TIPS FOR PICKING THE
Ideal Home Purchasing Team
Helen Keller was quoted as saying, “Alone we can do so little, together we can do so much.” This is true in many aspects of life, including the purchase of a home, which requires coordinating many different disciplines and professionals.
Property must be selected. Financing obtained. The home must be inspected and appraised. Titles established and finally, the mortgage closed. The process involves people who practice limited law, specialize in home financing, are insurance and research experts, and are talented and trained in comparative models, home construction and negotiation.
Coordinating this process, especially in light of changes to federal law, requires a team of true professionals who are passionate, engaged and work to promote the client’s best interest.
By Jeremy Lowry
Senior Vice President of Zions Home Mortgage
Who are the members of the home purchasing team?
Mortgage Lender. A quality mortgage lender is trained and equipped to analyze the most complex tax returns, adhere to countless federal laws and regulations, and understand and meet the requirements for nuanced loan programs — all while providing exceptional communication and service to a client.
Real Estate Agent. A real estate agent is licensed to practice limited law in drawing up the contracts associated with a home purchase. That being said, an agent does so much more to assist clients. From possessing exceptional negotiation skills to being a confidante and adviser, a real estate agent wears many hats.
Home Inspector and Appraiser. Home inspectors and appraisers are part construction experts, part zoning experts and part real estate valuation experts. These functions are incredibly important because they provide a client with an independent, third-party opinion about the value and current condition of their home. This helps a client in the decision-making process.
Title Officer. A title officer is an expert in researching boundaries and zoning laws and ensuring there are no liens or other encumbrances to the property that could affect its value. The officer also makes sure the mortgage lender is in proper position on the title. At closing, the title officer explains documents and financial figures.
While it’s impossible to guarantee a great experience, here are some tips for choosing the best team for your home financing experience.
Ask for references. Great mortgage lenders, real estate agents and other team members will be excited to give you the names and contact numbers of happy past clients because they have a lot of them.
Birds of a feather flock together. In any industry, successful people surround themselves with the best partners. Often when you find high-quality mortgage lenders, they have several exceptional real estate agents and other team members they can recommend and vice versa.
Ask a trusted adviser. The average American moves every five to seven years, but your branch manager, private, executive and personal banker have clients who move every day, week and month. Ask them for a recommendation on who is an exceptional mortgage lender.
Home buying season is upon us. Remember there is a difference between a professional and a part-time real estate agent or mortgage lender. As this is likely one of the largest purchases you’ll make, you owe it to yourself to work with a great team.