Buying a home and getting a mortgage is an important decision. There is so much about the process that can be stressful. So what can help? Start by putting together a team of professionals to help make the entire process easier.

From a Mortgage Broker to Realtor to your lawyer, if you get your team in place before you start, these professionals can help take the pressure off later on.

Members you want on your team when you’re buying a home

A licensed real estate agent

Don’t try to go it alone. Many buyers browse the Internet for homes, then contact the listing agent. The listing agent works for the seller, not the buyer, meaning that they’re not representing the buyer’s interests. Going it along can be an all-consuming task, especially when you have other obligations like a job or children.

It costs you nothing, as the buyer, to use a licensed Realtor, so why wouldn’t you? You’ll save time by working with your own agent, who gets paid by the seller. You’ll also benefit from their expertise and knowledge of the local housing market to find the best matches for you. The also have access to information about the home and area that you, as the buyer, might not have access to. From Area Structure Plans and building restrictions, a licensed Realtor can ensure you have all the information you need to make an informed decision about a property.

An experienced real estate lawyer

You need a lawyer to complete a real estate transaction. A real estate lawyer ensures your paperwork is correct and that the transaction is complete. They will review the contract and mortgage documents, conduct a title search, purchase title insurance on your behalf, register the property in your name, get signatures, prepare a Statement of Adjustments that shows the amount you will pay in closing costs, and collect and disburse fees.

Not all lawyers are created equal and prices vary greatly. Cheap doesn’t mean better, but higher priced lawyers don’t necessarily mean better service. Getting a few recommendations from people you trust and then get quotes. You won’t only see how much you can expect the service to cost, but see how quickly they respond and how thoroughly they answer your questions.

A professional home inspector

I’m sure you’ve heard the horror stories about homeowners moving into their dream home and discovering that all is not what it seemed.  An experienced home inspector can help you avoid this nightmare. It might seem like a waste of money to pay for a home inspection for a newly-constructed home. You might consider getting an inspection a few months before the expiration of the New Home Warranty, however.  Better safe than sorry!

The Insurance Agent

Lenders will require you to have fire insurance.  An insurance agent will help you find the best coverage and the best price.

My advice is that anytime you are making a significant change where you have to call your insurance company, get quotes! I don’t know about you, but every year my insurance premiums increase, even if there hasn’t been a claim. Keep your insurance company honest and get quotes from other companies. Better yet, contact an insurance broker, they’ll do all the work for you.

Side note: even if your insurance is simply up for renewal, don’t just sign on the dotted line, get quotes!

A Financial Planner

You might consider having a financial planner or a wealth management advisor on your team. A planner can help you balance what you want most with what you want at the moment, helping you understand how buying a home might fit with other priorities. A planner can help you put together a financial plan and show you how real estate can become a key part of that plan, depending on your goals.

This financial plan includes everything from down payment to budget and life/disability insurance.

A Mortgage Broker

I mention this last, but it should be listed first, for so many reasons why.

First, you need to know how much mortgage you can afford so your Realtor knows how much house you can buy. Second, you’ll save time and money. As Mortgage Brokers, we know the lending landscape and have access to a variety of lenders (Banks and non-Banks) to find the right fit for your needs, and we can negotiate rates and terms that work for you.

Finally, obviously I can recommend a phenomenal mortgage broker (haha!) but I also have the opportunity to work with some of the best professionals in all of these areas. If you need a connection to a professional, let me know, I’d love to introduce you!