What are real estate agents and mortgage agents? Which one should you hire for your home mortgage process?
If you are a beginner to the process of buying a home, you could find it hard to know whom to contact for what! There are quite a lot of people who have distinct roles involved in the home buying process.
The main debate usually occurs between the real estate agent and the mortgage agent. Many are confused on whom to contact first and how to go about the process with them. We shall find out what their roles are and who you would have more work with!
Who is a real estate agent?
A real estate agent is someone who deals with the process of house hunting. They are the middle men between the seller and the buyer and help you with the process of paperwork and transactions.
Real estate agents can help you complete all the legwork and also compare the rates of the houses. They help you get in touch with sellers and find your dream home with ease!
Who are mortgage agents?
Mortgage agents are not that different from real agents in the role of being middlemen. But instead of the buyer and seller, they co-ordinate between the borrower and lender.
A mortgage agent helps you find the finances for your dream home. They help you set all the paperwork in order, finalize the budget and arrange the perfect terms for your mortgage payments.
Who should you contact first?
While real estate agents and mortgage agents deal with two different aspects of the home mortgage and buying process, it is usually considered wise to contact a mortgage agent first.
Most sellers these days require you to have a mortgage pre-approval letter since they require some sort of conformation that you will come through on your payment. This can be achieved via a mortgage agent.