The Mortgage Corner with GreenState Credit Union: Your Team Behind the Home Buying Process

Who's Who in the Mortgage Process

Whether you’re a first-time homebuyer or a seasoned one, buying a home is a complex process and involves an array of people. While your real estate agent and mortgage loan officer will be your primary points of contact, there are others working behind the scenes to ensure a smooth process. Below is a helpful reference of the key roles, from preapproval to closing day.

GreenState Team

• Loan Officer: Your GreenState Mortgage Loan Officer will work alongside you throughout the home buying process to help you choose the best loan program for your budget and needs. Our team knows purchasing a home is one of the largest financial decisions you'll make, so we will listen to your desires, needs, and questions to help you meet your financial goals.

• Loan Associate: This is the Mortgage Loan Officer’s support team. Throughout the mortgage loan process, you may hear from a loan associate as we gather documents from you to support your loan file.

• Loan Processor: Getting approved for a mortgage requires a lot of documentation, and the loan processor is tasked with gathering and organizing the necessary documents for the underwriting team.

• Underwriter: This person ensures all the necessary paperwork has been submitted and then evaluates it to determine whether you have the ability to repay the loan amount you're seeking. They will review all loan parameters to ensure you qualify for the loan program you have selected. The underwriter will review your credit report, income and asset documentation, and the appraisal report.

• Mortgage Lender: The mortgage lender is the financial institution that controls the loan process and issues loans. In this case, GreenState is the lender.

Other Parties

• Real Estate Agent: Your real estate agent acts as the facilitator in the transaction between you (the purchaser) and the seller. The Mortgage Loan Officer is here to advise and guide you through the financial process, the agent’s role is to advise & guide you through the home search & negotiation process.

• Property Inspector: An inspector will examine and evaluate the condition of the property you are hoping to buy. Often times, your real estate agent will recommend a reputable inspector to assess the property's structure, HVAC, electrical, sewage, and water.

• Appraiser: The appraiser provides an unbiased, estimated value of the home you're hoping to purchase. Typically scheduled by the lender within a few days of an accepted offer, the appraisal will look at home details as well as recent sales of similar properties to determine its value.

• Mortgage Insurer: Borrowers making a down payment below 20% of the purchase price may be subject to Private Mortgage Insurance (PMI), and the insurer is the company providing the insurance.

• Mortgage Servicer: A mortgage servicer is the financial institution responsible for sending monthly statements and collecting mortgage payments. The servicer manages your day-to-day tasks and may also pay taxes and insurance on your behalf.

Because every purchase is unique, you may encounter people in roles not mentioned. However, it’s important to remember that behind every individual purchase is a dedicated team of professionals supporting you.

For additional information contact one of our mortgage lenders at www.greenstate.org/mortgage                                                                              NMLS #401238