Your HomeBuying Partners in California
Your HomeBuying Partners in California
When you buy a home, you’re not alone. There is an entire village of people available to help you through the process. For that reason, it’s important for you to understand the partners who will assist you, their individual roles, and how they work together.
Beyond your real estate agent, you will also work with many partners such as a title company, an insurance agent, a lender, and maybe even a credit repair agency. These experts will help you navigate the process so you can understand each nuanced situation.
Let’s take a closer look at each of these roles and how they can help you buy your next home.
Here is a closer look.
Real Estate Agents
You probably realize that an agent is going to be an important ally and homebuying partner for you as you buy a home. What does an agent actually do for you? To start, an agent will help you narrow down your home choices, take you on tours, and help you initiate the buying process.
But more than that, agents have a lot of important experience they can impart as you go through the process. They’re trained in the local regulations on buying and selling property. These things can feel complicated for someone who doesn’t know real estate. They can also walk you through each step, from looking to offering, and make sure both the buyer and seller are compliant and comfortable.
Your real estate agent will also help you negotiate the price. Of course, you will have financial partners who are also part of this process, but negotiation will be driven by your real estate agent. They can take your budget and the seller’s price to help you reach an agreement that works for everyone. They are paid generally by a percentage of the total transaction, but it’s customary that the seller pays the buyer’s agent commission.
Real estate agents are independent contractors but often operate under a larger brand name. For recommendations of our real estate agent partners in California, talk to GoPrime to learn more.
In many states, your purchase is overseen by a lawyer. But in California, things are a little different. Once a buyer and a seller reach an agreement, a title company will asset with the closing of the sale. A title binder will be prepared for the lender, on behalf of the buyer. A title company helps sellers transfer ownership and buyers take possession of the title.
A title company can also run title searches to review any existing claims on the property, prepare the title insurance for the seller, and maintain any necessary escrow accounts.
GoPrime has title company partners in California, so talk to us today.
Home insurance is a big part of the homebuying process. And when it comes to professionals, there are two general types:
- Independent insurance agent
- Company-based insurance agent
The primary difference is that an independent agent works for themselves and has access to a variety of products, much like an independent mortgage lender. That gives them the flexibility to provide quotes that work for your specific situation. They can also work with you to get the best price.
A company agent works directly with the insurance company they represent. They can only sell the policies that company manages. MetLife is one of the most common examples of an insurance company like this. An agent who works for MetLife can only sell MetLife policies. The agent is paid by MetLife directly. In these cases, prices are less flexible and set by the company itself without much room for negotiation. However, because company agents are often experts at one specific aspect of insurance, they may be a good fit for some California home buyers.
To find an insurance agent you’re comfortable with, talk with the team at GoPrime.
Credit Repair Organizations
We also want to mention credit repair organizations, though not every home buyer will need one. But if you’re concerned about your credit score and how it might affect your ability to buy a home, having a credit repair company to partner with will be extremely helpful.
They will be able to help you remove negative information from your credit report and improve your FICO score. These improvements may increase your chance of getting a better mortgage or insurance policy for your home. And repairing your credit will help you with future purchases as well, such as buying a car or going back to school.
They usually start by getting your credit reports from all three major bureaus. Then they work with you to determine how make improvements.
For more about trustworthy credit repair organizations in the Bay Area, talk to GoPrime.
We normally put mortgage lenders at the top of the list, and for good reason. We believe it’s helpful to talk to an independent mortgage lender, like GoPrime, before you even start looking for houses. They can help you better understand your budget and financial options.
To buy a house, you will need to partner with a mortgage company for the loan. This happens in every case unless you’re able to pay with cash, which isn’t an option for a lot of California home buyers. To to give you the loan, the mortgage company must follow all federal and state regulations.
There are a couple types of mortgage companies you will come across: independent lenders or mortgage bankers.
An independent lender has access to a variety of mortgage options and will work with you as an intermediary between the buyer and the investor. They have experience and expertise to help home buyers get the best loan program available for their unique situation.
An independent mortgage lender will have in-house services that will make the process faster and easier for you.
Working with a bank limits you to the loans programs the institution offers.
Different mortgage products will have different costs and your individual situation will dictate what works best.
How can you pick the right team people to work with when you buy a home in California?
To learn more about where to start when buying your home, contact the team at GoPrime. Their experience with California mortgages is vast and they’re available to you.
If you’re looking to buy your California home, contact Zachery Adam and the team at GoPrime.
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