If you are new to the home buying process, you are going to need to hire some key team players. To get you on the road to team building, what team members are you going to need?
- Team Member #1 – Mortgage broker
- Team Member #2 – Realtor
- Team Member #3 – Home inspector
- Team Member #4 – Lawyer
- Team Member #5 – Insurance broker
Let’s get the right team in place so you get the ultimate experience in the exciting home buying process. Like every successful team , you need a team who is talented, knows their stuff and has your back. Let’s describe each team member and their roles.
Team Member #1 – Mortgage broker
A mortgage broker’s first job is to find a lending institution with the best mortgage rates and terms to suit your requirements and risk tolerance. As they deal many lending institution and large volume, they are in a position to obtain discounts on most mortgage rates. Your mortgage broker should keep up with changes in real estate law and in the many products offered by the lending institutions. They will look after getting you a mortgage from the beginning of the process to the end and they don’t get paid by you, they are paid by the lender and only after the deal is sealed. They are professionals trained to find the best mortgage for each individual client, at the best mortgage rate available. One way to find a mortgage broker is to ask friends and family who’ve were successful at obtaining a mortgage with a great mortgage rate if they can refer them to you. If not, you can search best mortgage rates and best mortgage brokers and always be sure to get references and credentials before you begin the process and you want someone you are comfortable with, trustworthy and knowledgeable.
Team Member #2 – Realtor
A Realtor works for you and must, by law, look after your best interests. Buying a home is an complex process and a Realtor is responsible for making the transaction as easy as possible for you. To be a REALTOR in Canada, the agent must be a member of The Canadian Real Estate Association (CREA). The role of the Realtor is to find properties on the market, in which neighbourhoods, and at what prices. By accessing multiple listings they are able to eliminate houses that do not suit your requirements, or are out of your price range. After meeting with the Realtor and selecting properties, you Realtor will make appointments for you to see the homes that interest you. Realtors are aware of current market conditions and what prices are realistic. They assist in making an Offer to Purchase and advise you regarding what conditions you should include in any offers.
Let’s Go …
Team Member #3 – Home inspector
Hiring a Home Inspector is highly recommended and may be a requirement of mortgage loan before finalizing offer to purchase as it could reveal areas where repairs are required. A good home inspector will provide a detailed written report on the present condition of the building and indicate whether any repairs are necessary and their approximate cost. Your Realtor can usually help you find a good inspector. Your Home Inspector should belong to a professionally recognized organization, be trained and have experience and references. Before you hire the inspector ensure you will get written reports of their findings and find out how much time it will take and the costs in writing.
Way to go home buyer, way to go….
Team Member #4 – Lawyer
Hiring a lawyer ensures that your legal interests are protected when you purchase a property. Hiring a real estate lawyer early in the home buying process can save you time and money. A lawyer reviews all contracts involved in buying and be responsible for many of the closing arrangements. You should be advised of all the legal issues involved in buying a home and that the transaction is handled property. You may also need advice about who should officially own the property, what kind of mortgage you should get, and many other decisions to be made when buying a home.
Good move, way to cover your butt!
Team Member #5 – Insurance broker
Your home is not only your dream and protection for you and your family, it is an investment, and you want to make sure you protect that investment. An Insurance broker/agent will work in your best interest and will recommend insurance coverage options best suited to your needs to help manage risk and ensure that your assets are adequately protected, now and for the future. Insurance brokers/agents are the link between insurance companies and customers, so they do all the leg work for you to get you the best possible insurance. Check to see your Insurance broker is licensed and knows all the new developments in the industry through continuing education. When buying insurance for your home, it’s important that you sit down with your insurance broker to make sure that you understand what your home insurance covers and doesn’t cover. Your broker or agent can give you advice specific to your policy and make recommendations relevant to your particular situation.
Hooray, we’ve got a team… Let’s buy a home!!!
Make the best decisions possible by hiring a winning team of professionals. By getting the best professionals in the industry, you secure your finances, future and families future.