Your Home Buying Partners:
Agents, Lawyers, Insurance Brokers, Credit Repair Services, and Loan Officers
Like raising a child, buying a home takes a village. There are many people you will need to consult along the way, so understanding who the important players are will be a good first step in ensuring you’re making the right decisions. So who will you talk to throughout the process of buying your home? Not only will you consult with an agent to help you find the home you love, you may also be in contact with lawyers, insurance professionals, credit repair experts, and mortgage lenders*.
Let’s take a closer look at each of these roles and how they can help you buy your next home.
Real Estate Agents
You probably know that a real estate agent will be a key part of your home buying experience. But what does an agent actually do for you? In short, the agent will help you narrow down your choices, show you homes, and help you initiate the buying process.
On a deeper level, agents have a lot of important experience they’ll be sharing throughout the process. For example, they are trained in the local laws on buying and selling, which can make the process feel quite murky to someone who doesn’t have a background in real estate. They can walk you through the steps from looking to offering and make sure both you and the seller are remaining compliant at a high level.
They also act as brokers, or middlemen, for the entire process. They can translate any concepts that are specific to buying houses so that you and the seller can understand. Using their valuable experience accrued over time will benefit you and make the entire process easier to navigate.
Your real estate agent will also be the person to help you negotiate the price. Below, we will also discuss your financial partners when it comes to home buying, but the actual negotiation process will be driven by the agent. They will be able to take your budget and the seller’s price and give you both the necessary tools to reach an agreement. For their service, they will typically take a percentage of the sale as their fee.
Real estate agents work as independent contractors often under the umbrella of a larger brand. If you’re looking for recommendations, contact Prime Mortgage Lending of West Asheville to find out who we recommend.
Lawyers
It’s important to note that the role of a real estate lawyer will function differently between states. So once you read this section we encourage you to look into how real estate law and lawyers apply to the process where you live.
In general, a real estate lawyer can help in such things as real estate disputes and transactions. Because they have a background in the legal ramifications in the real estate market, they can help buyers and sellers prepare and review documents pertaining to the home buying or selling process. These documents can include purchase agreements, mortgage documents, title documents, and transfer documents.
In some cases, a real estate attorney may also handle the closing on a purchase.
To find out more about the role of a real estate lawyer in your state, contact Zachery Adam or Prime Mortgage Lending of West Asheville to get our recommendations.
Insurance brokers
There are also a variety of choices when it comes to home insurance agents. In general, there are two types:
• Independent home insurance agent.
• Company-based home insurance agent.
An independent agent works for themselves rather than the insurance company. They are able to provide insurance products from different companies and can get you a variety of quotes. This will give you a chance to compare the policies and companies before you make a decision. In this case, they can also work with you to get the best price that covers all of your needs.
A company agent is someone who works directly with the insurance company they represent. They will be limited to sell only the policies of that company. A common example is MetLife. If an agent works for MetLife, they are only able to sell those policies and are paid by the company directly. This also means the pricing will be set by the company and not as likely to be negotiable. But, they are experts in specific areas of insurance and stable, which may be desirable for some home buyers.
Home insurance is a critical part of the home buying process, so it’s important that you talk to an agent you’re comfortable with. To learn our recommendations, reach out to Prime Mortgage Lenders of West Asheville.
Credit Repair Organizations
Some home buyers, but certainly not all, may need to consider repairing their credit before buying a new home. If you’re concerned about your credit score and how it might affect your ability to buy a home, knowing a good credit repair company will be invaluable.
This professional may be able to remove negative items from your credit report and help your improve your FICO score. With these improvements, it may be easier to get a mortgage or insurance to buy a house. It may also help with future purchases such as a car.
A credit repair company will typically start by obtaining your credit reports from all 3 major bureaus and work with you to determine how to move forward.
To learn more about local credit repair organizations, contact the team at Prime Mortgage Lending of West Asheville for our referrals.
Loan Officers
Of course, we want to also give you some background on working with mortgage lenders, like ourselves, so you can make the right decision for your home purchase.
To buy a house, a person must work with a mortgage company to receive a loan against the new home purchase. The mortgage company must follow all federal regulations when giving loans to buyers.
There are two types of mortgage lenders you will come across in your process: independent brokers or banks.
An independent agent has access to a variety of mortgage options and will work with you as an intermediary between the buyer and the bank. They have experience and expertise to help home buyers get the best loan program available for their unique situation.
Working with a bank means you will be limited to the loans programs the institution offers.
The difference in mortgages and costs will vary greatly depending on your personal needs and experience.
So how can you pick the right team people to work with throughout the home buying process? How does each person impact your experience and where should you start?
To learn more about where to start when buying your home, contact the team at Prime Mortgage Lending of West Asheville. Zachery Adam and his team of professionals can walk you through the process and connect you with a wide network of professionals.
*Keep in mind that the roles may be slightly different in North Carolina and California. Always consult your local experts to understand the process in detail.
