THE LOAN OFFICER The loan officer you work with will be responsible to help you attain the best possible rate and terms on your mortgage. They will help you get pre-qualified, which will determine how much you can borrow, and how much home you can afford. Before you make final decisions, they will explain all loan options. In addition, it’s their job to collect all necessary documents from you to help fund your loan. Your moving status is contingent upon completion of the loan process.
THE INSURANCE AGENT Before any lender will fund your loan, they will need to see proof of your homeowner’s insurance policy. This policy will protect your home in case of fire, theft or any other unforeseen damages. Your insurance agent will ensure that you are completely covered to your lender’s standards. Homeowner’s insurance requirements differ in each area, so the insurance agent will help you find the best fit for your needs. They will be available to you even after the home buying process is complete.
THE TITLE & ESCROW OFFICERS In MOST cases, these two people work for the same company, and although many believe that their roles are one in the same, their duties are different. The title officer deals with issues relating to the title or deed of the home. Their task is to make sure that there are no discrepancies that will get in the way of the sale. Discrepancies may include (but are not limited to) overdue taxes, zoning restrictions and liens. In the case they do run into issues, they will contact the seller to find out the accuracy behind their findings. An escrow officer is an objective third party that is involved in the real estate transaction. They take care of notarizing and signing the final loan documentation. In addition, they collect any other paperwork that has to do with the sale of the home and ensure completion of all requirements from each party before any money transfers hands. The escrow officer will also notify the county of the new property owner.
THE HOME INSPECTOR This person will inspect the home for damages or issues that need to be fixed; could be mold, pests, structural damage etc. It’s highly advised that you have the home inspected by a professional, but it’s not mandatory. This step is critical because the outcome of the inspection will determine whether you move forward with the transaction, or stop and re-evaluate the terms of the sale.
THE APPRAISER The appraiser is responsible for estimating the market value of the home. There are certain criteria that they use to estimate the value, such as measuring it against similar homes in the area. Some lenders require more than one appraiser’s estimate.
THE MOVERS After the paperwork is done and you have the keys to your new home in hand, the movers will come to your rescue. There are varying degrees to which movers can be involved. It can be as minimal as loading your packed things into a truck and unloading at the new place, or as extensive as packing everything up for you. Whatever you choose, monitor what they are doing and make yourself available to answer any questions they might have. Obviously movers are not a necessary service, but if you have budgeted for them and have a big move, they will definitely make your life easier.
HOMEBUYER’S GUIDE
© N E W AME RIC AN FU N D IN G, IN C. | AL L RIG H TS RES E R V E D
2012
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