Cambridge, MA Home Buying Resources

Cambridge, MA Home Listings

When Buying Cambridge Real Estate

Your first step in the process of buying a home in Cambridge, MA is to determine how much you can afford to borrow. A basic rule of thumb is that a lender will want your monthly mortgage payment to be no more than 29% of your monthly gross income.

Mortgages and Cambridge, MA Home Buying Programs

There are many different kinds of mortgage programs available for purchasing real estate in Cambridge, MA. It is best to do some research about the pros and cons of each program. As a licensed and experienced Massachusetts real estate broker, with years of experience buying and selling real estate in Cambridge, MA, Charles Cherney can help you understand the steps you will need to take, and can refer you to several reputable mortgage brokers or services. There are also special home buying programs available from various organizations and many local governments that offer special home buying programs to help Cambridge first-time home buyers and those in a lower income bracket. Get informed – you may be surprised to discover what you are eligible for!

Determine Your Search Criteria

Begin your Cambridge home search by focusing on the location where you want to buy, and the amenities you want in a home. Determine how much square footage you want, how many bedrooms and baths you need, etc. Knowing what you’re looking for will not only help you focus your search but will also help your real estate broker understand your needs so that he/she can best assist you in the process.

Shopping for a Home in Cambridge, MA

There are several avenues to take once you begin your home search. Your Cambridge, MA real estate broker can supply you with listings, based on your search criteria. You may also search for Cambridge, MA properties within this website, and then ask your real estate broker to set up an appointment to show you the house. Reading the real estate section of your local newspaper, or driving around neighborhoods within Cambridge that interest you is also a viable strategy. It is important to see as many open houses as possible, so that you can develop an understanding of the current Cambridge real estate market, and get a solid idea of what is available in your price range.

The Home Inspection

Once you have made an offer on a home in Cambridge, MA, you will need to schedule a home inspection, conducted by an independent authorized MA inspector. It is extremely import to hire a reputable inspector so that you know exactly what you are buying. Do not hesitate to ask friends, family, and co-workers for advice. If you are satisfied with the results of the inspection, then you can proceed to the Purchase and Sales agreement. If the inspector finds problems with the property, you may want to negotiate with the seller to lower the price, or to pay for certain repairs.

Appraisal

Your lender will require you to get an appraisal of the house you want to buy, to make sure it is worth the money that you are borrowing. You may select your own appraiser, or you may ask your local Cambridge real estate broker to help you with this task.

Homeowner’s Insurance

Lenders require that you have homeowners insurance, to protect both your interests and theirs. Like everything else, be sure to shop around for insurance that fits your needs.

Settlement or Closing

Finally, you are ready for the closing of your new home in Cambridge, MA! Be sure to read everything before you sign! You should have both your Cambridge real estate broker and an local attorney present at the closing to ensure that all is in order.