Want to buy a home, but have no idea the process or even where to begin? You’re not alone. My first house I found online and swung by the first Real Estate office I saw and walked in and told them I wanted to see a home. Dream come true for an agent! I was known as a First Time Home Buyer. Also known as, I have no idea what to do and I am mold-able. So for you First Time Home Buyers, I have made a who’s who list that I wish I had when I purchased my first home.
Laura the Loan Officer:
I am the first person you should go to. However, most people mistakenly go to me second. I DO NOT SHOW YOU THE HOMES. I am the person who can tell you, yes, you have the finances and the credit score to get you what we call, pre-approved. I also suggest products for you (FHA, Conventional, etc.) This means that from all of the information I have in front of me (that you will apply and send to me) I am confident that you are approved to buy a home (please keep reading to find out how I am confident and know this is assuming you don’t lose your job or buy a new car during the process). From this information, I can also give you the range that you are qualified for, on top of what your estimated monthly payment will be. I am also the person that can work with you if you aren’t quite ready to buy a home (credit isn’t there, income not quite there, etc.) as I will help you get there!
AS SOON AS YOU ARE APPROVED, YOU GO TO:
Angie the Agent:
You may or may not have a Real Estate Agent. If you don’t, I am always happy to suggest one. If you do, you can use anyone you would like to represent you in this transaction. You DO NOT pay Angie. The person selling the home pays Angie. Angie is a professional that helps you find your perfect home. She shows you the homes that she thinks fits your needs and helps guide you to the perfect fit. You can take the information that Laura has given you and tell Angie the price range you are looking for. Once you find that dream home with Angie, she will work with the person selling the home, negotiate a price, details, etc. and help you make an offer on a house. Once an offer is made with the sellers and agreed up, Angie sends the PA (purchase agreement) to Laura. At this point, Laura takes that information and puts together a more detailed loan for you.
Laura the Loan Officer works with:
Terra the Processor:
(Yes Terra is my processor) Terra takes everything I have received from you and processes it. You won’t ever meet Terra, but she is there and working hard for you. If she needs something, she will let us know. Once she thinks all of the information you have sent me is good, she will pass it to the Underwriter.
Ulyssa the Underwriter:
Alright, I made that name up. I have no idea who you will get as an underwriter as we don’t get to pick. Ulyssa (boy or girl with my made up name there), gets you final approved for your loan. They go through everything you have sent. Ulyssa will let Terra know what else you need to do to get final approved. Once everything is perfect, Ulyssa will give Laura the CLEAR TO CLOSE!! Before the clear to close though, you will hear of Agustove the Appraiser.
Agustove the Appraisal:
Agustove is also unknown to me. He will do your appraisal. He or she will give us an independent opinion of the value of the home you want to buy. They will go to the house by setting up a time with the seller. They will compare the home you are buying with other homes that have sold in that area. They might tell you the value of the home is higher or lower than the price you’ve offered to pay. If it is higher, woohoo you have equity. If it is lower, the appraiser goes back to Laura and tells her that the house isn’t worth what the loan is going to be. This is HUGE, as think of buying a car and taking out a loan more than the car is worth. This hurts you and is a huge risk to the lender if you were to default.
Terry from Title:
Terry is usually picked out by Angie, your agent. She or he is the one that will prepare ALL of your documents to sign after going back and forth with us. They will make sure there are no liens on the property as well as find out if there are any title issues. You will go to Terry on the day you are closing your loan. Terry will be the one who turns in all of your signed paperwork!!
After applying with me, thanks to Angie, Terra, Uylssa, Agustove & Terry (and so many more that are behind the much bigger picture), the home you have always dreamed of will be yours!
Want to start the process today?
Feel free to email me with any additional questions as well!
Laura Miron
Cell (763)350-6507
laura.miron@ccm.com