The home loan process may seem a bit daunting at first but having the right mortgage team by your side makes all the difference! My Team and I pride ourselves on having a highly qualified mortgage team to ensure you have a stress-free homebuying experience.
Mortgage Loan Officer
One of the first people you’ll want to connect with is a Mortgage Loan officer, which is the person who will help you find the right financing options. Purchasing a home is a big decision and you want the best on your side!
Your Loan Officer will gather the documentation needed to get your application and prequalification started and will assist you in choosing a program that will best suit your needs!
There are many loan programs that have different features and terms (conventional, low-down payment, zero down payment loans, veterans/military personnel home loans, fixed vs. adjustable rates, etc.), so you want to get an expert’s opinion on what will work for your specific home financing goals and your budget.
Real Estate Agent
Either before, during, or after you’ve submitted your loan application, you will want to connect with a Real Estate Agent who will listen to what features you’re looking for in a home and help you search within your price range.
This agent can also facilitate negotiations over price, execute the purchase contract, stipulate repairs they deem necessary, arrange access for inspectors, and much more if problems arise.
Loan Processor
Now that your application has been submitted, the formal review process starts and your point of contact will be your Loan Processor in addition to your loan officer. Your Loan Processor works with you to collect all the necessary documentation for your loan file.
This includes pay stubs, W-2 forms, bank statements, and credit report explanations. They work as a liaison between you and the underwriter, title company, and other parties that may be involved to get you to the closing table.
Underwriter
The Underwriter will make the decision whether to make a loan based on your credit, employment, assets, and other factors. Then they will match this risk to an appropriate rate and term or loan amount. The Underwriter and Loan Processor will sometimes go back and forth on certain details about your information, at which time you may be asked to submit more documents.
Appraiser
Once you find a house you want and are under contract, it will be time for an Appraisal. This will be completed by an independent third-party Appraiser, who determines the precise value of the property in the current market. This involves accounting for any repairs that need to be made that may detract from the value; any recent renovations that may add to the value since last appraised; and the value of comparable homes in the area that have recently sold.
This amount will be factored into the amount you are able to borrow for your mortgage loan.
Title Agent
Once your application is approved, and you are under contract everything started working towards closing on the house. Prior to closing, a Title Agent will research to ensure that no other person can claim rights to the property. The Title Agent also provides insurance against losses in the event that it is determined in the future that there is another rightful owner of the property.
Closing Agent/ Attorney
Your Closing Agent which is most often an Attorney handles the final phase of your financing, referred to as the closing. This agent ensures that all documents in your loan and in the closing of the house are correctly executed and that all parties involved fully understand the details of the transaction. Your Closing Agent then records the transaction in county records and handles the proper disbursement of funds.
I hope this information is helpful! If you have any questions or need assistance with a mortgage, I’m always here to help. Feel free to reach out—I’d be happy to guide you through the process.
Judi