BEAT OUT Other Buyers, HOT NEW LISTINGS
***If You need Financing - Talk to our Preferred Lender, -The Lender Who Gets Homes Closed- Jennifer Whitwam, Fidelity Funding Mortgage.Â Cell 772.342.0366 or Email firstname.lastname@example.org***Â
This will help with theÂ home-buying process. If you are not paying cash, you will need a loan. It mayÂ feel as if someone scooped you up and dropped you in a country where you don't speak the language. From your real estate agent to the lender, a lot of what you'll hear may sound like gibberish.
AÂ MortgageÂ is a "temporary", conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt."
THE PLAYERS: It may feel as if you need a program to keep track of all the folks who play a part in your mortgage. Let's take a look at just who these players are and what their roles are.
Mortgagee: the lending institutionÂ providing your mortgage.
Mortgagor: the borrower or debtor - the person who receives the mortgage loan.
Mortgage Broker:Â the middleman. Like a travel agent, the mortgage broker is an intermediary who shops a number of lending institutions, pledging to obtain the best rates and terms for the borrower.
Loan Officer: If you use a bank, the loan officer is the person who will help you obtain a loan preapproval and compile all the documents you will need to obtain a mortgage.
Loan Processor:Â the loan officer sendsÂ your paperworkÂ to the loan processor who then follows your mortgage from preapproval to closing.
Underwriter - The underwriter is the person who determines the lender's risk in lending to you.Â They analyze your income, look at your payment history, and evaluate the home you want to purchase to ensure that it's worth the amount you are borrowing.
Appraiser - All lenders subcontract licensed appraisers who use a number of methods to determine the home's market value.
Escrow/Title Company - TheÂ title company's primary duty is to receive and disburse funds based on the contract. Escrow companies are independent third partiesÂ who make sureÂ both parties to the transaction are in agreement.Â Â They check the chain of title on the home. (everyone who has ever owned the home). They ensure that the person who is selling the home actually owns it and whether or not there are liens on the property. At the end of the process, they record your new home deed with the Clerk of Court.