Your Loan Team

Key PlayesrDon’t underestimate the value of a great home-buying team. A licensed mortgage consultant and real estate agent can make buying a home a positive and memorable experience.

 

Professionals you need on your team include:

Mortgage Consultant (Loan Officer): Your mortgage consultant will talk with you to gain understanding of your homeownership goals and your credit situation. They will help you establish a plan and choose smart loan products that meet your home buying needs and your financial comfort level. They will personally manage your loan’s progress from application all through to closing – making sure that your contract deadlines are met every step of the way. They are your continued resource for home financing information and advice – both during and after the mortgage process.
Real Estate Agent: Your real estate agent will listen to your specific housing needs and will determine a course of action for finding the right home for you to purchase. Many real estate agents will preview homes for you, so you don’t waste time looking at houses that don’t meet your needs. If you don’t have an agent working for you, ask your Mortgage Consultant for a referral to a trusted partner. Your real estate agent will represent and protect your best interests during the process of purchasing a property. They will help you with negotiations, professionally present your offer for best results, guide you through the purchase process, protect your interests, and keep you informed about the progress of the transaction.
Appraiser: A licensed residential appraiser performs a written valuation of the property you plan to purchase. The appraisal takes into consideration the home size and its features, property condition, location, neighborhood, recent sales in the area of similar homes and other details that affect property value. Their valuation offers important protection for you and the lender in determining the property’s current market value.
Home Inspector: A home inspector works for you to inspect a home you are offering to purchase. It is their job to search out and report on any issues with the home, from minor repairs to major system failures. Considering suggested necessary repairs, the buyer has the option of continuing with the transaction as originally offered, requesting that repairs are made, or lowering their offer to cover needed repairs. Home inspectors do not make repairs, nor do they offer opinions on the value of a home. They simply inspect and report their findings. It is the buyer’s responsibility to review the report and consider it within the context of their purchase.
Settlement Agent: The title company performs a title search on the selected property. This prevents fraudulent sale of property. A search for encumbrances to the title that could prevent a legal sale is also performed. The escrow officer conducts the settlement appointment where you will sign documents to purchase your home. The lender will promise funding of the loan and the seller and their lien-holders will be paid for the property. They will then record the change of title with the County Recorder’s office and the property will officially become yours.

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