Jake's Lending Tip of the Week

Buying a home is a complicated process. Not only do you have to find the home of your dreams, but you have to deal with the stresses of the lending process. It seems like an endless parade of obligations, and often times it is hard to determine who to call with questions. In order to simplify the process, the three major players and their responsibilities are outlined below.?

Realtor

Typically, the realtor is the first contact a buyer makes when looking to purchase a home. They guide the buyer through the home search and once a decision has been made, make offers on the property. They also write the sales contract and usually handle inspections. A good realtor is in touch with the loan officer and title company to make sure that the process is progressing smoothly. They are the main point of contact when looking for, and making offers on, homes.

Title Company

The title company is the neutral third party in the home buying process. They collect and distribute the various funds associated with the process. They also draw up and arrange the signing of documents that are required for closing, and record the transaction with the county. They are the main point of contact when it is time to sign the loan documents.

?Loan Officer

The loan officer is the primary source for information on the status of the loan process. They are instrumental in?helping you determine how much you qualify for, and are essential in guiding you into the best loan product.?Once you are in contract, they collect the various documents that are required by the bank to give you a loan and make sure that the process is being conducted in a timely manner. A good loan officer will keep both your realtor, the seller’s realtor, and you, the borrower, informed on the status of the loan process. They are the main point of contact when getting prequalified and once you are in contract.