Buying a home involves one of the biggest decisions – and investments – you’ll make in your lifetime. Knowing what to expect from your realtor and lender can help make these decisions easier. It’s an exciting process that allows you to dream a little bit (even more than a little bit) and involves a wide range of people.
Among those people are your realtor and your lender. They play essential roles in your home-buying journey, and finding ones that you trust and have the best interests of you and your family in mind is as important as house shopping.
You probably know what a real estate agent is and something about what they do. But there’s more than meets the eye. Here are some things you can expect a good real estate agent to do:
- Describe the home-buying process from beginning to end, as well as answer your questions and address your concerns.
- Schedule appointments and show you homes that fit your style and price range.
- Research the market to find homes in neighborhoods that are a good fit for you and your family.
- If you’re selling your existing home, your realtor should prepare a realistic appraisal based on the market value of your home. He or she will also field offers from potential buyers and help negotiate the best selling price possible for your home.
Choosing Your Realtor
Don’t “settle” for just any real estate agent. Ask friends, family, and co-workers if they recommend a particular agent or agents. Successful agents – both new-to-the-market and seasoned often rely on referrals, so listen around for skilled, well-trained agents who can help you. Better yet, get in touch with a realtor through your lender.
Choosing Your Lender
There are plenty of mortgage lenders who will accept your loan application as you begin the home-buying process. But their acceptance of your application doesn’t necessarily mean they’re a good fit for you. Here are some things to consider as you look for a lender.
What Kind of Lender Do You Want?
Choose to go with a lender who knows our name, our community, and who has built a reputation on personal service. You want someone who will be with you throughout the often challenging home-buying process. You want someone who is knowledgeable and helpful and seeks to make the home-buying experience easier for you.
Research Your Lender’s Reputation
Just as you should ask around about reputable real estate agents, you should also inquire about the reputation of loan officers. Again, check with family, friends, and your local bank to get a good idea of the loan officer you want to work with.
What is the Comparison Rate?
Finding a competitive interest rate is obviously an important factor in choosing a lender. But it’s not the only thing on which to focus. You should also consider a lender’s comparison rate, which takes into account the amount and term (length) of the loan, the repayment frequency, the interest rate, and the loans fees and charges. Be sure to also ask your lender about unforeseen costs such as mortgage insurance and fee waivers or any discounts applied to the loan.
The folks at the Peoples Bank Home Loan Center offer a complete mortgage loan service and have years of experience when it comes to serving the community. Our friendly staff consists of “People That You Know” and we are glad to serve our customers.