There are a many moving parts when it comes to real estate, which includes several key players. To celebrate September as National Mortgage Professional Month, let’s look closer at the role of a mortgage professional in a real estate transaction.
What is a mortgage professional?
To simplify, they are the professionals who help you finance your home.
Whether it’s your first home, your somewhere-in-the-middle home or your “forever” home, the role of a mortgage professional in a real estate transaction is important.
In a nutshell, they guide you through the process of securing a loan and having what you need ready by closing day.
Who are mortgage professionals?
Mortgage professionals include mortgage lenders, mortgage brokers, loan officers, processors, underwriters and escrow officers—just to name a few.
Together they form a network of professionals that work hard to secure your home loan in the end. Some of these individuals work on the front line while others are more behind-the-scenes.
What do they do?
For starters, the role of a mortgage professional in a real estate transaction depends on the job title. For example, a loan officer helps prospective applicants with the application process, including gathering the right documents.
A mortgage broker works with individuals on mortgage pre-approval and finding the right mortgage lender. Once the application is submitted and processed, an underwriter will work in the background verifying the applicant’s information.
To summarize, mortgage professionals review loan applications, process loan applications, verify financial information provided, appraise properties, prepare the loan, examine the title and make sure everything is set for closing day.
Summary
As you can see, now is the time to give your brokers, lenders, insurers, appraisers and such a big thank you for the role they play in making real estate transactions a smooth process!
From an experienced Realtor to lenders to home inspectors, be sure to start your search for these and more with Ryan’s Helpful Contacts. Keep reading our blogs for industry news, property showcases and community events!