Your mortgage team

Buying a home can be both exciting and overwhelming. One of the best things you can do is to surround yourself with reputable professionals you trust. 

Key members of your team will likely include:

• a mortgage professional
• a realtor, a home inspector
• a lawyer or notary 

In some situations, you may also need an appraiser.

Professionals working in the real estate industry are often able to recommend highly qualified experts that they work with on a regular basis.

You can search out members of your team by talking to friends and family about who they have worked with when purchasing their homes, and by doing your research online.

It is very important that you feel comfortable with the members of your team. Working through the home buying process can feel intimidating, so you need to be able to ask questions as you move forward.

Don’t ever be afraid to ask if you are unclear about something – it is far better to clearly understand than to guess and potentially make a decision you may regret later. 

Here are the key members of your team:

Mortgage professional

Also known as specialists, consultants, brokers or sub-brokers, a mortgage professional might work with only one financial institution, or may have access to multiple financial institutions.

A significant advantage to working with an independent mortgage professional (not tied to one financial institution) is that they are able to shop for the best rates and features for you.

If for some reason one lender does not approve your application, independent mortgage professionals can then submit your application to other lenders who may have different lending guidelines.

Most mortgage professionals work flexible hours and are available to meet with you evenings or weekends. For standard residential home purchases, there is usually no fee or cost to you for this service.

Realtor

Realtors are experts with respect to the legal aspects of purchasing a home, and are knowledgeable about the features and characteristics of your community. You will work closely with a realtor to find your home.

Your realtor will arrange for you to view several homes, and once you have decided on a property your realtor will guide you through the process of making an offer.  

Your realtor will support you until the keys have changed hands. Realtors work on a commission basis, and as a purchaser there is usually no charge for their service.

Home inspector

Your home inspector will go over your prospective purchase with a fine-tooth comb. They will look for any potential issues.

Home inspectors will spend several hours investigating every aspect of the house, both inside and out. 

They will inspect everything from the condition of the exterior (roof, gutters, foundation, potential drainage/water/  insect issues, etc) as well as the condition of the interior (remaining life span of the hot water tank, furnace, windows, etc) and provide you with both verbal and written reports of the overall condition of the house.

Your home inspector may save you thousands of dollars in costly repairs or identify problems with the home that cause you to reconsider – or may ease your mind by confirming all is in order with your new home.

The cost of a home inspection is something you pay.  Do your research, and choose a home inspector that comes highly recommended.

Lawyer/notary

A lawyer or notary will work on your behalf to ensure that your legal rights are protected. Your lawyer or notary will take care of all of the paperwork required to complete the sale and transfer ownership of your new home to you.

It is a good idea to ask for written quotes so that you are able to add this expense to your budget for closing costs.

Logistics

Keep in mind that every homebuyer’s situation is unique, and everyone’s level of knowledge is different.   

One of the first things I suggest when looking to purchase a home is to organize a binder or folder to store your research and information. Start an electronic folder to save information and links that might be handy down the road.

Although a great deal of your research can be done online, you will likely gather business cards, handouts, listing sheets, quotes for legal services, etc. and may find it most effective to have a central place to keep this organized.  

Whether you have purchased a home in the past or are looking to buy your first home, you will find that the more prepared you are, the less stressful the process will be.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.