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Vahe Hayrapetian Explains the Role of Professionals in Home Purchases
Although there are many personal responsibilities and factors that may impact one’s ability to qualify for a home loan, it is important for all prospective home buyers to seek assistance from qualified professionals who can ensure the process is conducted properly. As a trusted professional who has worked in the industry for several years, Vahe Hayrapetian explains that it is important to understand the roles of both the real estate agent and the loan officer.
The Responsibilities of a Reliable Real Estate Agent
It is important to find a real estate agent that is trusted to serve the interest of the potential buyer and is able to work within the confines of one budget. If a real estate agent displays the following practice, they are most likely a solid choice:
The agent is able to conduct thorough research to find properties that not only meet the interests of the buyer, but are also appropriate to any financial limitations.
The agent offers advice and helps explain the difference between purchases that are fiscally appropriate and those that would cause financial stress. In addition to working within a given budget, a real estate agent should remain honest about how the home’s value will shift over the years due to external factors such as its location.
The agent presents knowledge that allows clients to fully assess alternatives they may have when it comes to what type of home they are looking for. The better the variety of homes, the more thorough the agent.
With the help of a pre-qualification letter, it is the utmost priority of the real estate agent to obtain a home under a reasonable price. Under the right circumstances, real estate agents have the ability to negotiate an offer that is acceptable to both the buyer and the seller.
Reliable agents are also identified by their ability to provide constant and thorough communication to the client. While the agent helps one find a home and negotiate the price, it is important for all buyers to remember that it is their purchase and they should remain informed during the entire process.
Responsibilities of Loan Officer or Mortgage Broker
While a real estate agent may provide valuable assistance in terms of the material factors of purchasing a home, loan officers and mortgage brokers are defined by their ability to adequately assist with financing. Reliable professionals working in this field are able to:
Help the client attain a loan that not only meets ones budgetary needs, but also works with both the long-term and existing financial plans of the individual. Without the attention to this detail, a buyer may not secure a mortgage that will create a stable financial future.
Maintain constant contact with a real estate agent so that both parties can ensure the buyer’s purchasing power is maximized and realistic. However, the professional should refrain from discussing personal financial factors with the real estate agent and only supply information regarding qualification.
Fully discuss mortgage options and which rates and fees will serve the client best. A trustworthy loan officer or mortgage broker can mean the difference between future financial health and incurring a fiscal burden.
Locating the Right Professionals
While one can understand which qualities identify a solid professional in the home purchasing process, Vahe Hayrapetian notes that they may not always prove easy to locate. It is suggested that prospective buyers not only refer to family and friends for references, but to also check out a professional’s reputation with associated organizations. In addition, those looking for help will want to make sure their candidates carry the right experience and certification to conduct a thorough job.