Preparing for the Mortgage Process

So, you are finally ready to pull the trigger and purchase your first home. Financing your first property can feel like an overwhelming experience as the paperwork and product choices alone can make your head spin. Let's take a look at who is involved in the financing process and what roles the various participants play.

Your Mortgage Loan Officer - He or she will likely be your primary contact at your mortgage company. Most states require that loan officers have formal training and licenses,  although some banking institutions may be exempt from such requirements. The loan officer should help you weigh your options and assist you in locking in your interest rate.

Your Real Estate Professional  - Once you have found your dream home, your agent's involvement is far from over. They should stay in contact with the mortgage company to make sure that everything is proceeding in a timely fashion.

The Loan Processor - Processors are the unsung heroes of the mortgage transaction as they typically handle most of the paperwork and coordination efforts once the file is handed to them by the loan officer. In many places, the processor works hand in hand with the underwriters, loan officers, closing agents, and the homebuyers to make sure that all paperwork is complete.

The Underwriter - A mortgage underwriter reviews each file to make sure that it conforms with the requirements set by the lending institution (i.e. each unique lender, Fannie Mae, Freddie Mac, FHA, or USDA)

The Title Company - A title company performs a title search on the property to make sure that it is free and clear of liens or other encumbrances.

The Closing Attorney or Escrow Company - Once a loan has been cleared to close by an underwriter, the necessary paperwork is then sent from the mortgage company's closing department to the closing agent for review and signing.

Whether you are looking for a mobile home loan solution or a condo loan, knowing who is who in the process can help you move forward with confidence and peace of mind.