The People Involved in the Mortgage Process

The Loan Officer Throughout the home-buying process, your loan officer will be your main point of contact. They’ll assist with your loan application and will help you gather important documents during each step of the home loan process. At New American Funding, we’ve got a team of expert loan officers who will help you get pre-approved for a mortgage, determine the best loan for your needs and work with you to make the most of your loan.

The Real Estate Agent You may not choose to have a real estate agent, but they can be very beneficial for both buyers and sellers. Throughout the home buying process real estate agents can help with any tricky parts. • Research new properties that fit your needs • Recognize potential issues with properties and advise on current

and future values • Negotiate with the sellers’ agent on fees, inspections and more • Help collect important documents for the loan officer and for

closing • Counsel buyers during closing to ensure you stay protected

Take a look at our Real Estate Agent Checklist linked below to choose the right agent for you. http://www.newamericanfunding.com/blog/post/2012/02/29/8-Tips-for-Finding-a-Great-Real-Estate-Agent.aspx

The Seller Sometimes the biggest obstacle between you and your dream home can be the current owner of the home. While sellers can sometimes be difficult, you have a lot of help on your side to make sure you both get a good deal. Usually, you won’t deal directly with the seller, but if communication between both real estate agents break down, it can be beneficial to meet with the seller. Just remember that the seller is trying to get the best deal as well!

The Inspector and Appraiser The Inspector and Appraiser both work to determine the value of a home compared to its asking price. They have different roles, but as a buyer, you should insist on a home inspection as a condition of the sale. The Inspector inspects the house and property to determine how much it may cost to repair damage to the home. He’ll look for damage to the house in the roofs, walls, foundation and other areas of the house that would require an expensive repair. Extensive damage will stop the appraisal. The Appraiser takes the inspection report and assesses the entire property to determine the actual value of the property. If they are satisfied with the property value, the Loan Underwriter will determine if the bank wants to lend money on the house.

The Underwriter You’ll never meet the Loan Underwriter, but they have final say on whether the bank will finance your mortgage! The Underwriter has a number of responsibilities: • Must ensure your paperwork is accurate to determine

your eligibility for a loan • Decides if you qualify for the loan program you’ve

requested • Gives a final “Yes” or “No” on your loan

You can appeal to an underwriter’s decision if you want, but if they reject a loan don’t be afraid to try again once you’ve found a new property or improved your financial history!

The Escrow Officer Sometimes called the Closing Officer, the escrow officer helps both parties arrange a final settlement and the eventual exchange of the property. Your escrow officer will assist in a number of ways: • Hold onto closing fees and repair costs from

both the buyer and seller for the duration of the negotiation

• Tell you exactly what you need to bring to closing (tax documents, final fees, etc), which your loan officer and realtor can help you collect

• Arrange a time for you to finalize the sale

Once you finish with the Closing, the house is yours!

The People Involved in the Mortgage Process

Learn More at

www.NewAmericanFunding.com