Who’s who in the mortgage process

by | First-Time Homebuyers

Here is a list of some of the people you will become familiar with throughout the loan process. This should help you better understand what you can expect from each individual along your journey home.

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Appraiser

An individual who is licensed to estimate the worth (fair market value) of the property you are purchasing.

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Closing or Settlement Agent

The party who conducts the closing meeting. This role may be filled by an attorney, title company, or real estate agents depending upon the state where the property is located.

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Loan Officer

A Loan Officer represents one lending institution and their loan programs. They help you choose the best mortgage loan based upon your situation and will help you complete the loan application.

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Loan Servicer

The entity that collects mortgage payments (it may or may not be the lender) and pays taxes and insurance and mortgage insurance, if required, on your behalf.

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Mortgage Insurer

By compensating the lender for losses should a borrower be unable to make payments, Mortgage Insurance is often used to purchase a home without a 20% down payment.

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Mortgage Lender

Financial institution that issues loans. Unlike brokers, lenders control the whole process; from underwriting to funding.

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Property Inspector

An individual certified to conduct a examination of the home. An inspector will look for issues that may affect the value of the property and can assess the condition of a property’s roof, foundation, heating and cooling sys- tems, plumbing, electrical work, water and sewage, and some safety issues.

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Real Estate Agent

A real estate agent is a person who acts as an intermediary between sellers and buyers of real estate/real property and attempts to find sellers who wish to sell and buyers who wish to buy. They can often provide helpful and specific community information such as shop-ping, transportation, and schools.

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Disclaimer: SecurityNational Mortgage Company, and its loan officers, unless individually licensed and specifically denoted in their credentials, are not qualified to, and are prohibited from representing themselves as accountants, attorneys, certified financial planners, estate planners, investment specialists or tax experts, and will not advise you in those matters. Always seek the advice of a licensed professional. By submitting your contact information you agree to our Terms of Use and our Privacy Policy. You also expressly consent to having SecurityNational Mortgage Company contact you about your inquiry. This is not a commitment to make a loan. Loans are subject to borrower and property qualifications. Contact loan officer listed for an accurate, personalized quote. Interest rates and program guidelines are subject to change without notice. SecurityNational Mortgage Company is an Equal Housing Lender. Company NMLS# 3116