Shopping for your Home Buying Team

Once you are armed with an idea of the price range you can afford and what you need — as well as what you desire but could possibly live without — it's time to build a crack team of professionals that will guide you from the thrill of wandering through a stranger's home to the chill of negotiating the final price and conditions of your first home. A referral from a satisfied customer is a good place to start when looking for these professionals, but don't forget to check their references and get in writing how much they will be paid for the specific services they are offering.

Real Estate Agent

We suggest asking friends and coworkers for their recommendations. It is important to feel confident in and comfortable with your agent. A professional agent should prepare a presentation for you before you visit any houses so that your decisions will be informed ones. He or she will not pressure you to buy or buy over your budget. Your agent is going to need to know as much as you do about what you are looking for in a home, so be prepared to ask and answer a lot of questions. The agent will not only show you the kind of houses you are interested in but should be able to answer questions about local schools and shopping as well as explain every step of the home-buying process.

An agent may ask you to sign a contract that binds you to his services for a period of time — usually 60 days. Don't sign unless you are certain this is the agent for you.

Lawyer

Word of mouth is the best route to finding a lawyer who specializes in real estate transactions. Don't sign any mortgage documents or contracts without his approval. Your decision on a lawyer might be made by a bank if you choose to work with one instead of a mortgage broker (they tend to package this service with the loan) .

Mortgage Broker

Once considered the last hope for buyers with wretched credit ratings, mortgage brokers are becoming increasingly popular for their ability to quickly and conveniently secure the best mortgage interest rates for qualified homebuyers. Brokers' fees are paid by the institution that lands the mortgage deal; clients who don't meet the standard qualifications pay a fee that varies according to the difficulty of the deal. Your real estate agent's office may recommend one.

Home Inspector

A licensed home inspector gives your potential purchase a thorough checkup and will report back on a house's health. These professionals don't get swept away by plush new carpeting and pine mouldings. They will check all of the mechanics and major components of the house for safety and wear and tear.

Lending Institution

Without the services of a mortgage broker, you will want to check the rates and options for repayment at banks, credit unions and trust companies. Some will drop their rate somewhat if you agree to bring them your other banking business.