Who Are the Key Players in the Home Buying Process?
The process of buying a home or taking on a mortgage can be frightening if you’ve never done it before. Buying a new home is one of the biggest decisions you’ll make in your life. This decision will have a positive effect on the quality of your life. Buying a home involves a large sum of money for a down payment and complex legal documents. You may not be familiar with these legal documents. Legal jargon is difficult to read, confusing, and frustrating. You’ll be working with professionals during your search for your new home, applying for a mortgage, and during the closing on your home.
Here are some of the professionals you’ll be working with during the home buying process:
1) Real Estate Agent
For a new home buyer, the home buying process begins with searching for a home. The easiest way to look for a home is by searching online. You can also shop for a home by touring neighborhoods. First time home buyers often hire a real estate agent to help them find a listing. These realtors are licensed professionals.
2) Loan Officer
The loan officer is the one who will interact with you the most – from the time you apply for a home loan until the day your mortgage closes. A loan officer can help answer your questions regarding mortgage qualification. They can help you choose the right loan for you and help you understand the loan documents.
3) Mortgage Underwriter
The mortgage underwriter takes the job of the loan officer one step further. A mortgage underwriter reviews the mortgage documents closely. It’s the job of the underwriter to determine if you qualify for the mortgage you’ve applied for.
4) Real Estate Appraiser
A real estate appraiser visits the home you want to buy and looks at comparable sales records to make sure that the home you’re going to buy is worth the amount you’ve agreed to pay. A real estate appraiser will determine the value of the property.
5) Home Inspector
A home inspector will come to meet you at the property you want to buy and inspect the home thoroughly. A home inspector will determine the condition of the property.
6) Closing Representative
A closing representative works for your lender. They look at the closing process to make sure that you understand the document that you’re signing. They will answer any last-minute questions you may have.
A notary is a person who witnesses the signing of your loan documents and is licensed by the government to perform acts in legal affairs.
If you’re a first time home buyer in MA and are looking for mortgage lenders, Drew Mortgage Associates, Inc. can help! Drew Mortgage Associates, Inc. is a mortgage lender in MA that can assist you with mortgage loans and guide you through the application process. They can help you get a home loan with a low-interest rate that best suits your financial goals. Our mortgage planners are highly trained professionals that can identify the best mortgage program that’s right for you.