Mortgage Blog

Thinking of buying a new home? Do you have your professional team ready?

March 19, 2018 | Posted by: Holly Cochrane

Buying a home can be very exciting …but also overwhelming! Whether you are a first-time homebuyer or it’s your third time purchasing a home. Being prepared and informed can help things run smoothly! Having a team of professionals assisting you will help you navigate through the process.

Let’s examine the individual home buying team members and explore what they can offer and how they help you.

Mortgage Broker. It is highly recommended that before you start shopping for your new home that you speak with a mortgage broker. The role of the mortgage broker is to educate you about the mortgage options available and let you know how much you would qualify for. They will complete a thorough mortgage application with you and get you pre-approved for a mortgage. Once that is done then you can start shopping and it will give you an idea as to what home price range you could buy in. Your mortgage broker will stay with you each step of the way until your possession date and into the future.

Real Estate Professional. The role of a real estate agent is to work with you to find you a home based on your needs, the key features you are wanting in a home and at the best possible price. Once you have found the right home they will facilitate the next steps. They will assist in writing an offer to purchase with you and help negotiate the terms for you. They will help you order an inspection and gather the appropriate documentation to complete the transaction. The real estate agent will be there every step of the way until possession of your new home and beyond. If you do not know a real estate agent, your mortgage broker can refer you to one.

Insurance Agent. When you purchase your new home, you must obtain homeowners insurance. An insurance agent will work with you to determine the right type of insurance coverage you will need.They will help you finalize your policy and they will also provide the necessary documentation to your mortgage lender. If you do not know an insurance agent, your mortgage broker can refer you to one.

Real Estate Lawyer. Closer to the date that you take possession of your new home you will need to meet and sign mortgage documents with a lawyer. In this meeting the lawyer will provide you with your independent legal advice and go over the terms of the mortgage. The lawyer will confirm that you have received answers to the questions you may have about the mortgage details. Once you have signed the mortgage documents and taken possession of the home, the lawyer will complete the necessary steps to have your name added to the legal title of the property and finalize documents for the bank or lender that will hold your mortgage. Again, If you do not know a real estate lawyer, your mortgage broker can refer you to one.

Home Inspector. A home inspector is qualified to conduct a thorough inspection of the home your are about to purchase. The inspector will generate a report listing any issues or needed repairs, thatcould affect the terms of the transaction. Your real estate agent would be able to refer an inspector, however you are also able to select your own inspector.

Home Appraiser. Your mortgage broker may be required to order an appraisal report because the bank or lender is asking for one. The appraisal is ordered by your mortgage broker once you have made an offer on a home and they are finalizing your mortgage approval. The appraisal report confirms the market value of the property and is completed by a licensed appraiser.

Each professional team member plays a very important role in the home buying process. If you have the right team in place, they will assist you by reducing the stress, make the transaction run smoothly and making it a pleasant experience for you.

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