Get to Know Homebuyer Responsibilities
Roles & ResponsibilitiesSo, you’re ready to buy a home, congratulations! This is an exciting time in your life, and LeapFrog Mortgage is glad to help you through the process. The first step in the process is getting to know who plays what roles.
This is you. As the person looking to buy a new home, you should understand your own home needs, any costs associated with buying a home, and financing options.
Buyer’s Real Estate Agent
Your agent is there to support you throughout the whole process. Including shopping for and showing you potential homes, contract negotiations, financing, home inspections and settlement.
Real Estate Lender
Your lender assists with financing the transaction. Federal law requires lenders to help you understand what you are agreeing to in all the contracts before you sign them.
This is the person selling their home. They will work with their real estate agent to determine the price of the home and any contract negotiations.
Seller’s Real Estate Agent
The seller’s agent supports the seller throughout the sale process. They will advise the seller, communicate their needs, and negotiate on their behalf.
Knowing the Process
You probably have a good idea of what steps need to be taken in order to buy yourself a home. However, making sure you know exactly what the process entails, as well as the order in which everything should occur helps make it so much easier.
Know Your Budget
First, know how much you can afford to spend. Calculate your short term and long term costs so you can be sure of how much you can spend. Your buyer’s agent is a big help with this step, so be sure to include them. Then, find the right neighborhood for you and your family. Make sure the area you’re shopping in meets your everyday needs. Now, it’s time to contact your lender to explore loan choices. They will evaluate your financial situation and make recommendations to you regarding your best mortgage choices. Your agent will also help you decide on the right mortgage once you hear back from the lender.
Picking the Right Place
Shopping for your new home can be the longest part of the whole process, but don’t get discouraged. Finding the right home in the right neighborhood is an important decision, so no need to rush. Once you have found the pad of your dreams, get the full scoop on it. You’ll need to work closely with your agent to make sure the home is properly evaluated, appraised and inspected.