The Massachusetts Police Association Home Mortgage Program | Massachusetts
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Purchase Process:

How to buy a home............

Purchasing a new home is probably one of the biggest investments a person will make in their lifetime. Although buying a home is a very important decision, once the decision has been made the procedure is very simple. Please call one of our program loan officers to help you understand the steps involved in buying a home.

A program loan officer will explain the following steps outlining the home buying procedure: Purchase Process

  1. Buyer decides there is a need to purchase a home.

  2. Get pre-approved for a mortgage. Buyer/MPA member may contact the Massachusetts Police Association Discount Mortgage Program for an initial consultation and obtain a free mortgage pre-approval. The pre-approval will enable the member to determine how much of a home they qualify to buy. Please click pre-approval form button on this page to get a written certificate.

  3. Buyer initiates contacts to help find property. Buyer may look into local newspapers, publications, internet, or choose to contact a local realtor.

  4. Buyer should get onto an mls (real estate) listing. The MLS listings will show potential buyers which properties are available for sale in their desired areas. Mls listings are the program realtors use to find properties for potential buyers. Members may call into the mortgage program for details on how to get onto the listing.

  5. Schedule a time to see a desired property. Once the member finds a property they are interested in, they set up a showing to see the property. Usually a realtor will assist the member, and do a showing of the home.

  6. Make an offer. To make an offer, a buyer needs to submit three items to the seller's agent. A customized mortgage pre-approval, a deposit check of up to $1,000.00, and a written offer agreement (this can be set up by the buyer's real estate agent).

  7. Offer is accepted. If the offer is accepted, the buyer now sets up an inspection of the home. The average cost of a home inspection ranges from $250.00-$500.00. If the home inspection shows flaws in the home, the buyer may back out of the deal, re-negotiate the price, or simply decide to go forward.

  8. Apply for the mortgage. Buyer/MPA member should now apply for their mortgage. The member may call 877-672-6721 to set up their mortgage application with the Massachusetts Police Association Discount Mortgage Program. The application is easy, and can be done right over the phone in about 20 minutes. Members may fax or e-mail over their documents.

  9. Sign the purchase and sale agreement. Once the member applies for the mortgage, the next step is to sign the purchase and sale agreement with the seller, and give a second deposit on the property. The purchase and sale agreement is very important and outlines the time, dates, and specifics of the purchase. The buyer should never sign this agreement without having an attorney review the agreement on their behalf. The good news is the Massachusetts Police Association Discount Mortgage Program will have an attorney review this agreement at no charge (as long as the member is using the program to close their loan).

  10. Mortgage gets approved. Within the purchase and sale agreement, there will be a time-frame the mortgage must be approved by. Once the mortgage has been approved, the buyer should now obtain homeowner's insurance on the property and/or meet any other conditions as may be required by the mortgage program.

  11. Close on the home. Once the mortgage if fully approved, the buyer will have a time, date, and place set up to close on the property. The buyer will be required to show up for a closing and the passing of papers on the home. Normally the closing is done at the local registry of deeds for the county in which the property is located. The closing may occur elsewhere upon mutual agreement of all parties involved.

  12. The buyer is now the proud owner of their new property!

Interested in more details, call 877-672-6721 to speak to your local
Massachusetts Police Association Discount Mortgage Program consultant.