Going about the process of buying a new home involves several organizations. The home loan may be one of the ultimate goals but there are many people and groups involved in the process of obtaining it.
In order to get a home loan, people and organizations such as inspectors, real estate agents, credit agencies, title search people and others need to sign off on the project. Who they are is usually dictated by the home loan people but having them all lined up and ready to sign off is up to you.
Who is involved?
The people and groups involved in getting the home loan issued include: you, the lender, the real estate agents (for you as well as the seller), the inspector, the title company, your creditors, your employer and your spouses’ employer and credit history if the purchase is to be a joint purchase.
The home loan lender
This group can be a bank or other financial organization. Generally, they are the ones that require all the paperwork to let the home loan proceed. Unfortunately, they are the ones that require the information and are not necessarily the ones who pull it together. The documentation for the home loan is largely your responsibility although the home loan lender will likely verify the financial details before the loan proceeds. Generally, having as much documentation pull together before hand is a wise idea.
The real estate agents
The real estate agent can be a good guide for getting you through the maze of home loan paper work. They have been through the process before and have a fairly good idea what to expect. They are not responsible for pulling information together but can be a good resource for finding and using reputable people during the process. Title search and inspection companies might be a good example of resources they can help locate.
The inspection process is a requirement for most home loans. Generally, this process is a good idea in any event. It is always good to know beforehand if repairs or upgrades are going to be likely in the future. However, if the inspector finds that the home has significant issues the home loan may not be able to proceed. Unfortunately, in this instance, the search for a new home will need to go on. Fortunately, most of the home loan paperwork has been completed so this event is more of a disappointment than a home loan disqualifier.
Title Search Company
This company’s work can be the scariest work in the entire process. One might think that the process has been done before so there should be little issue. Unfortunately, this can sometimes not be the case. The home loan company wants to know that the property is free and clear of encumbrances. If it is not free and clear there cannot be a sale. Generally, the scary part is that when something is found it comes out of nowhere. Where title searches are concerned Murphy’s Law applies; if something bad can happen, it will happen.
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