Who Does What?
When you're looking for a mortgage, you'll probably speak with a number of different professionals. Here's a quick overview of what each of them does, and how they may help you in the loan process.
Your Mortgage Professional is prepared to act as your primary guide throughout the mortgage process. S/he will provide you with detailed information so you can determine the loan that best fits your needs and will coordinate all your loan paperwork. To contact a Carrington Mortgage Professional, click here.
Typically, Mortgage Professionals are responsible for:
- Assembling all required paperwork for loan prequalification. This is the process of providing financial and other information (such as employment history) by a prospective borrower in order for the lender to determine the loan amount the borrower may qualify for to purchase a home.
- Preparing prequalification letters for you, which will show sellers how much you could qualify for a home loan and potentially provide you with an advantage if competing with other interested buyers who are not prequalified.
- Gathering your income, expenses, assets and obtaining a copy of your credit report. It helps a lender determine whether or not a potential borrower is a good business risk.
- Sending your information to a loan underwriter for review.
- Providing qualified borrowers with a loan offer and loan disclosures.
- Information given to consumers about their loans that explain loan fees, terms, and conditions.
- Working with title companies to schedule closing your loan.
- Attending the loan closing. This is the time and place at which documents for your loan are signed, dated, and notarized.
- Keeping you informed throughout the process and ensuring you fully understand your mortgage.
Your Real Estate Professional
Your real estate professional will help you find properties for sale that fit your budget and your needs. Your real estate professional may also:
- Write up your purchase offer and present it to the seller or seller's real estate professional.
- Guide you through negotiations with the seller and accompany you to the closing.
- Work with your lender to get them information they need about the home you've contracted to purchase.
- Help you understand the market you're looking in and provide comparable homes to review.
The Seller's Real Estate Professional
Sometimes also referred to as the "listing agent", the seller's real estate professional will work with your agent on the real estate offer, negotiations, and loan closing.
The underwriter is the person who decides whether or not their lending organization will approve your application for a home loan. They make this decision based on the information they receive from your loan application and supporting documentation, including the home appraisal.
Typically, your Mortgage Professional will communicate with the underwriter on your behalf. Unless you experience unusual circumstances, it's unlikely that you will be asked to contact the underwriter directly.
An inspection is sometimes required by the lender to help determine the condition of a property. A third party conducts the inspection, which includes all major appliances and structural elements.
The appraiser provides a professional estimate of the fair market value of the property.
The appraiser inspects the property for value -not for potential repairs- and reviews comparable sales information.
The title company researches the title on the property. Before making a loan, a lender will usually require a title search or a title report to make sure the borrower will legally own the real estate. Based on the results, they will create a Title Report. This report lists current owners of the property and any unpaid debts or liens filed against the property.