Connect with us

The People Involved with Your Mortgage – Who Are They and What Do They Do?

real estate broker

Personal Finance

The People Involved with Your Mortgage – Who Are They and What Do They Do?

Americans intending to apply for a mortgage may encounter numerous people along the line. Unfortunately, not everyone is aware of the function of the people they encounter, stopping them from getting the best mortgage they could get. Therefore, we have created an overview of the people you may encounter during your hunt for the best mortgage, so you know what to expect and what you could get!

The Loan Officer

A loan officer is the person who will check if you are eligible for mortgage. They use your credit history, financials and employment information to figure out mortgage financing options that could be manageable for you. Therefore, your loan officer will be the person you encounter the most during your mortgage application process.

Loan officers will not only look if you are eligible for a mortgage, they will also help you with your application and keep track of the progress. Given the importance of the task of a loan officer, it is extremely important to choose a loan officer you trust, because he or she could make the difference between a successful mortgage application or a rejection.

The Real Estate Professional

Real estate professionals are not as involved with the mortgage process, but they are involved in choosing the perfect home for the budget you have available. They will also provide you with valuable information about the neighborhood your potential home is situated in; this includes nearby stores, schools and more. The real estate professional can also provide you with information about property tax rates, and ensure that your household budget matches the house you intend to buy.

Even though real estate professionals are not that involved with the mortgage process, they do make sure that the home you buy is something you can afford. Not all real estate professionals have your best interest at heart though, so make sure you choose someone trustworthy to help you find the perfect home.

The Loan Processor

A loan processor is a person who will prepare all the information for the mortgage loan and the application itself for the underwriter. During this process, the loan processor may ask you for documentation to make your application stronger; this may include information regarding your income, employment, monthly bills and more.

The Underwriter

The underwriter is the person responsible for the approval or refusal of your mortgage application. This person will make his or her decision based on the information acquired from the loan processor; this includes your credit history, employment history, assets, debts and other factors that could be important for your mortgage eligibility.

Other Professionals You May Come Across

The professionals described above are the main people you will come across where your mortgage applications and approval is concerned. However, there are other people you could encounter during your search for a home; this includes a real estate appraiser, home inspector and closing representative. While your focus will be your mortgage application, your home could be considered as more important. Therefore, make sure you have the right professionals surrounding you during the entire process.

Continue Reading
You may also like...
Advertisement
Click to comment

Leave a Reply

More in Personal Finance

Advertisement
Advertisement

Trending

Advertisement
To Top