One thing is for certain when it comes to buying a house – you will never be alone on your journey. You’ll encounter many individuals along the way with plenty of professional experience under their belts to help guide you along toward becoming a homeowner. The process may seem intimidating, but with so many experts ready to help you, you’ll soon realize how beneficial each of their roles is within the home buying process. now, you may be wondering who these people are- below, we’ll highlight all the key players and the roles they’ll play in your home buying journey.
The Mortgage Lender
Your mortgage lender may not be one person specifically, but rather an institution that finances your mortgage. This could be an independent lender, a credit union, or a bank. It’s up to you to decide which lender you’d like to work with, so feel free to meet with several and choose the one that fits your needs best. From there, you’ll work with s specific individual – a mortgage banker – contact with all questions related to the financial side of home buying and they will help you determine how much you can afford and walk you through the application process.
The Real Estate Agent
Another vital player in the home buying game is your real estate agent. He or she will be your lifeline from the beginning and will listen to your wants and needs in order to help you find the home that’s perfect for you.
The Home Inspector
A home inspection is a smart idea, no matter the age of your future home. While voluntary, getting the home inspected can protect you from purchasing a house that has expensive underlying issues that you may not see during a walkthrough. An inspector will carefully check the home’s structure, electrical, HVAC, plumbing, roofing and more and provide you with a report detailing the findings.
The Appraiser
This is a critical role in the home buying process – your appraiser is the one who will ensure that you aren’t overpaying for the property. He or she will review the condition of the home and compare it with similar home sales in the area to come up with a fair market value.
The Home Insurance Agent
Homeowner’s insurance is a requirement when obtaining a mortgage and it will financially protect you and your home if disaster strikes. It will be up to you to shop around and find the best insurance policy for your needs, so it’s a good idea to begin researching your options as soon as possible after submitting your mortgage application.
The Mortgage Servicer
You most likely won’t need to keep in touch with the key players in the home buying process after closing on your new home- with the exception of your mortgage servicer. This is the financial institution that will handle the day-to-day management of your mortgage, such as payment processing, recordkeeping, ensuring your taxes and insurance are paid and of course, offering your customer service.
These are the essential players in the home buying game, but of course, you may encounter others throughout your journey. Both your mortgage lender and real estate are great resources for your questions about the process of buying a house and will be there to walk you through each step, so you’ll never be on your own.
