Do you know all the people that are involved from the beginning of your home search to the day of closing? Your aware of your Realtor and Lender, but do you know all the people involved behind the scenes?
Here are a few to give you an idea:
Probably on of the first people you meet, the real estate agent. The agent is on the front line with you showi
ng you homes, writing contracts, and negotiating on your behalf for the best deal. They play an invaluable role in the home-buying process.
As a buyer you will contract with the agent as your buyer’s agent to represent your interests. As mentioned before the buyers agent will show you every home available in your price range that meets your specifications. Once you’ve found the home of your choice they will help you make an offer to purchase the home and negotiate the terms of the contract, offering up-to-date information and advice all along the way.
Once an offer is accepted by a seller, they will help keep you on track to the settlement table, and make sure all aspects of the contract are met and within the time-frame allotted.
A mortgage broker provides a mortgage where the funds can come from many banks or other lending institutions they work with. Having access to numerous banks and lending institutions gives them a wider range of mortgage products.
A mortgage banker on the other hand, works for one financial institution and will provide the funds directly. Most of the time, more often then not, these loans are sold to the secondary mortgage market. This way they can free up funds to be able to finance other borrowers. Most banks will have a loan officer at the branch or via phone that you will contact to start the mortgage process.
The title company has an important role in the home purchasing process. They pull the title and guaranteeing the title to your house is free of problems (liens). You as a home buyer can purchase title insurance policies as a form of protection to you and the lender, that will cover any hidden tax liens or other problems that sometimes surface years later after closing.
The settlement agent, sometimes known as the closing agent, could be an attorney or a title agent. Settlement agents are acting as an impartial third party to the transaction and ensuring the process is completed properly and lawfully.
If you’re buying a home with a mortgage, then you’ll definitely be hearing from an appraiser. This professional determines the true market value of your house for you and your lender.
The private mortgage insurance company insures the mortgage when it exceeds 80% of the value of the property. This policy protects the lender in case you default on the loan. The premium is included in your monthly payment.
Property Insurance Companies
Hazard, more commonly known as property insurance will cover the property if any unforeseen problems occur from fire, flood, acts from mother nature, and will repair the home and protect the banks investment. Property insurance is required by lenders as long as there is an outstanding debt on the loan.
Home and Pest Inspector
You have the right to hire a third party company that is qualified to complete home inspections, pest inspections, well and septic inspections (if the property you have chosen has these). You can choose other inspections, but these are the most common.
As you can see many people are involved to get you from the time you start looking till the time you move into your new home.
If you are looking in the Berks County, Pennsylvania and surrounding area, give us a call and we can provide you with a list of companies that service the area as Lenders, Home Inspectors, Title Companies, ect.
Let us help you make your move, as smooth stress-free move.
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