Are You Thinking About Buying a House?

Here are a few helpful suggestions to make your house buying experience go as smoothly as possible.

1.    Speak to a Mortgage Professional – If you have decided to purchase a house, you must determine how much you can afford. Mortgage professional come in many forms. Here are a few examples:
a.    Bank – Any bank in the state will generally offer the best interest rates, but may have strict guidelines for lending money.
b.    Direct Mortgage Lender – This type of Lender will lend you money directly and does not require a mortgage broker.
c.    Mortgage Broker – This type of mortgage company places your loan with either a bank or direct mortgage lender. The Broker will contact several places to put your loan and will do some of the work for you. However, the Broker will be compensated for its time and effort. (A brokered loan may also cost more.)

2.    Use a Realtor – A Realtor is the person who can show you literally hundreds of houses that meet your specifications. A few key terms and guidelines:
a.    Buyer’s Agent – A Buyer’s Agent is working for you. This is the best type of relationship because there is no question as to the role of the Agent.
b.    Disclosed Dual Agent – This type of Agent works for both the Seller and the Buyer. This type of relationship can present problems because the Agent has responsibilities to both parties.
c.    Transaction Broker – This type of Broker can help either the Seller or the Buyer in the same transaction and have no real responsibility to either one.

3.    Retain an Attorney – The most important step in the whole process is legal representation. An Attorney will negotiate the contract, resolve any title issues, review and evaluate the survey, work with your mortgage company, attend the closing, and do whatever else is necessary to protect you in this important transaction.

Whether you are looking to buy your first house or your fifteenth house, do not hesitate to contact Mattleman, Weinroth & Miller. We will be happy to assist you in any manner.