10 Jan 2018
The Different Professionals You Will Meet During The Home Buying Process
House hunting can be time-consuming, stressful and exciting all at the same time. Fortunately, there is a band of professionals with different skill sets that you will encounter along the way. Each one plays an important role in the home-buying process, and their knowledge and expertise will support you on the road to homeownership.
Real estate agent
When you’re in the market shopping around for a new home, you are sure to require the services of a real estate agent. They’re your primary point of contact for information when it comes to the buying and selling properties and can answer all your questions about the property and price range, what’s available in the area that might suit your needs, local market trends and more.
Mortgage broker
While you’re house hunting, it’s also an excellent time to do your research about home loans and lenders. You may decide to use the services of a Mortgage Broker, who will act on your behalf and find suitable loan products for you based on your needs and financial goals. They will do all the legwork for you and make sure your loan progresses smoothly.
Lenders
Or you may decide to approach a lender directly for the funds to buy the property. Lenders include banks or non-bank lenders like Mortgage House. With a highly competitive housing market, you will want to choose a lender who will help you every step of the way and give you a headstart in the property market with the best deal.
Insurance companies
You will hear about LMI – lenders mortgage insurance, which you will most likely require if you’re borrowing more than 80% of the property value. This insurance is more to protect the Lender if you, the borrower are unable to meet repayments. The lender in most cases can deal with the insurer directly to organise this cover and include it in your home loan amount.
Property valuer
For a loan application to proceed, determining the right value of the property is crucial to ensure that the loan amount is justified. The lender will often hire an independent valuer, who will inspect the property, its location and current market trends and prepare a final valuation report.
Conveyancer
A conveyancer will take care of the legal side of the property purchase, preparing the correct transfer of ownership documents for your property. He/she will ensure that you fill out all the right paperwork that it meets the legal requirements in your state.
Building and pest inspectors
An important step before you commit to buying a property is carrying out a thorough building and pest inspection. Skipping this step could mean you find out after moving in that you’ve got a termite infestation or traces of asbestos in the roofing or even a structural fault that could cost you thousands to fix. Knowing that you’re making a sound purchase and not a costly mistake is crucial before you sign the dotted line.
Mortgage House
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for information about the best options for you when it comes to your mortgage.