Buying a home is one of the biggest, if not the biggest investment you will ever make. The process takes some time and there are a lot of people behind the scenes making your dream happen. From real estate agents to loan processors, all of these people add up to a team of professionals who are committed to making your home buying experience go as smoothly as possible.
Mortgage Consultant (Loan Officer)
Many people meet with a real estate agent first, but the best person to start off with is actually the loan officer. Also known as the mortgage broker or originator, the loan officer is the one who can take a look at your credit reports, current financial situation, and other information to determine how much house you can afford, and what your monthly payments will look like. They can also get you pre-approved for a mortgage, which is essential when it comes time to start making offers. Meeting with a loan officer first makes shopping for and making an offer on a home much easier.
Real Estate Agent
Once you get things sorted out with the loan officer, you’re ready to start shopping for a home. An experienced real estate agent can take the information given by the loan officer and turn it into a list of properties that will suit your needs, wants, and budget. The real estate agent is a valuable asset when it comes to negotiating a price and will have connections with appraisers, inspectors, and other real estate professionals that you’ll need throughout the process.
A professional loan processor reviews and verifies the documentation that you have provided with your loan application. They will obtain verification of income, debt, employment and any other pertinent information necessary to completing the loan approval process. They are responsible for getting your file through the underwriting process to closing.
Your mortgage consultant works closely with the loan processor to ensure all necessary information for your loan is verified and that your loan is on schedule. The loan processor will also order the appraisal for your property, verify tax returns, and double-check all the information needed to keep your loan on track for your scheduled closing. During this process the loan processor may contact you with additional questions.
Underwriters give careful, personal attention to each file and the qualification of each loan applicant. They are dedicated to ensuring the suitability of the chosen loan program for the customer, validating against loan guidelines and repayment analysis. They are the ones to issue loan approval, and may ask for additional documentation or explanation during their review. After conditions have been met, final loan approval will be issued. Having an in-house underwriting team, like at Axiom Financial, can be advantageous during the loan process.
A professional appraisal of a home may be completed as part of the listing process. Even if an appraisal has already been completed, the lender will usually require an appraisal during the loan process. The appraiser’s job is to consider every aspect of the home and surrounding community in great detail to come up with an accurate value and price range for the home.
After you’ve made an offer on a home, and before your mortgage closes, you may have an inspector look at the property. The inspector’s job is to determine if a home is safe and if there are any major problems or repairs looming in the near future. Problems discovered by the inspector can be a turning point for many buyers. If they find anything wrong with the home, you can choose to back out of the sale, or you can alter your original offer if it was contingent upon the inspection. Forgoing the inspection can cost you a lot of money in repairs down the line and can make you ineligible for many types of mortgages.
The closing and funding department prepares your closing documents, secures the funding of your loan, and coordinates effectively with the title company to ensure a smooth closing. They will review the documents for quality and accuracy, and then provide authorization to settle and record the transaction.