Key Players in the Homebuying Process

Woohoo! You just got pre-approved and you’re ready to start shopping for your dream home. Before you jump right into the process, take a few minutes to learn about the participating parties in the homebuying process. When it comes to buying a home, there are more people involved than just your Real Estate Agent and your Mortgage Loan Originator. Key players may consist of the Real Estate Agent, Title & Escrow Officers, Home Inspectors, Appraisers, and of course your superstar OneTrust Mortgage Loan Originator. What are these key players’ responsibilities and how do they impact you? Read on to learn more!

The Real Estate Agent:

For most people buying a home doesn’t happen every day, but real estate agents handle these transactions all the time. The real estate agent’s job is to listen to your needs, and help you find the home of your dreams. They will help you to:

  • Shop for properties, providing insight on the local area
  • Make and negotiate an offer
  • Stay up to date on pertinent timelines

Mortgage Loan Originator:

The mortgage professional you work with is your home financing strategist. They will help you get the home loan that will help you achieve your financing goals:

  • Get pre-approved and determine how much home you can afford
  • Explain all home loan options available
  • Collect necessary documents for your loan application
  • Approve and fund your home loan

The Title & Escrow Officers:

The title officer conducts a title search to discover problems including (but are not limited to) overdue taxes, zoning restrictions and liens, making sure no issues get in the way of the sale related to the title or deed.

The escrow officer acts as an impartial 3rd party, handling the notarizing and signing of the final loan documentation, collecting any other paperwork that has to do with the sale of the home and ensuring completion of all requirements from each party before any money transfers hands.

The Home Inspector:

The home inspector will look at the home for issues that need to be fixed. Although not mandatory, it’s highly advised that you have the home inspected by a professional. The outcome of the home inspection could determine whether you move forward with the transaction, or stop and reassess the terms of the sale.

The Appraiser:

The appraiser estimates the market value of the home. If the home appraisal comes in higher or lower than expected, it could affect negotiations and the loan options available to you. Learn more about why an appraisal is important from our past blog.

Interested in learning more about the wide-world of home loans? Check out more of our blogs or call us at (877) 706-5856 for your home financing needs.

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