All about the professionals involved in your home-buying journey

When you decide to buy a home, who goes through the process with you? Throughout your home-buying journey, you will work with several real estate and mortgage professionals. Each one has a specific role to play in helping you secure the perfect home and mortgage product. You will make use of professional services from the moment you enter the market, and some will stay with you throughout your time as a home owner too. Let’s review the roles and benefits of three key professionals: your real estate agent, mortgage broker, and mortgage lender!

Real estate agents

Many home buyers will kick off the purchasing process by securing a real estate agent. Your realtor will provide many essential services throughout your time in the housing market, so it’s never too early to start searching for your perfect match. You can almost think of your real estate agent as an experienced and knowledgeable extension of yourself in the housing market. This is because you will work closely to determine your needs, and your agent should be able to put themselves in your shoes and understand what you are looking for. 

Your real estate agent will help you narrow down your home buying budget, so they can find listings that match your buying power. This is essential so you don’t waste valuable time viewing properties you cannot afford. Speaking of property listings, your agent will be able to round up homes on the market that might suit you, and arrange viewings so you can examine them in person. Once you find the home you want to buy, your realtor will play a key role in helping you submit the most attractive offer, nailing down the right price and conditions. 

A good real estate agent will have knowledge of the area where you are hoping to buy. They should also have experience working with buyers in your situation, whether you are a new home owner or a repeat buyer. This is important because every type of buyer has unique needs that your realtor will need to address!

Mortgage brokers

Mortgage brokers are another invaluable asset throughout your home-buying journey. A broker serves as the middle person between yourself and your future mortgage lender. Why should you bother adding another person to the process, though? While you may think this would complicate the process, it actually simplifies the experience for you. You will work with your broker to finalize your budget and the kind of mortgage product you are looking for. From there, your broker will connect you with lenders who can meet your needs. This eliminates the need for you to do your own shopping and ensures you are in contact with the best professionals for your situation. In fact, many lenders only work with clients who use a broker, as this also helps them access the right borrowers. 

Does a broker cost you extra money? In most cases, brokers are free for you to use as the buyer. Mortgage lenders pay brokers who bring them new clients, meaning it doesn’t cost you anything. With that in mind, you might be wondering if brokers will try to steer you towards one particular lender for more money. The answer is no! Brokers are paid a standard rate throughout the industry, meaning one lender will not be more beneficial to them than another. Brokers have a professional obligation to put their clients first. Their only goal is to find you the right product, which they will work hard to do so their clients are always satisfied!

Mortgage lenders

Your mortgage lender is the professional who will eventually approve your mortgage and provide you with financing. When you sign on with a lender, you are agreeing to a specific set of conditions that outline your mortgage rate and payment terms. Breaking your mortgage term, such as by missing a payment, can result in penalties, so it’s important to follow the terms of your agreement. Most mortgage terms last between two and five years. At this point, you can renew with your current lender, or work with your broker to see if there is a better fit if your needs have changed. Over time, you may find yourself wishing you had a different product to match your evolving lifestyle requirements. Your broker can help you find the right solution!

The home-buying journey can be complex, but working with the right professionals makes it much more simple. Take the time to find a real estate agent and mortgage broker who meet your needs. Let your broker guide you through the process of securing the perfect mortgage lender and product. The more you take advantage of real estate and mortgage professionals’ services, the better your experience in the market will be! It’s never too early to start planning, so if you are hoping to launch your home-buying journey this year, now is the time to reach out.

If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.