Buying A Home Part 5: Your Mortgage Team and What They Do
Your Mortgage Team and What They Do
Since obtaining a mortgage is often the largest financial decision in your life it is important for you to know who is involved in your loan application process.
Mortgage Loan Officer (or Mortgage Broker) – This is the person who will meet with you to discuss your program options and recommend to you the best program to meet your needs. The loan officer will then take your loan application and follow it through to the actual settlement or closing.
Processor – This is the person who will be working on your file to prepare it for submission to the underwriter for approval. The processor will usually order the appraisal and all of the other forms needed to verify your income and assets.
Underwriter – The underwriter is the person who will either approve your loan application or decline it if it does not meet the program guidelines.
The key to a smooth and successful transaction is working with a loan officer who knows the guidelines and knows how to package your loan application so the underwriter has no choice but to approve your application.
Loan Closer/Title agent – The loan closer is the person who makes sure all of the paperwork necessary for the settlement or closing on your new home are in order. The closer will communicate with the title attorney to coordinate your settlement and make sure all of the documents you need to sign are correct and more importantly that the funds you are borrowing are at the settlement table on time.
In our next installment of the Home Buying Guide, I will show you how to have the government help you pay your mortgage payment…
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We hope you have enjoyed this step of our homebuyer guide.
We have many creative loan programs to fit your needs.
Please contact us at 904-514-8885 to schedule your FREE No-Obligation Consultation where we will meet to tailor a program to fit your needs and comfort levels for monthly payment and investment.
Until our next lesson…
P.S. We have more valuable information and resources HERE.