Here is a list of the Key Players in Buying a House:
The Loan Officer can almost be likened to your lawyer who instead of representing you before a court, is representing you before a bank. There is a big difference in who the Loan Officer works for.
A Loan Officer for a bank – does not work for you and does not represent you. The Bank Loan Officer is more like a Customer Service Representative who talks nicely to you, takes your information and sends it to somebody else to make a decision. That loan officer will tell you the land mine after you stepped on it.
The Loan Officer at a Mortgage Broker is on your side. That Loan Officer puts together you file for your approval, finds you the money for the home you want to buy and prepares your file in the most favorable light within the housing rules. Example: you can get a mortgage with just w-2 paperwork, and not tax returns. Your tax returns may have some deductions which can hurt you’re getting the mortgage.
Experience and type of loans the Loan Officer specializes is critical to you. Some, do not know how to work with self-employed homebuyers or USDA loans, or if your score is under Credit Score 640.
The poor ones: do not communicate and use technical language. The good ones: keep you updated and are easy to talk to.
- The Realtor finds you the home. It is important that you like your realtor because you will spend lots of face time together. And, that the realty job is something done full time, and not something 2 days a week when not waiting tables. The poor ones are scattered and disorganized, do not listen to you, and does not look out for your interest. They tend to side with the sellers hoping to pick up more business. The good ones: give options, and explains the good and the not good about a home and neighborhood.
- The Underwriter is the bank officer that approves your loan. You rarely deal with an underwriter as this task belongs to the loan officer. You, unfortunately, have no choice in picking an underwriter. Young or new underwriters are tortious because they tend to miss items that usually get caught in the final review or they ask for too much information. This is where having a Mortgage Broker Loan Officer work for you is important. I quite often find myself explaining the lending regulations or the bank’s own guidelines to new underwriters. The good or experience underwriters are gems, they speed through the loan application and help close your mortgage quicker. In general, an underwriter will do everything allowed by law to grant you the mortgage.
- The Title Closer is the person who gets the paperwork from the lender and has you sign the final paperwork. They also work to guarantee that the seller can legally sell you the property. These folks are always overworked and have to handle multiple streams of paperwork with different lenders, and almost always at the last minute. They want to get you in and out of your closing fast.
- The Appraiser is the professional that tells you the value and the condition of the home. The appraiser is the only non-bank professional you do not have a choice to select. The appraiser is selected from a pool of appraisers that serve an area. Your loan officer orders the appraisal through a management company that pools appraisers. A rule of advice: do not talk to the appraiser or offer any advice on the value of the house. It never ever goes well. Although you pay for the appraiser, the appraiser really works for or owes allegiance to the lender and appraisal company by providing a professional opinion on the value and safety of the house.
- The Inspector is someone you hire and works for you. The inspector can tell you any flaws in the house. And, you should accompany the inspector to witness live the report to be written.
- The Well-Meaning Family Member/Friend they offer advice, mostly incorrect, and often confuse and prolong the process. Parents often cause stress and confusion. Usually, they got a mortgage decades ago, when the rules were bit different and they have not made the adjustment. Then their parental instincts take over and they often try to protect their kids by challenging housing rules. Take it in stride. The most common issue is when they give a gift, and object to providing their best bank statements or claim that the closing costs are “too high.” But can be good on giving a referral on a realtor or loan officer.
Chris Luis, Florida’s Favorite Mortgage Broker. firstname.lastname@example.org, 800-991-3268
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