August 15th, 2014 7:15 AM by Jackie A. Graves, President
process: It's exciting, can be intimidating and there are a lot of people
involved. The good news? All these people work hard to make your experience as
smooth as possible, including several that will hold your hand throughout the
Let Us Introduce You
From the day you
begin looking at homes to the day you close (or settle), you'll likely come
into contact with many of the following real estate professionals who all work
together and play an important role in your transaction:
Housing counselors can help you assess your financial situation, build or
improve your credit, and ensure you’re well-prepared for homeownership – and
their services are free. Housing
counselors are not required, but they are often recommended for
Loan officers evaluate your credit, financial, and employment information
to see if you qualify for a mortgage and provide financing options based on
your capacity. They'll also help you complete your mortgage application and
keep track of the status during the loan approval process.
Real estate agents help you find homes that meet your needs, including
location, size, and price. They also provide you with information on
neighborhoods, shopping, schools, property tax rates and typically handle all
negotiations with the seller. It's likely you’ll work very closely with your
real estate agent throughout the entire process.
Loan processors prepare your mortgage loan information and application for
presentation to the mortgage underwriter. They make sure you've included all
proper documentation, all numbers are calculated correctly, and everything is
in order to ensure a timely decision on your approval.
Homeowners Insurance Representatives will provide you with an
insurance policy that lists you as the insured. Your lender can help you find a
homeowner's insurance policy that meets their specific requirements. You will
need a proof of insurance document for closing.
Mortgage underwriters assess if you are eligible for the loan based on your credit
history, employment history, assets, debts, and other factors.
Real estate appraisers evaluate the property you are purchasing and determine how
much it is worth.
Home inspectors examine the condition of the home you are purchasing, making
sure you are aware of any items requiring extensive repairs, as well as general
maintenance and safety issues.
Closing representatives oversee and coordinate the closing or "settlement"
of your loan, record the closing documents, and disperse the money to the
appropriate individuals and organizations.
All of these people
play different, but complementary, roles in your homebuying experience. Lean on
them, ask questions, and don’t be afraid to reach out often. This is their job
and this is your home.
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