When you buy a house, you will deal with several people. Most of them are industry professionals that have the experience and knowledge to help you enjoy and make the most out of the process. We share a Mortgages 101 guide for the key players in a home buying process.
You will also interact with people who will help you get started on your journey to becoming a new homeowner. The home buying process is both exciting and overwhelming. However, when you work with the right professionals, the entire experience will be less stressful. The professionals and experts you’ll encounter each have important roles that are critical to your home buying success. If you’re wondering who these professionals are, read on!
Mortgage Lender
This is the institution that will finance your home mortgage. The mortgage lender is either a bank or an independent lender. You may also apply for financing from a credit union. One of the best ways to get reasonable financing rates is to check out various options, so feel free to inquire with different mortgage lenders.
Once you’ve chosen a mortgage lender, you will then have to work with an individual, the mortgage banker. He or she will walk you through the financing application process.
Real Estate Agent
The real estate agent will be your primary point of contact in the entire home buying process. If you’re working with a buyer’s agent, he or she will help you find the home of your dreams while making sure that you get the best deal. The agent will do the negotiations for you and help prepare the required documentation. You need to find a buyer’s agent who will take the time to learn more about you and your needs.
You will also encounter a seller’s agent. This real estate agent works on behalf of the property owner.
Home Inspector
Want to make sure that the home you’re about to buy is as good as it’s advertised? Get the help of a home inspector. While not mandatory, having the home inspected before you sign the deal gives you the peace of mind that the house isn’t hiding any undisclosed problems and issues. The home inspector will also verify whether a disclosed issue is as simple as the seller claims. If your goal is to move right away and not worry about many expensive repairs, then you should hire an inspector to ensure that the home is ready for you.
Appraiser
An appraiser is the home value expert who will help make sure that you’re not overpaying for a property. The appraiser will review the home’s condition, size, and other aspects and compare it with similar properties for sale to see if its price is according to fair market value.
Title Company
The title company’s role is to look for a title search to review any records for your property. This step ensures that there are no legal issues that will get in the way of the sale. Such issues include zoning restrictions, overdue taxes, and charges against the property. The title company will also set the closing date and facilitate the process of obtaining a clean title.
Home Insurance Agent
Securing a homeowner’s insurance is a requirement when you get mortgage financing. It also protects you from financial liabilities when an unfortunate incident happens. Eventually, you’ll do business with insurance agents as you go shopping for the best policy.
Aceltis Group is a professional mortgage company in New Jersey, and we can help you with all of your mortgage needs. Contact us today and see what we can do for you.