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Who Are The Different People Involved In Getting A Mortgage?
(presented by www.refinance-refinance.net - mortgage lenders)



By Ben Afzal

Parties To A Mortgage

This example is for a mortgage for a property purchase. It is slightly less complicated with a refinance because there are no buyers and sellers.

Real Estate

In a purchase you will have one of both real estate agents handling the paperwork and other part of the transaction.

You will have the buyer and seller of the property.

Lender

You will have a loan officer to work with on your loan. This is the case whether you go with a broker or lender. You will still usually have one person who manages the loan process from start to finish.

Although you may not interact directly with them, the lender will have an underwriter who will actually analyze your loan. This person will decide if your loan is approved, and what if any loan conditions will need to be satisfied.

Title and Escrow

Title insurance is issued by the title company. Escrow agents are neutral intermediaries who make sure the paperwork is done properly and the money distributed between all the parties in the correct way.

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Service Providers

You may have a notary public who will notarize the loan documents. An appraiser will conduct an appraisal of the property and issue a property appraisal report. You may have a structural or pest inspection done on this property, which will in turn also generate its own report.

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This entry was posted on Thursday, October 19th, 2006 at 4:20 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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