Step one in buying a Martha’s Vineyard property is knowing what you can afford and how much cash you will need for a down payment. In the event you don’t have a relationship with a mortgage lender, there are several local banks and mortgage brokers who can help you complete this important first task.
One of the benefits of talking to a mortgage officer prior to looking at property is they can provide you with a preapproval letter. This letter is beneficial from both the seller’s and buyer’s perspectives. The buyer has established their purchasing power and is better positioned as a strong candidate to buy the house. The seller therefore is reassured knowing the buyer is ready, willing and able to move forward with the purchase.
If a buyer is making an offer on a property with a mortgage contingency clause, careful compliance with the exact conditions in the contingency is crucial. Your real estate agent will guide you through the wording of this contingency clause when making your offer.
You can find more information on this process in the FAQ section of our blog.