Who you'll meet on your mortgage application journey
If you're planning on buying a new home, it's hard to say for certain how many places you'll look at before finding the one that fits you and your budget. For some people, it's a mere handful; for others, it may be in the double digits.
The mortgage process is a bit more straightforward, as there are a specific set of individuals who are there to guide you through the entire homebuying journey. Here are the key mortgage professionals you'll come across during the process of applying for a mortgage.
The two main contacts you'll have perform largely the same functions, but in slightly different capacities: Loan Officer and Loan Officer Assistant.
The loan officer is typically the first person you’ll speak with during the loan process. He or she will review your personal homeownership goals and help determine what type of loan best fits your needs. They’ll assist you with completing the loan application, review your credit and can also provide you with a pre-qualification letter.
Loan Officer Assistant
The loan officer assistant works closely with the loan officer in a helping capacity. They gather and review additional documents that may be needed to complete your loan application. They can also answer any questions you may have if your loan officer is not available.
Loan processors generally come into the picture further along in the application chain of events. What they do is organize all the relevant documents so that the mortgage lender has what it needs for final approval. They also proofread, checking to see if anything is missing.
Mortgage underwriters are primarily charged with determining if you have the appropriate qualifications to borrow. Some of the factors taken into account include your annual salary, your employment history, debts - both the type and how much - as well as available assets, such as checking and savings accounts.
As detailed by The Truth About Mortgage, the underwriter will render one of three decisions: approval, denial or suspended status. This last one means that you may need to provide more documentation for the mortgage process to move to the next step.
You've probably heard the term "closing" as it pertains to buying a house. The closer is the point person for this last step. Closers prepare and assemble the documents necessary for closing to take place. They also coordinate with other professionals involved, such as lawyers (if necessary), agents and vendors.
Now that you're armed with a brief synopsis on who you'll meet during the homebuying process, the rest of the story is yours to determine.
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