You’re not alone on your home buying journey–learn about the key players that help along the way to reaching your goals. 

Mortgage Consultant

A Mortgage Consultant’s role is to help you attain your home financing goals. We take a look at your entire financial picture by analyzing your credit, assets & employment information to determine if you qualify for a home loan. We help you complete your mortgage loan application & assist you in finding the best products & programs to fit your unique needs. It’s also our job to keep you well informed of what’s happening throughout your transaction.

Realtor

Once you are pre-approved, a Realtor will help you search for that perfect home. They guide you toward finding a house that is fit to your needs, wants & financial circumstances with all the bells & whistles you’re looking for. Once you are ready to make an offer on a home, your Realtor will handle all communication & negotiations with the seller. If you have not had a Realtor recommended to you, your Mortgage Consultant will be able to provide a few referrals for you to pick from.

Processor

A loan processor is the person who ensures you have submitted all the proper paperwork, that all the numbers balance out & that the application is ready for the underwriter. It’s important to provide any requested documentation to the processor as soon as you can to avoid delays in the process.

Underwriter

The underwriter is essentially a fact-checker & has the final say in determining if you truly qualify for the loan you are applying for. They will approve or deny your loan application based on credit history, employment history, assets & debts among other factors.

Appraiser

An appraiser determines how much a home is worth based on a variety of factors that affect the market value of a home like size, structure, design & location. An appraisal ensures you are paying fair market value for your future home.

Home Inspector

While generally not required, a home inspection is an important step in protecting you as the buyer. Home inspections cover things like major defects & conditions that may lead to major problems in the future; problems that make the home unable to be financed, occupied or insured; & general safety issues. Basically, an inspection makes sure you truly know what you are getting into before you officially buy the home. Your Realtor should be able to refer you to a home inspector.

Closing & Title

Closing day is the last step in the home financing process. At closing, all parties of the transaction sign the necessary documents that give you legal ownership of the property & you will pay any closing costs & escrow items. Once your closing is complete, you’re officially the owner of your new home!

Mortgage Servicer

Cambria Mortgage does not service your loan. Instead, post-closing, your loan will be transferred to a financial institution that is responsible for collecting your ongoing mortgage payments. This new company handles the day-to-day tasks of your loan like collecting payments, sending monthly statements & managing your escrow account. If you ever want to refinance however, you should reach out to your Cambria Mortgage professional!

Questions?

If you have questions about where the housing market is heading or how you can best approach purchasing a home in today’s climate, we are here for you now and always.  Call us today at 952-942-0110 or visit www.CambriaMortgage.com/Connect to get started!