What are your next steps after your home buying offer is accepted? Here’s what you need to do before closing day!
Purchasing a home is a big process. That’s not a secret, but why does it have to be so difficult? Between house hunting, putting in offers, and securing mortgage financing, the experience overwhelms many buyers. Does it have to be this stressful when buying a home? The good news is the mortgage and real estate industry is full of professionals who can make the experience easier for you! The trick is knowing who to contact, and understanding what they can do for you. Here are some of the most important professionals you’ll be working with.
We’ll start with one of the first professionals you should get in touch with when buying a home, and that happens to be our specialty! Mortgage brokers aren’t a mandatory part of the buying process, but they make the experience much easier, quicker, and affordable for you, so their services are widely considered essential. Mortgage brokers will be one of the first people to take a look at your buying position. They can review your credit score, help you secure a pre-approval, and even help you determine a budget for your home.
When you leave a broker’s office ready to find a real estate agent, you will have a decent idea of what you can afford, and the kind of mortgage product you are likely to secure. You will also use a broker once you find a home you want to buy. At that point, brokers will connect you with a lender who will finance your mortgage, securing you the best product for your situation. Brokers are an invaluable way to communicate with lenders and obtain the best mortgage product. They often have access to lenders and products that people without brokers do not.
Real estate agent
When people think about buying a home, the first professional they often think of is a real estate agent. And in fact, realtors do come in fairly early during the buying process. As you likely know, real estate agents are the people who find and show you potential properties, so they’re literally your key to finding the right house. Don’t start house hunting seriously without a real estate agent. Buyers without agents rarely have luck, and you’re more likely to face disappointment and stress.
When you come to a real estate agent, just knowing a rough idea of your budget and housing requirements is perfect, and they will do the rest. Agents will narrow down appropriate listings for you and take you to showings so you can tour the home. When it comes to finding the right agent to help you secure the right home, take some time to research realtors in your area. You will want a realtor who is local to your desired location, and who has a good reputation. Feel free to ask a few agents questions to help you narrow down your options.
A home inspector doesn’t come into the picture until you have found the home you plan to buy, and you will likely only see them once. However, their involvement is essential when buying a home. A home inspector will evaluate your new property for anything that could become a safety or repair issue. This includes roofing, plumbing, electrical, foundation, and a variety of other concerns. If the inspection turns up a problem like mold or leaks, for example, you would rather know that before you close than once you’re the owner. This is because you have the option to either negotiate repairs with the seller, or walk away from the sale.
Your lender will likely order an appraisal before they agree to finance your mortgage. This is so they can be sure the mortgage amount they finance is the actual value of the property. An appraisal will tell you how much the property is worth, and this will reassure lenders that it is worth financing. It will also tell you whether the property is worth your offer amount.
Finally, a lawyer will help seal the deal on your buying experience. Lawyers will be your protection when buying a home, so you can be sure you know what you’re buying and what you’re paying for. Perhaps most noteworthy is that your lawyer will review your contracts to ensure there is nothing hidden in the paperwork that could negatively impact your purchase. Purchase agreements are lengthy and tedious, so it’s good to have an extra set of professional eyes on them to make sure you know what you’re agreeing to. There are lawyers specifically tailored to real estate, showing it’s a serious area where lawyers need to be present to protect client interests. Lawyer fees can vary widely, so explore your options carefully!
When buying a home, the process can feel very stressful and overwhelming. This will be especially true if you try to do it all yourself. Don’t go it alone! Be sure to use every type of mortgage professional you can find, and let them guide you. We’re here to help you get started on your buying journey!
If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.