Home Buying Process, Step 1
Get to know the people involved in the home buying process, including the loan officer, real estate agent, insurance agent, title and escrow officers, home inspector, the appraiser and the movers.
The Home Buying Process Part One Video transcript
Meet Your Home Purchase Team.
Buying a home is very exciting, but it can be a difficult process. Luckily, there are professionals ready to help you along the way. We call them the key players of the homebuying process the Loan Officer, the Real Estate Agent, the Insurance Agent, the Title and Escrow officers, the Home Inspector, the appraiser, and the movers.
The first important key player is the loan officer. The loan officer you work with will be responsible to help you attain the best possible rate in terms of your mortgage. They will help you get prequalified with an upfront credit approval which will determine how much you can borrow to buy a home. Before you make any final decisions, your loan officer will explain all loan options. In addition, your loan officer will collect any necessary documentation from you to fund your loan. You’ve taken the first step by getting prequalified. Now it's time to find the right home.
The Real Estate Agent. One of the most important key players in the homebuying process is the real estate agent. The real estate agent's job is to listen to your needs and help you find exactly what you are looking for in a home. They will pull a list of comparable sales in the area to help you decide on your offering price. In addition, the agent will arrange home inspections, help you understand important paperwork, and stay up to date on pertinent timelines. You’ve locked in an offer on the perfect home, but more choices lie ahead.
The Insurance agent. Before any lender will fund your loan, they will need to see proof of your homeowner's insurance policy. The insurance agent will help you find the best fit for your needs. The insurance agent will help you obtain homeowner's insurance and provide the proof that you need. Your home is now insured. Now time to finalize the paperwork.
The Title and Escrow Officers. Both title and Escrow officers aid in the completion of your home purchase. Their task is to make sure that there are no discrepancies that will get in the way of the sale. The Escrow officer will ensure completion of all requirements from each party before any money transfers hands, almost time to move in.
A couple more people will help you make sure you choose the perfect home.
The Home Inspector. It’s highly advised that you have the home inspected by a professional, but it's not mandatory. This person will inspect a home for damages or issues and evaluate what needs to be fixed. The outcome of the inspection will determine whether you move forward with the transaction or stop and reevaluate the terms of the sale. Now you can be sure you got a great deal one more final check to see how your home compares to its neighbors.
The Appraiser. The appraiser is responsible for estimating the market value of the home. Your loan officer will schedule an appraiser to determine market value of the home you are buying. There are certain criteria that they use to estimate the value, such as measuring it against similar homes in the area. Once the offer is accepted and your loan is funded with keys in hand, it's finally time to move in. Help with the move is on the way.
The Movers. There are varying degrees to which movers can be involved it can be as minimal as loading your packed things into truck and unloading it at the new place, or as extensive as packing everything up for you. After the paperwork is done and you have the keys to your new home in hand, the movers will come to your rescue. Monitor what they're doing and make yourself available to answer any questions they might have. Jump into your home. Purchase Prepared.
