There are quite a few people involved in helping you get a mortgage. At first, it can appear overwhelming. However, everyone involved serves a role and provides a specific service. Here at Essex, we want to make sure you fully understand everyone on your Team.
WHO DOES WHAT?
Loan officers are mortgage specialists; they will review your credit, financial and employment information to see if you qualify for a mortgage. Based on your financial goals, they will then recommend mortgage financing options. Your loan officer will help you complete your mortgage loan application and keep track of what’s happening during the loan approval process.
Real Estate Professional
A real estate professional’s (Realtor®) service is invaluable as they will not only help you find the kind of home you seek, but also one that meets your needs and financial circumstances. When you’re ready to make an offer on a home, your Realtor® will handle the negotiations in your best interests. To find a Realtor®, you should ask your family and friends, or consult with your Essex loan officer. Your Realtor® is almost always paid by the seller upon the sale of the home.
Your loan processor’s job is to prepare your mortgage loan information and application for presentation to the underwriter. They will then follow up from the initial application taken by your loan officer to gather all necessary supporting documents. These documents will serve as verification of your income and assets, your employment and your monthly bills. In addition, your loan processor will make sure that all numbers are calculated correctly, double-checked, and that everything is in the proper order. This will decrease the amount of time it takes for a decision to be made about your mortgage loan application.
Your underwriter is the professional authorized to assess if you are eligible and qualify for the mortgage loan for which you are applying. They will then approve or reject your mortgage loan application based on your credit history, employment history, assets, debts and other factors. Here at Essex, our underwriters have been granted approval authority by Fannie Mae, Freddie Mac, FHA and VA.
THE PEOPLE BEHIND THE PROCESS
The real estate appraiser’s job is to visit the property you are purchasing and determine its fair market value. This value is determined by comparing the sales of similar homes that recently sold within a certain radius.
Hiring a professional home inspector can be one of the most important things you can do to make sure your home is in good condition. An authorized inspector can uncover defects with the house that could cost you a lot of money down the road. For example, if the home inspector finds a serious problem, like a roof that needs to be replaced, you’ll know upfront and can negotiate with the seller for the cost of the roof repair or replacement. If you don’t find out that sort of thing until after you own the house, the problems and costs are yours alone. Your Realtor® can be a good reference for a home inspector.
The closing or settlement is the final step in buying your home. A closing representative, either a title company or real estate attorney, oversees and coordinates the closing, records the closing documents and disperses money to the appropriate individuals and organizations. At closing, you will sign many documents, including but not limited to the mortgage note and mortgage or deed of trust. You will also provide such documents as proof of insurance as well as any money due (normally wired). Once the closing is complete, you will get the keys to your new home.
Mortgage Lender and Servicer
Your mortgage lender is the financial institution that provides funds for your mortgage. A mortgage servicer is the financial institution or entity that is responsible for collecting your ongoing mortgage payments. Your mortgage servicer may be the same as your lender, or may be a different company altogether. It is not uncommon for your lender to transfer the servicing of your mortgage to a different company after you close on your home.
When you work with Essex Mortgage, your loan will be handled by a team of seasoned professionals every step of the way.
This is your team; we work for you.