Buying a house in a exciting process but it can also be a very stressful process as well. A home is the largest purchase most people make in their entire life so there’s a lot on the line. From locking in a great mortgage and rate to negotiating home price, there’s a lot of financial business to get in order.
The best way to avoid mistakes that could put a big dent in your pocket is by consulting with the right experts – the people who know and have mastered the real estate process. You can save hundreds and even thousands on repairs and other costs just by learning a few things from these people.
Credit Expert
There are many different ways to calculate credit scores. However, FICO, the most commonly known type of score, is used by many mortgage lenders in the United States. In general, the FICO score runs between 300 and 850. A lower score will affect the interest rate on a mortgage dramatically, and will result in higher monthly mortgage payments. Even a credit score difference as minimal as 100 points could equal a significant increase or decrease in mortgage payments. Before applying for a loan, its advisable to see the help of a credit expert who can determine how you can increase your scores.
A credit expert, also known as a financial analyst, will pull your credit, analyze it, and may suggest paying down debts, paying off collections, or reestablishing credit. Be sure to check the credit expert’s reputation by going to the better business bureau website or researching through other means because while there are plenty of people who truly want help you, there are some unscrupulous companies as well.
Mortgage Broker
Whether your credit is spotless or not, a mortgage broker can help you get the absolute best interest rates around. Since brokers have access to many different lenders, they can make sure you work with the most suitable lender for your needs. The alternative is to go with just a single lender from a local bank, but with a single lender, there’s a risk of missing out on other mortgage lending opportunities such as lower rates, specific government loans, or reduced down payment loans.
Real Estate Agent
When it comes to buying a home, value is key. A real estate agent will know if the home values are going up or down in an area and whether or not you will have a hard time selling the home once you decide to move. An agent will also be able to assess whether the appraisal is expected to come in high on the home as well. Mortgage lenders require appraisals on all home purchases, and a low appraisal could kill the deal. An agent is also worth his or her weight in gold as well because they can negotiate a lower price, or important compromises like help with closing costs and brand new appliances to go along with you new home.
All the value that a buyers agent provides is also free because their commission is paid by the seller. It is very uncommon for buyers to pay anything out of pocket. An agent can help you every step of the way in the home buying process which makes them one of the most important experts to consult. Find out more about what an agent can do for you and read these 8 reasons hiring a homebuyers helps you.
Home Inspector
Far too many have bought a home only to find costly repairs they did not notice before buying. Talk to different home inspectors to get a feel for their expertise and how much they will charge for an accurate inspection. You could save thousands in repairs and save yourself from an unpleasant surprise once you get the keys.
Home ownership can be much more enjoyable when you consult with a few experts and take steps to be prepared. Prepare now by searching online for a First Team agent or contact us now and we’ll do the searching for you.
Call 888-870-1142 or email us at clientservices@firstteam.com and we’ll connect you with the experts you need to succeed.
This guest post was written by Anita Ginsburg. Anita is a freelance writer from Denver, CO and often writes about home, family, real estate and finance. A mother of two, she enjoys traveling with her family when she isn’t writing. Informational credit to The Mortgage Centre.
