As a borrower, there are several important elements to be aware of when it comes to the home buying process. First and foremost, you should know that the process does not solely consist of finding the house of your dreams, making an offer, and moving in shortly after. In fact, signing that final dotted line is the result of hard work from you and a team of industry experts. So who helps you through the mortgage process? Here’s who you should expect to work with:

1. Mortgage Lender: For many, the first step in the home buying process is getting pre-qualified or pre-approved. In order to accomplish this and have an advantage over competing homebuyers, you will need to find a mortgage lender that’s right for you. In addition to providing you with a general price range of homes to search for, your mortgage lender will review your mortgage application and financial documentation and decide whether or not you qualify for a mortgage. Once approved, he or she will walk you through the mortgage process to get you the type of loan you need for the term you need.
2. The Government: Although you do not work directly with the government, you may be interested in one of the many government-backed loans. The two most popular options are FHA and VA loans, both of which offer low down payment options to those who qualify.
3. Real Estate Agent: Your real estate agent is vital for tips on newly listed properties and the housing market in general, so it’s important to find one with years of experience. Not only will an agent help you find the home of your dreams within your price range, but he or she will also assist in negotiating the purchase price. In short, they provide much more value to your home buying experience than any research on the internet!
4. Appraisers and Inspectors: Once your real estate agent has helped you find the perfect home and your mortgage lender has approved your loan, appraisers and inspectors will play an important role in the final stages of the mortgage process. To ensure that you avoid paying for any structural property issues in the future, your inspector will identify any and all problems with the home. This will allow you to negotiate with the home seller about covering these costs. Your appraiser will provide an estimate of the home’s overall value. You will need an appraisal to prove to your lender that the amount you would like to borrow is appropriate.

Overall, whether you are purchasing your first or second home, it’s important to find the right team of industry experts to assist you throughout the mortgage process. For more information about the stages of the mortgage process, or to learn more about the expenses associated with transitioning into homeownership, contact one of our mortgage specialists or download our new eBook today.