first home can feel like a daunting prospect. We're here to help make it easier, every step of the way. Before going any further, make sure you're exploring all mortgage options, and understanding what a mortgage could mean for your personal budget.
You're about to make the largest, scariest, most exciting purchase you ever will. Take the time to find a budget that works for you.
There's no one-house-fits-all, why should mortgages be any different? Discover the pros and cons of our different mortgage options.
Get an idea of what your potential monthly mortgage payments could be depending on your mortgage type and terms.
Come in and talk with a member of your Somerville’s team. We’ll go through your finances with you and give you an estimate of how much you can borrow. You may even need confirmation of this pre-approval to arrange viewings.
Your real estate agent is going to be your best friend on your house hunt. Find someone you trust, who clearly has your best interests in mind. You can actually request they contractually agree to place your interests ahead of the sellers (bizarre, huh?).
Once you’ve found the one, work with your real estate agent to draft an offer. You’ll think through any clauses you want, any concerns you have, and you’ll put in a formal offer. Fingers crossed!
Once your offer is accepted, we’ll get to work finalizing your mortgage. This is where we’ll lock in a rate, and you’ll lock down those sweet new digs.
At your “Closing” you’ll laugh, you’ll cry, oh, and you’ll sign the final paperwork and pick up the keys. Then it’s all paint chips and furniture from here on out.
Our first-time homebuyer program is designed to take the stress out of the whole homebuying journey. This is a major investment with so many potential complexities, just know, we’re right by you, every step of the way. No judgment, no questions, just straight-up no-BS answers and support.
