Buying a home can be a complicated process with lots of different people involved. We’ve broken it down for you to make things simple.
Here are 7 homebuying professionals you need to meet:
THE MORTGAGE LOAN ORIGINATOR
Your Stearns Mortgage Loan Originator has a single goal: to provide you with home loan options that meet your current budget and future financial goals. After reviewing your finances, income and credit score, your Mortgage Loan Originator can give you a good idea of how much home you can afford. You’ll discuss the loan terms and options that you find suitable. After you apply for a mortgage, your Mortgage Loan Originator will help you source the documents needed for processing your application and help answer any questions you may have.
THE REALTOR®
REALTORS® can do much more than help you find the right home. They can provide details of surrounding neighborhoods, assist you with choosing a property, and help you negotiate a fair price with the seller. For example, if you’ve found a home that’s just what you want, but the carpets are worn, your REALTOR® can help you make a counter-offer so you can afford to have the carpets replaced before move-in. And when you’re ready to finalize your home purchase, your REALTOR® will help you prepare for closing.
THE TITLE OFFICER
Title officers handle issues relating to your home’s title or deed, ensuring there are no discrepancies such as overdue taxes, zoning restrictions or existing liens. If issues are discovered, your title officer will contact the seller and work to resolve them.
THE ESCROW OFFICER
Escrow officers are responsible for holding funds passing between a homebuyer, seller or lender (this is called “earnest money”) in an escrow account. They must act as neutral third parties, as they’re responsible that all aspects of a home sale go smoothly for everyone involved.
THE INSURANCE AGENT
Your insurance agent will help you choose a homeowner’s insurance policy. It protects your home and its contents, covering most or all of its replacement value in case of fire, theft, or other damage. Homeowner’s insurance coverage and deductibles differ, so ask your agent or provider to help you choose the coverage that best fits your needs.
THE HOME INSPECTOR
Home inspectors work for buyers, looking for damages or issues within a property that need to be repaired. These could be anything from a termite infestation to structural damage. Your inspector’s report may help you or your REALTOR® negotiate the cost of repairs with the seller if any potential problems are identified.
THE APPRAISER
The appraiser is responsible for estimating the value of your new home to ensure a fair market price. This is done early in the loan process, as this helps you decide if your seller’s asking price is reasonable. An appraiser’s tasks include researching recent sale prices of similar homes in the area, and comparing these prices to what your seller is asking.
We also have a downloadable Homebuyer Guide for you!
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