Your Daily Real
Estate Blog
From
Supreme Manor
Real Estate Services
It
Takes a Village: Meet Your Home buying Team
A home purchase or even a refinance
is a complicated transaction that involves many different professionals.
Purchasers often deal directly with the realtor and the mortgage loan officers
but there is much more key pieces being put together behind the scenes that
require detailed work. Throughout the loan process there are many players from
appraisers to underwriters to get the loan and purchase completed. Meet the
Team players and their functions.
Appraiser:
During the appraisal process the appraiser will come to your home to take
pictures inside and out. They research pricing and local current comparable
home sales and evaluate both the replacement cost and resale cost of the home
and in some cases they use an income approach. After extensive evaluation and
research they then provide their professional opinion and submit it to the Loan
officer. You can also receive a copy of the appraisal.
Attorney: An
attorney can prepare the closing documents and close the loan, file the deed
and contract and disburse funds after closing.
Loan Originator: Is the professional who communicates directly with you on
your financing. The loan originator is licensed and registered with the
Nationwide Mortgage Licensing System & Registry (NMLS). The loan
originator will fit you into the best loan program that fits your personal
position and home financing goals, gather all information and communicate and
work with all of the other team members. The loan originator, with the
borrower, is the pivot point of the whole transaction.
Loan Processor:
Typically is the originators side kick and gets copies, orders payoffs and
anything else the originator needs to put a complete loan package together.
Realtor:
the Realtor works close with the loan originator to make sure the transaction
goes smooth and may help gather necessary documents from the seller for the
loan. They take you to view homes, and negotiate your offer.
Title Company:
The Title Company prepares closing documents, researches the tile, and insures
the title report. Also the closing is typically done at the title company with
a closer or attorney.
Underwriter:
The underwriter is often referred to as the Wizard of Oz; never seen but the
underwriter defiantly controls the process. Underwriters have the last word on
the final approval of the loan package that is submitted by the Loan
Originator.
Yes, it takes a village (your team)
to purchase your new home—and I hope you consider me part of your TEAM!
I hope this information is useful.
Should you need assistance with any of your real estate needs,
please contact Supreme Manor Real Estate Services 773-881-9224. Feel free to visit us on our website or any
of our social media sites.
Have a Supreme Day!
Sheila M. Wilkinson-Sanders
Managing Broker/Owner - CPA, GRI, CNC
Supreme Manor Real Estate Services
1840 West 95th Street
Chicago, IL 60643
(773) 785-0127 Direct
(773) 797-9640 (fax)
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