Home Buying Process: The People That Make It Happen, Part 1
- posted 4.9.2012
- Susan Malcolm
- Home Loans
So you're ready to buy a home? Buying a home is very exciting, but it can be an arduous procedure. Luckily, you don't have to go through the process alone. There are many professionals that are ready to help you along the way. In two related blog posts, we'll discuss the key players in the home buying process. Each of these people will assist you with essential aspects of buying a home. These differing aspects will come together to help make your dream of buying a home a reality.
The Real Estate Agent
The first key player we will discuss is a Real Estate Agent! Big surprise that you might want one of these when buying a home, right?! What exactly will a real estate agent help you accomplish? First of all they will listen to your needs, and help you find exactly what you are looking for in a home. They will find homes for you in neighborhoods that match your criteria. Once you have some properties to choose from, they will give you objective, useful information on each property. These tips will help when making your final decision on a home. When you are ready to make an offer, they will help negotiate price and give insight on market trends so that you can make a reasonable offer. In addition, they will arrange inspections, help you understand important paperwork and stay up to date on pertinent timelines. They also might be able to recommend other professionals that will help you in other areas throughout this process. They will be a valuable asset to you throughout the process, so take advantage of their knowledge and suggestions. For tips on finding the perfect real estate agent, check out our previous post.
The Mortgage Advisor
Another relevant person in this process is the mortgage advisor. They will help you attain the best rates that you can possibly get on your mortgage. Your mortgage advisor will help you get pre-qualified which will determine what your purchase price should be and your subsequent loan amount. Before you make final decisions, they will explain all loan options, whether it be a 30 year fixed rate or 15 year fixed rate, that are available to you. In addition, it is their job to collect all necessary documents to help fund your loan. In the end they will go through all lender requirements to ensure that everything is completed. Your moving status is contingent upon completion of the loan process. A mortgage professional will be knowledgeable and helpful. Make sure you ask about anything you don't fully understand, they will be happy to answer your questions in a timely manner.
The Insurance Agent
The last professional we will discuss in this post is the insurance agent. Before any lender will fund your loan, they will need to see that you have a homeowner's insurance policy in place. This policy will protect your home in case of fire, theft or any other unforeseen damages. Your insurance agent will ensure that you are completely covered to your lender's standards. Homeowner's insurance requirements differ in each area, so the insurance agent will help you find the best fit for your needs. They will be available to you even after the home buying process is complete. In some cases, you can save money by bundling your home and car insurance.
It is important to understand what each person will help you accomplish in this long process. Each professional fulfills a role that will get you closer to your new home. If you have any tips for potential home buyers, please feel free to leave comments below. Keep an eye out for our next post about the remaining important players in the home buying process.