The document discusses the key people involved in the mortgage process. The loan officer assists the buyer with the loan application, gathering documents, and determining the best loan. The real estate agent helps research properties, negotiate on behalf of the buyer, and collect documents for closing. The seller owns the current property, and both real estate agents work to negotiate a deal beneficial for both the buyer and seller. The inspector examines the property for repairs needed while the appraiser determines the property value based on the inspection report. The underwriter ensures the paperwork is accurate and makes the final decision to approve or deny the loan. The escrow officer holds closing fees and paperwork, coordinates closing, and finalizes the sale to transfer the property to the buyer.

1. The People Involved in the
Mortgage Process

2. The Loan Officer
Throughout the home-buying process, your loan officer will be your main point of contact. They’ll assist with your loan application and will help you gather important documents during each step of the home loan process.
At New American Funding, we’ve got a team of expert loan officers who will help you get pre-approved for a mortgage, determine the best loan for your needs and work with you to make the most of your loan.

3. The Real Estate Agent
You may not choose to have a real estate agent, but they can be very beneficial for both buyers and sellers. Throughout the home buying process real estate agents can help with any tricky parts.
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Research new properties that fit your needs
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Recognize potential issues with properties and advise on current and future values
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Negotiate with the sellers’ agent on fees, inspections and more
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Help collect important documents for the loan officer and for closing
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Counsel buyers during closing to ensure you stay protected Take a look at our Real Estate Agent Checklist linked below to choose the right agent for you. http://www.newamericanfunding.com/blog/post/2012/02/29/8-Tips-for-Finding-a-Great-Real-Estate- Agent.aspx

4. The Seller
Sometimes the biggest obstacle between you and your dream home can be the current owner of the home. While sellers can sometimes be difficult, you have a lot of help on your side to make sure you both get a good deal. Usually, you won’t deal directly with the seller, but if communication between both real estate agents break down, it can be beneficial to meet with the seller. Just remember that the seller is trying to get the best deal as well!

5. The Inspector and Appraiser
The Inspector and Appraiser both work to determine the value of a home compared to its asking price. They have different roles, but as a buyer, you should insist on a home inspection as a condition of the sale.
The Inspector inspects the house and property to determine how much it may cost to repair damage to the home. He’ll look for damage to the house in the roofs, walls, foundation and other areas of the house that would require an expensive repair. Extensive damage will stop the appraisal.
The Appraiser takes the inspection report and assesses the entire property to determine the actual value of the property. If they are satisfied with the property value, the Loan Underwriter will determine if the bank wants to lend money on the house.

6. The Underwriter
You’ll never meet the Loan Underwriter, but they have final say on whether the bank will finance your mortgage! The Underwriter has a number of responsibilities:
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Must ensure your paperwork is accurate to determine your eligibility for a loan
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Decides if you qualify for the loan program you’ve requested
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Gives a final “Yes” or “No” on your loan You can appeal to an underwriter’s decision if you want, but if they reject a loan don’t be afraid to try again once you’ve found a new property or improved your financial history!

7. The Escrow Officer
Sometimes called the Closing Officer, the escrow officer helps both parties arrange a final settlement and the eventual exchange of the property. Your escrow officer will assist in a number of ways:
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Hold onto closing fees and repair costs from both the buyer and seller for the duration of the negotiation
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Tell you exactly what you need to bring to closing (tax documents, final fees, etc), which your loan officer and realtor can help you collect
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Arrange a time for you to finalize the sale Once you finish with the Closing, the house is yours!

8. The People Involved in the Mortgage Process
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