In your mission to become a homeowner in Spartanburg SC, you will come across various real estate and mortgage experts whose responsibilities range from discussing your financing options to performing an appraisal on your potential home. In this post, we will briefly explore various processes and professionals who are involved in the home buying and selling process.

Mortgage loan originator

One of the first professionals you will bump into when buying a house is a mortgage loan originator. This is the person who will help you find the appropriate financing options. There are numerous loan programs with varying features and terms (fixed vs. adjustable rate, veterans/military personnel home loans, zero down payment loans); and most likely, you would wish to get a professional’s opinion on what will best work for your unique requirements and home financing goals.

Once you settle on a financing option, you will submit a formal application and the originator will work with other industry players to ensure your loan moves towards closing.

Loan processor/officer

During the home buying process, you will also bump into a loan processor. He/she will compile all the necessary paperwork and will always be in touch with you especially if your submission needs some kind of adjustment/correction. Additionally, a loan officer is the person who computes and determines how much funds you qualify to borrow.

Real estate

Services of a real estate agent can be sought after, during, or even before submitting your loan application. The agent will listen to your unique requirements and help you find a home that fits your budget. An agent is also handy when it comes to price negotiations, stipulate for repairs if necessary, purchase contract execution, arrange access for inspectors, and several other issues related to that.

Home appraiser

When selling or buying a house, you will need an appraiser. This is an independent 3rd party who ensures that the home being bought or sold is worth the price you agreed to pay or sell. This entails accounting for any recent renovations which may increase the value of the house since last appraised; any repairs which need to be carried out that may detract from the value; and the value of similar homes in the neighborhood which have recently sold. Basically, these factors are considered to compute the exact value of the home.

Title agent

If the seller accepts your bid, and your application is also approved, you are just a few steps towards closing on the house. However, before closing, a title agent will research and investigate to make sure that no other individual can claim rights to the house. Additionally, the title agent insures against losses, lest in the future it is established that there is another rightful owner to the said house.

Closing agent

The final phase of your financing is handled by the closing agent. This agent makes sure that all agreements in your loan and those related to the closing procedures are properly executed and that all involved parties fully comprehend the details of the transaction.

Conclusion

All the above are the critical players when selling or buying a house, but definitely, you may come across others throughout your journey. If you have any question regarding the whole house buying process or anything related to building a home in Spartanburg SC, feel free talk to us. We are the most reputable new home builders in Spartanburg SC and can help you discover the home of your dreams. Give us a call today on 864-895-0601.