Who Gets Involved in the Mortgage Process?

The Buyer and the Seller - the seller is offering the property for sale, and the buyer wishes to purchase the property. These individuals usually work through others to negotiate an agreement to purchase the property.

The Seller - The person or business offering the property for sale.

The Real Estate Agent - Representatives of the buyer and/or seller. They are paid a commission (a percentage of the sales price of the home) for their work in facilitating the sale.

Your insurance agent - your lender will insist that you have the property insured in order to protect them in the event of a fire, flood, or other catastrophy. The lender will have minimum insurance requirements.

The Title Insurer - A firm that examines the legal title to the property and insures that the title to the property has no encumbrances or liens, and who reviews the legal documents related to the sale to make sure they are correct.

The Appraiser(s) - Appraisers are licensed individuals employed by the lender and/or buyer to provide property value assessments.

The Mortgage Lender - The party providing the loan or mortgage to the buyer. Mortgage lenders include banks, savings and loan associations, credit unions, mortgage bankers and brokers, and other firmss chartered or licensed to lend money to borrowers.

The Credit Reporting Agency - Credit agencies (or credit bureaus) monitor information about the buyers credit performance. They are used to prepare reports on an individual's credit history for mortgage lenders, employers, insurers, etc., who use the information in the report to decide if they will issue the loan, and establish the terms of the loan.

Your Attorney - it is not absolutely necessary that you have an attorney be a part of the team that assists you in purchasing a home, but it can be helpful, and can protect you from unforseen problems.