Buying a house is one of the largest financial steps a person can make in their life time.  Learning how to buy a house if the first and most critical step.  Most people go through the home buying process relying on advice from so called experts.  It is extremly important that when you are shopping to buy a home you assemble a solid team to help you through the process.  I think this is one of the most important concepts that all soon to be home buyers need to grasp…buying home takes a team.  The best part about assembling a home buying team is that they don’t require any upfront retainers.  That’s right, your realtor that takes you out to look for a home doesn’t get paid by you.  He or she get’s paid by the seller once the home is sold.  Your mortgage broker or bank doesn’t get paid until the home closes and it is your choice whether you want to pay them or whether you would take a slightly higher rate and receive a credit to cover their fees.  In any event the early planning stages of assembling your team doesn’t cost you anything.  Make sure you are thorough when you select your Realtor and mortgage broker.  Most realtors specialize in an area…don’t get roped into using someone that may be a friend but doesn’t know anything about the area you want to buy in.  You need a local expert that can help you buy your home and make sure you are getting what you expect.  It is important for your Realtor to know certain qualities about the neighborhood such as schools, taxes, events, crime, property trends, etc.   Your mortgage expert also needs to be hand picked.  Your choice should be able to tell you 3 critical items within the first 30 minute conversation.  1. How much you roughly qualify for.  2.  What type of loan product would be best for you.  3.  How much it is going to cost.   If your mortgage expert can not commit to these 3 points during your first interview.  Move on.  Your realtor and your mortgage broker represent the nuts and bolts of your home buying team.  Depending on you tax and financial situation it may also be wise to get your CPA and money manager involved so you are confident you are making the soundest choice with your money.

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