Who's Involved in the Mortgage Process?
Let’s take a look at who you’ll encounter during the mortgage process.
You’ll come across various mortgage and real estate specialists on your path to becoming a homeowner, and their roles will range from confirming your income history to discussing your financing alternatives to doing an appraisal on your possible dream home.
Mortgage Loan Originator
The first expert you’ll meet is a Mortgage Loan Originator, who can assist you in determining the best options. There are a variety of loan plans available, each with its own range of features and conditions, and you’ll want to consult an expert to see what will work best for your individual home financing needs and budget.
Once you’ve decided on a course of action, you’ll fill out an application, and your Mortgage Loan Originator will collaborate with other members of their team to ensure that your loan closes quickly.
Once the Loan Processor has received sufficient information, they will send your application file to the Underwriter, who will conduct a formal examination of your file. When the Underwriter and Loan Processor disagree about specific specifics of your information, you may be required to produce additional documentation.
Real Estate Agent
You might locate a house you want to bid on while your application is being reviewed. In that situation, you’ll need an Appraiser, a neutral third party who determines the property’s exact value. This includes taking into account any necessary repairs that may reduce the value, any recent modifications that may have increased the value since the last appraisal, and the worth of comparable properties in the neighborhood that have recently sold. This sum will be reflected into your mortgage loan’s final terms.