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Who do I contact to help me through the process of buying a house?

I'm looking to buy a house for the first time and I'm not really sure where to start. Is a mortgage banker a person who will help me step by step through the process? Do I just call my bank in order to get in contact with the mortgage banker? Is this a service a bank usually provides for having an account or is there a fee?
  • August 07 - US
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Answers (7)

Banks don't charge fees for guiding you through home buying process. They will be happy to help.
They can guide you though the loan process and also recommend Realtors.
  • August 08
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Start with a good Realtor in your area. I am an agent with Coldwell Banker Residential Brokerage in NJ. If you are not looking in an area I cover I can refer you to an agent in any state. The second step is to call a good mortgage rep to get preapproved for a mortgage which in my area is needed to present an offer. Reach out to me if I can be of assistance.
  • August 08
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I do loans all over the country and would happy to help you as I probably have a good agent referral for you in your preferred area.  You probably don't know this but there are usually more than 10 people involved in one transaction.

Buyers and Sellers, Agents on both sides, a loan officer, Title agent, escrow agent, appraiser, and home inspector... not to mention processor, underwriter, and transaction coordinator.  Guess who coordinates all of them? The Loan Officer.  

Save yourself a lot of heartache and work with a loan officer who will drive the train for you and put you in good hands.  Feel free to contact me and I'll get you set up for a great home buying experience.
  • August 08
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Realtors work closely with lenders and all others involved in a sales transaction. They've seen the good and the bad and know who the best are. Each Realtor has a team of preferred professionals they work with and who know what they're doing so things don't go awry, though, because of the nature of the business, we don't always get to choose and work with whomever we're presented with.

A Realtor can direct you to a good lender.

Realtors and loan officers work on commission. When someone lists their property with a Realtor, they'll negotiate a commission that they'll pay if the Realtor successfully attracts a buyer and closes the sale. The Realtor then turns around and offers half that amount to any other Realtor who finds and represents a buyer. 

Some good buyers agents will ask you to sign a contract guaranteeing that they will receive a certain commission if they successfully find and sell you a home, just like the listing agent is guaranteed to be paid for their efforts. This can broaden the possibilities for you because they can show you FSBOs as well as any MLS homes. There would also be no possibility of personal financial partiality on the agent's part as to what house you buy. 

 The way it would work is that, for example, if you contracted to ensure they get 3% and the listing agent is offering 3% to the buyer agent on the house you buy, you would owe nothing. If, however, they only offered 2%, you would have to pay 1% of the sale price to your agent at closing to make the 3%. 

Loan officers' commission is figured in when quoting the loan rate. When you find a home, you will need to come up with about $250 for home inspection, depending on rates in your area. the Realtor will advise on this. You'll also need to come up with about $450 for the appraisal, which is in the loan officers area of responsibility. All other closing costs, down payment, etc is paid at or near closing.

Other than this, everything the Realtor and loan officer do for you is free until it closes. If it doesn't close, there is no cost to you unless you get an agent who negotiates a fee upfront. 
  • August 08
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There are fees but they are usually a part of the loan other than an appraisal. Just completing the application will not cost you anything to find out where you stand. You will want to apply for your mortgage first and then contact a realtor when you have your prequalification. I would talk to a couple of different bankers and select the one who makes you feel the most comfortable. When you get your prequal letter you present it to your realtor and start shopping.
  • August 08
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Talk to a professional agent that works in your area who can then refer you to a professional mortgage broker/banker. First step your agent will ask you to do is to get pre approved for a loan so you can find out how much you qualify for. The mortgage professional will guide step by step in the process of the financing while the real estate agent will guide you in the purchasing process itself.

Hope this helps :)
  • August 08
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Profile picture for Dan Tabit
You'll need two good pros, a lender and an agent/broker.  Often when you find one, they will refer you to the other.  The lender doesn't know housing and can't help you with selecting a home or making an offer, the Agent/Broker does that.  A great agent for a first time buyer will be a patient, experienced agent who has the heart of a teacher.  There is so much to learn and you deserve to have your questions answered as often as you need to ask them.  
There is no fee for your agent, they are paid by the seller.  There are fees associated with the loan, but only small ones up front.  Find a great agent in your area and they can tell you who has been a reliable and competitive lender for their buyers.  Best of luck in your home search. 
  • August 07
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