Home buying is a major life experience filled with excitement, pride and pleasure. At the same time, it could be nerve-wracking because your finances are at stake.
There are a lot of procedures and documentation involved in owning a home, especially with a mortgage. Without the proper knowledge, most of us will find home buying stressful and confusing.
For this reason, proper guidance from an experienced and trustworthy mortgage professional is a must.
Now, meet some of the key people involved in the home buying process.
1. Mortgage Broker
A mortgage broker will guide you through the full life cycle of home buying. S/he’ll liaise with some of the other professionals on your home buying team and help you find the right loan and lender for your situation. A mortgage broker will assist you to prepare the necessary documents and will help you assess your finances to make the application process simpler.
It’s advisable to consult with a reputable mortgage broker in purchasing your dream home. You can potentially save hundreds of hours and thousands of dollars with their expertise and knowledge.
Take advantage of their knowledge and experience to make your home buying journey smoother and faster.
2. Real Estate Agent
A real estate agent is a licensed professional that sells and rents real estate on behalf of clients. S/he focus on offering home buying advice for their clients and find them a property that suits their needs best.
Their main responsibilities include: acting as a middleman between buyers and sellers of a property, preparing all the necessary paperwork in order to legalize a purchase, practicing full disclosure laws and regulations regarding property sales and doing agency-related paperwork.
Home buying can be complex and trying at times and having a good agent as your support could ease the stress along the process.
The home buying process involves the law of real estate property. A lawyer is an expert on real estate deals. S/he is knowledgeable of the law and provides legal advice when acquiring a property.
With respect to a brokerage agreement, it is recommended that a home buyer have the advice and guidance of an attorney. S/he can make sure that documents are appropriately executed and explained even to the last letter. The process may look simple but the consequences may be disastrous without a lawyer at your side.
4. Home Inspector
A home inspector represents the buyer in the inspection process. Her/his sole responsibility is to provide a complete and thorough inspection of the property. S/he’ll provide a report about the condition of the property at the time of the inspection.
An inspector’s role is advisory only. S/he does not have the authority to make a repair or correct anything documented during the inspection.
With this professional by your side, you’ll know in advance what problems you’ll be facing, so you can make a smarter decision.
One of the first steps in any mortgage transaction is to systematically determine the market value of a property. This is where a real estate appraiser comes in.
To determine the property’s market value, an appraiser physically evaluates each property and gathers the following details:
- The measurement of the structure
- General condition of the interior and exterior of the house
- Information about the property’s architectural quality
- Characteristics that may affect the property’s value
An appraiser’s expertise is highly valued by banks, lenders and other parties who care about the value of the property. Her/his estimation skill is broadly relevant.
As a home buyer, you’ll want to make sure you’re getting the worth of your money. An appraiser can help you see what the fair price is.
6. Home Insurance Agent
An independent insurance agent can also be equally valuable in the home buying process. S/he is a local expert that is deeply involved in the community. An insurance agent’s part is to get your home insured against a fortuitous event such as earthquakes, storms, floods, epidemics, fires, etc.
It is a good idea to share the inspection report with your insurance agent once your choice home is assessed.
Home buying can be a complicated journey if you aren’t knowledgeable of the process involved. Even the documentation can confuse you. You might miss important details because you’re too focused to just buy the property.
The professionals mentioned above can help and guide you. They can make buying your home easy and simple.