June 27th, 2017 6:15 AM by Jackie A. Graves
And how each one can help you.
I get approved for a loan? Who will help me find the right home? Who can help
me? Don’t panic! Here are the top four people you need to know when it comes to
buying a home.
One of the first people you’ll
need to work with is a loan officer or lender. This is the person who helps you
understand the ins and outs of getting a loan, as well as any requirements or
speaking with the loan officer, however, you may want to estimate what a
monthly mortgage payment may look like, which you can do with a simple mortgage calculator.
Your monthly payment will include homeowners insurance, property taxes paid
into an escrow account, and, if you put down less than 20%, PMI or private
Remember: The bank will provide
an initial number of what it thinks you can afford based on your gross monthly
income. But it’s up to you to account for your own personal budget and living
Once you’ve spoken with the
lender, it’s worthwhile to get a preapproval letter, which shows how much the
bank would be willing to lend you based on your full financial picture. Without
this letter, most sellers won’t take you seriously and may not even accept your
A real estate agent is usually
the first person that most people speak to during the homebuying process.
Before my husband and I moved to Tennessee, we contacted an agent who
specializes in out-of-state relocations. She did an excellent job of searching
for properties in Memphis that met our needs and even suggested a few that we
wouldn’t otherwise have considered.
When you begin your home
search, you might start with an online search. While these property listing
sites provide formatted data on available properties, a REALTOR® will have
access to the latest information and can provide any updates or correct
misinformation found online.
REALTOR® can work on your behalf or on
behalf of the seller. When you’re buying a home, it’s important to work with a
buyer’s agent, whose responsibility is to you, not the seller.
You should ask the
agent all the questions that are important to you — how much other homes
in the area recently sold for, how long those homes were on the
market, and any other questions that might help you make an informed
we were searching for a home, we really wanted to get a sense for what types of
events are held in the city as well as activities around the area, all the
things that the REALTOR® had a great sense for.
Once you have found a home,
made an offer, and signed the contract to buy, it’s time to hire a home
inspector. The contract will specify how many days you have to get the
inspection. The home inspector will come to check things like structural
integrity, plumbing, electrical systems, heating and cooling, the condition of
windows, walls, door frames, ceilings, the attic — basically anything that can
be seen without going into walls.
The title officer or title
company checks the ownership of the home to make sure there are no potential
disputes with previous owners, and, ultimately, will issue title insurance for
the property. This insurance protects you and the lender if there are claims or
lawsuits against your ownership of the property.
Each person has a distinct role
in the homebuying process and being informed about exactly what you need from
them helps make the process run smoothly. The key is patience — it’s all worth
it when you get the new keys to your home!
By LaTisha Styles - To
view the original article click here