Meet your homebuying team
Buying a home is an exciting journey — but it’s also a big one. Moving from “Are we ready to buy a home?” to “Where should we pop the corks to celebrate closing?” isn’t exactly a simple process. A lot of questions come up along the way, and some are more complicated than others. While you can answer some yourself, you need a team of experts in your corner.
That’s where your homebuying team comes in. A real estate agent helps you search for homes and buy one, but they’re only one member of a larger team. From securing the right financing for your situation to navigating inspections and closing, a group of professionals works together to help you reach the finish line.
Your real estate team consists of:
- Loan officer and loan team
- Real estate agent
- Real estate lawyer
- Home inspector
Some of these experts will be by your side from day one, but others step in at specific points in the process. Knowing who does what, and who to turn to when you have a question, can make buying a home feel a whole lot simpler.
Your homebuying team’s individual superpowers
Every member of your team brings something special to the table during your homebuying journey. Your loan officer and loan team know the ins and outs of financing, your real estate agent knows your market and other experts help you iron out the legal details and spot potential problems in the property.
Understanding who does what from the start helps you get answers fast, save money if any of them charge by the hour and keep your home purchase moving forward.
Your homebuying team, explained
Let’s take a closer look at what each member of your team does, and how they help you along the way.
Loan officer
As one of the first experts you’ll want to connect with, the loan officer helps you understand how much you can afford when you’re ready to buy. They help you:
- Determine how much you’re qualified to borrow
- Explore loan options to find the financing that works best for you
- Get preapproved to set you up for success when you’re shopping for homes
Overall, your loan officer acts as your primary guide through the financing process. They examine your specific financial situation, introduce you to different loan programs and explain what to expect as your mortgage moves forward. They also gather the financial documents you need for your application and work with the rest of your loan team to move your application through processing, underwriting and closing.
Your loan officer’s superpower is…
Helping you find the right financing for your goals and guiding you through the mortgage process from A to Z.
Your loan team
While your loan officer is your primary point of contact for your mortgage, they’re not working alone. Behind them is a team of mortgage professionals who help move your loan from application to closing. Depending on your loan, the team could include:
- Loan coordinators/assistants who help collect, store and organize your documents
- Loan processors who prepare and verify your loan file
- Underwriters who review your finances and loan details
- Closing professionals who ensure you’re ready for closing day
Each member of the team handles a different part of the process, and they all work together toward the same goal — keeping your financing moving and getting you to the closing table.
Your loan team’s superpower is…
Working behind the scenes to keep your mortgage on track from applications to closing.
Real estate agent
You’re probably familiar with the agent, who’s your guide to finding and buying the right home. Real estate agents help you cut through the noise and zoom into what you’re looking for. They’re experts at identifying listings that meet your needs and help you create a plan based on what’s happening in your local market.
After you find a place where you can see yourself living, your agent helps you:
- Make a competitive offer
- Negotiate with sellers
- Proceed through escrow to closing
Your agent speaks with the seller’s agent to represent your interests, while walking you through the important milestones, such as the home inspection.
Your real estate agent’s superpower is…
Knowing the market, finding you the right home and guiding you through the buying process.
Real estate lawyer
Some states require buyers to work with a real estate lawyer at closing. Even if your state doesn’t require one, it’s a good idea to have one in your corner for added protection. A real estate lawyer represents your interests at closing by:
- Reviewing all the paperwork in advance to spot red flags or omissions
- Finding a way to solve any problems they identify
- Attending the closing meeting with you
- Helping you work through contracting issues or disputes, such as chain of title or lot line issues
Real estate attorneys typically charge by the hour, so keep that in mind when going to them to ask questions. Reaching out to them for the wrong reasons could rack up a bill you weren’t expecting.
Your real estate lawyer’s superpower is…
Contracts and solving legal issues at closing.
Home inspector
Many buyers look at listings through rose-colored glasses, but home inspectors bring a healthy dose of reality to the overall picture. Home inspectors help you identify the problems that you can’t see. They know what sets a well-built and well-maintained home apart from the rest. Most importantly, they help you avoid a money pit.
