For many, buying a home is more than a financial goal: it’s a dream. Homebuying, however, can feel intimidating to first-time buyers, especially without the right guidance and support.
We recently hosted a webinar about navigating the cost of homeownership to share how New Englanders can prepare to buy their first home — and how Rockland Trust can help. The panel discussion featured:
Our detailed guide can help you navigate each stage of the home-buying process. Download your free copy of the Homebuyer's Playbook
If you didn’t catch the webinar live, here are four key takeaways from the group’s discussion that can help put you in a strong position to hopefully purchase your very first home.
During the webinar, the group acknowledged that with home inventory low and demand high, the market may feel tough for potential buyers. Between generally high living expenses, good schools, and increased return-to-office work policies, some buyers may be worried about a competitive homebuying market in the greater Boston area.
Joe explained that Massachusetts is actually a great place to consider buying a home. “We’re a leader when it comes to home ownership,” he said. “There are great opportunities in Massachusetts to be home. Rates and values may be high, but we have state programs to support buyers.”
The Massachusetts Affordable Homes Act is partially responsible for this, having funded $5.16 billion in homeownership-related initiatives, including designations for public housing, programs geared toward the Massachusetts Bay Transportation Authority, commuter benefits, and tax credits for buyers.
“It’s true we live in an expensive area,” Julie said. “But what else is true is that we also live in a state that wants to encourage homeownership and is passing legislation that encourages that.”
MHP is a key part of the ecosystem that supports Massachusetts home buyers. This statewide, quasi-public organization provides financial assistance to potential homebuyers who qualify, namely low- and median-income first-time homebuyers. Already, MHP has helped more than 2,500 first-time buyers achieve their goal of owning a home in Massachusetts.
MHP provides eligible Massachusetts residents with an initial interest rate discount while eliminating the need for private mortgage insurance, which can be costly for those with lower down payments. Buyers working with an MHP program may only need a down payment of as little as 3%. This combination can save buyers up to hundreds of dollars a month. Taylor explained that this not only helps secure an affordable down payment but also ensures the mortgage stays affordable over time.
Additionally, MHP offers the One+ and One+ Boston programs, which provide buyers with additional assistance based on the same eligibility criteria as MHP, with additional residence requirements. These two programs allow a buyer to purchase a home anywhere in Massachusetts and can be layered with other down payment assistance programs. As Taylor put it, “We’re here to help.”
Regardless of your eligibility for MHP, the panel recommends seeking education before beginning the process of looking at and purchasing a home. That’s why we created a free playbook for homebuyers that helps you navigate each step of the process.
MHP offers classes to first-time homebuyers, but the team suggests taking classes within your local area to better understand the assistance and programs available to you. These kinds of classes can offer a buyer advice about their situation through a team of experts, including lenders, realtors, attorneys, and home inspectors, so the buyer doesn’t experience any surprises as they begin the process of finding a home.
For example, these classes may explain how to secure free pre-approval and pre-qualification from a financial institution before you start attending open houses or considering what deals you can afford. Doing so helps provide a buyer with a clear budget, which, Julie explained, may be even more than anticipated.
If you want to learn more about residential mortgages, check out this installment of our Back to Basics series: Demystifying Mortgages and Financing a Home.
No matter your budget, financial situation, or which programs you qualify for, our team stresses the importance of working with people you trust to help make your homebuying dreams come true. This is especially critical with a purchase as important and personal as a home, as buyers must be able to be honest with their lenders about their financial reality.
“Personal finance is personal,” Julie said. “You really are laying your cards on the table. We’re all in different places, and it’s an intimate process to put all this on the line and make yourself vulnerable. Having these partnerships is so important.”
A good, local lender you trust can help navigate roadblocks like a credit score that needs repairing, while understanding the ins and outs of the place where you want to buy your home. Joe explained, “It’s like having someone in the passenger seat with you as you’re navigating the process. And that’s so comforting.”
Home Ownership is Within Reach
Whether you're in the early stages of buying a home or it’s something you’ve been considering for a while, achieving your dream is possible — and we’re here to help. A great first step for those earlier in the process is to watch the full webinar recording or explore the resources in our Learning Center.
Ready to take a more concrete step toward purchasing a home? Contact our team of mortgage lending experts to learn more.
