You, your partner, the person at the bank and the person selling the property – it’s easy to believe that these are the only people involved in a property transaction.
Instead, you will find that several business professionals participate in the process of buying a home. Yes, you’re the headline of the show, but there is a whole cast of supporting players behind you and they all play an important role.
So, are you ready to meet the players?
The Loan Officer
This is the person at the bank/lender that decides whether you will be granted a mortgage. If you are using a Mortgage Adviser, you may never speak to a Loan Officer directly. But if you decide to obtain the finance yourself, you will be in a fair amount contact with the Loan Officer.
The Real Estate Agent
You may come in contact with a few different Real Estate Agents when looking for the perfect property. It’s important to remember that the Agent is representing the seller. While the Agent must not mislead you, you cannot rely only on the Real Estate Agent for advice or assistance.
The Property Inspector
This person will inspect a property that you are thinking about purchasing and present a report on it. This is a crucial step for any first home purchase.
Learning what to look for in a home, is a practice skill. When you first walk through a property, you will notice the brand new paint job and the floor to ceiling curtains – but you may not notice the rotting chip board or any leaks. A Property Inspector will find these flaws for you and will present them in a simple report. This means, that you will be fully informed before you decide to purchase anything.
The Valuer is the person that has or will value your perspective home. This will give you an idea of the monetary value of the home, which will be useful when putting forward an offer to the vendor or when you go to auction.
The Insurance Adviser
To obtain a mortgage, you will need to have appropriate insurance in place. You may want to research best options and organise this yourself. But you may also want an Insurance Adviser to do the heavy lifting for you. An Insurance Adviser will talk to, negotiation with and liaise on your behalf with insurance providers to get you the product that is best for you and your situation.
A Lawyer or Conveyancer will prepare and process all the legal documents associated with the purchasing, selling, or transferring of a property. Conveyancing can be undertaken by a licensed Conveyancer or a Lawyer.
Hiring a Lawyer instead of a Conveyancer also means that they can give you other legal advice in relation to a property purchase, rather than just completing the conveyancing process. Therefore, we advise that it is best to hire a Lawyer. We also recommend hiring a Lawyer as early as possible, as buying a home can move quickly.
The Mortgage Advisor
Your Mortgage Advisor will assist throughout the whole process of purchasing a home and will get you the right mortgage deal for your situation. Not only do they keep up-to-date with the latest product offerings from lenders, but they also have intimate knowledge of various features and options.
Your Mortgage Advisor will present you and your financial position in the best light, whilst also acting as the communicator and negotiator between you and the lender. A reliable Mortgage Advisor can give you an unbiased recommendation, a transparent review and valuable guidance.
When you’re ready to buy that first home, it’s best to start with finding a great Mortgage Adviser. They will guide you through from start to settlement and can introduce you to some of the other professionals mentioned earlier.
Get in touch with us today if you need a Mortgage Advisor that can guide you through your first home buyer experience!