Home inspectors uncover existing issues with the physical structure of a house before you purchase it. They step in during the home inspection, once you’re under contract, but before the final closing meeting. When examining the property, they pay special attention to:
- Walls
- Windows
- Floorboards
- Plumbing
- Major appliances
- HVAC systems
- Electrical systems and wiring
- Roof
After assessing the entire property, the inspector compiles a report with their findings so you have a written record of the issues they found with the structure.
Your home inspector’s superpower is…
Seeing where a home falls short and spotting issues you wouldn’t notice on your own.
Who’s got the answers to these common questions?
Now that you know who’s on your team, let’s identify your go-to person for these common homebuying questions.
How much can I afford?
Who to ask: Your loan officer
Your loan officer helps you understand how much you can borrow and what loan options make the most sense for you. They help you determine a reasonable monthly payment and compare different options. They also help you get preapproved so you have a clear price range to shop for homes with confidence.
What happens after I apply for a mortgage?
Who to ask: Your loan officer and loan team
With your loan officer at the lead, your loan team helps guide you through financing and explain the next steps. They collect and review your documents, prepare your file for underwriting and coordinate the process through closing.
Why is the home on the market?
Who to ask: Your real estate agent
Agents can learn more about why a seller is moving so you can better understand why a property’s on the market. Sometimes it’s personal circumstances, but if it’s something related to the property, you’ll want to know.
What’s included in the sale?
Who to ask: Your real estate agent
When you view the property, there may be things in the home that aren’t included in the sale. Your agent can help you avoid surprises and ensure your offer is priced accordingly. In some cases, they can also inquire about items you’re interested in buying from the seller (like that backyard trampoline).
Is the roof in good shape?
Who to ask: The home inspector
Inspectors can tell you about the roof’s lifespan, materials, age and maintenance after evaluating its visible condition and flagging necessary repairs or problems.
How are the appliances and major systems working?
Who to ask: The home inspector
Besides the roof, ask the inspector about the home’s major systems, such as the HVAC, plumbing and electric systems. You should see a clear write-up in their report, but it doesn’t hurt to ask for more details.
How long has the house been for sale?
Who to ask: Your real estate agent
Agents can give you the exact days on market (called DOM), as well as insight into why the home hasn't sold yet. This information can help you make an appropriate offer or negotiate strategically.
Is the house being priced accurately?
Who to ask: Your real estate agent
Your agent can look at comparable home sales and other market factors to evaluate the asking price and explain how it stands up to other listings in your area.
What’s the neighborhood like?
Who to ask: Your real estate agent
If you want to know about community amenities, transportation or even who lives there, your agent can help you understand what living in the neighborhood could be like. They can also point you in the right direction for learning more about specific things that matter to you, like great schools or natural amenities.
Are there any problems with the home?
Who to ask: The home inspector
The home inspection report will identify potential problems with the property, but if you want to talk through the results, that’s a conversation to have with your home inspector. They can explain their findings, inform you on what may need immediate attention or what’s worth watching down the line.
When will the sellers vacate the home?
Who to ask: Your real estate lawyer
The seller’s move-out timing is usually outlined in the purchase agreement. Your agent should know this information too, but you can also ask your real estate lawyer. These details help you schedule your move accordingly.
The power of your homebuying team
It takes a team to buy a home, and everyone involved helps you move mountains to get to closing. By knowing who does what and where to go with specific questions, you can enjoy a smoother, calmer transaction. Not all superheroes wear capes, but your homebuying team works together to accomplish something superhuman — getting you into your dream home.
Disclaimer:
PowerBid Approval (the “Approval”) is contingent upon receipt of executed sales contract, an acceptable appraisal supporting value, valid hazard insurance policy, and a re-review of your financial condition. Rate. reserves the right to revoke this Approval at any time if there is a change in your financial condition or credit history which would impair your ability to repay this obligation and/or if any information contained your application is untrue, incomplete or inaccurate. Receipt of an application does not represent an approval for financing or interest rate guarantee. Not all applicants will be approved for financing. Restrictions may apply, contact Rate for current rates and for more information. information.
