To help you make the best decisions, you'll require assistance from experts when buying a home. Housing industry professionals can simplify and guide you through the complex homebuying process. To get the most value out of these relationships, it's important to understand the role of each proffessional and how to best work with them.
A REALTOR helps locate houses in your price range, selecting the right neighbourhood and presenting your offer to the seller.
A Mortgage professional, such as a broker or lending mortgage specialist, assists in negotiating the morgage and financing conditions on your behalf.
A lender has the ultimate decision-making authority on whether or not to approve your mortgage application, and on what conditions. Lenders include banks, trust companies, credit unions, and mortgage banks.
Before choosing a REALTOR, mortgage professional or lender, be sure to shop around and ask friends and family for recommendations. Take the time to meet in person to determine if they are right for you. Ask about their experience and their track record to assess their knowledge base and determine their reliabilty. It's also a good idea to ask how they are compensated for their job so that you fully understand how they are being paid and by whom.
It's important to note that a REALTOR may ask you to sign a buyer's agency agreement. This creates an exclusive relationship between you and the REALTOR, meaning you have the right to a set of services from them, and they have the right to be your exclusive seller agent for a specified period of time. Before signing, ask if they'll release you from the contract should you become dissatisfied. If they refuse consider hiring someone else.
Only do business with people whom you have confidence and trust in. They are guiding you through one of the most important phases of your life, so you want to make sure they're a good fit.
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