Why It’s Important to Build a Financial Network as You Prepare to Buy a Home

by Carson BuckNovember 6, 2017

Who to Include in Your Financial Network

There are dozens of different financial requirements and transactions involved with buying a home. Having a firm understanding of these financial factors is crucial to ensuring the home buying process flows easily from making an offer to closing. But, in most accounts, the buyer simply can’t fathom what’s involved, so this is why having a team of financial experts guiding you throughout the process is so important.

When you build a team of trusted financial experts, you will find your load is lightened. Your financial network will be able to help you put the right pieces in the right places so you can meet your financial goals and home-buying plans.

So, who should you include in your financial network? Here are six professionals to seek out before you start seriously looking at homes-for-sale.
Financial Planning

Credit Counselor

Credit counselors don’t only work with people who want to negotiate their debt down with their creditors. They also help everyday citizens manage their debt in the most efficient way possible. They have a wealth of education and training in the many available ways to reduce debt and save more money. Since you are going to need to be no higher than 43% in your debt-to-income ratio, the earlier you start whittling down your debt, the better off you’ll be when it comes time to apply for a mortgage.

Keep in mind that there are a lot of illegitimate credit counseling agencies out there. Make sure the one you choose offers a free initial consultation.
financial planning

Lawyer

There are many, many documents included in any home transaction and it can be difficult to look over them all, let alone understand what’s being stated. For this reason, having your lawyer look over the documents will help ensure that no surprises are lurking among them.

Financial Planner

A financial planner’s role is to help you get your ducks in a row so you can save enough money for your down payment. They do this by helping you to create and maintain a budget that works best for your unique situation before and after you buy your home.

A financial planner will also be able to help you determine exactly how much home you can afford so you don’t wind up getting in a precarious position by buying a home that’s realistically beyond your reach.
Couple Meeting With Financial Advisor In Office

Tax Advisor

How will buying a new home affect your taxes? This is where a reliable tax advisor can come in handy. They will be able to educate you on what to expect regarding the latest tax laws and regulations.

Lender

It is best if you use a lender that you can trust because then you can feel more comfortable that they will have your best interests in mind. You want a lender who will help ensure you get the best rate on your loan and one that will work with you on a one-on-one basis. If you have banked at the same institution for a long time, this might be a good place to start looking for your mortgage resource because you already have an established relationship.

Real Estate Agent

Although real estate agents aren’t considered financial experts, they do have a lot to do with the financial side of your transaction because the agent helps you determine how much to offer when starting the negotiation process. An agent will also educate you on how much a home is worth and if the asking price is too high for its location or the shape that it is in.

When building your financial team, you should use every resource at your disposal to help you choose the right people for the jobs. Ask friends and family for referrals, look up their reputation online, check the Better Business Bureau, and confirm state licenses or industry certifications. This can be a lot of work, but you need to do your due diligence, especially when you consider how much money is involved with buying a home.

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About The Author
Carson Buck
Carson is a real estate agent based out of Phoenix, Arizona. Carson loves data and market research, and how readily available it is in today's world. He is passionate about interpreting these insights to help his clients find and buy their perfect home. Carson got into the real estate industry because he loves the feeling of handing over the keys to a new home to happy clients. In his free time, he works on his backyard bonsai garden and spends time with his wife, Julia.

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