Buying a Home – Know the People Involved
Buying a home you always wanted is a huge part of the American dream. It is the largest and probably the riskiest investment you will make in your life, and more often than not, you might run into obligations and matters you thought you wouldn’t. Yes, there are many mortgage servicers and lenders out there who are trying to scam you, but choosing the right one can go a long way. It’s your money that is involved, and there is a third party involved as well. Hence, choosing a trusted and reliable homebuilder and real estate agent can help you in securing the home of your dreams.
Common People Involved
Buying a home can either be the best financial decision of your life, or the worst. The more you are informed about your locality, the better the chances that you will end up with a home you like. Though the prices in the housing market have increased in the past year, they are still relatively affordable compared against the average income. Here are the people involved when you choose to buy a home:
Real Estate Agent – You should know whether the real estate agent is selling or representing a potential buyer. These agents sell homes through advertisements and open visits, and get their share of money once the deal on a home closes.
Appraisers – Whether you acquire a conventional loan or a FHA home loan, it is always advisable to get the property appraised. Appraisal is carried out to make sure the property you intend to buy is in good condition regarding various functions like lighting, plumbing, water supply, draining and disposal systems and much more. The job of an appraiser is to make sure the home is structurally and functionally sound, safe and sanitary. However, make sure the appraiser you hire is independent, as many lenders and real estate agents can insist you on using their appraisers.
Mortgage Lenders – Mortgage lenders and companies provide you with loans to buy property. Mostly, a broker will help you in finding a loan, given that you meet the criteria to become eligible for it. It is up to you to decide whether you want a broker to help you or the lenders themselves. Many brokers will guarantee you a loan by paying a high fee, and you should avoid them. In times like these, it is better to hire an accountant to get the exact figures of your loan.
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