Who’s who in the mortgage process
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.
An individual who is licensed to estimate the worth (fair market value) of the property you are purchasing.
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.
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.
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.
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.
Financial institution that issues loans. Unlike brokers, lenders control the whole process; from underwriting to funding.
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.
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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