“Key Players in the Home Buying and Mortgage Process”

**Title: Key Players in the Home Buying Process: Who’s Involved and What They Do**

**Introduction**

Are you wondering what to expect when buying a house? Many first-time home buyers anticipate working with a real estate agent and a lender but aren’t sure who the other players are in the process. This guide will introduce you to the different professionals who are likely to pop up during the buying journey and how they’ll prepare you to get those house keys in your hand.

**The Primary Parties to a Mortgage**

There’s a lot involved with getting a mortgage, and you’re likely to have questions. This is especially true if you’re a first-time home buyer. Whether you’re new to the process or a seasoned home buyer, it’s important to understand how the process works before you jump in. First, you’ll want to understand the two main parties to a mortgage.

**The Mortgagor**

The mortgagor is you, the borrower. Before you apply for a mortgage, you’ll want to ensure your credit score and other aspects of your finances are in good shape. Then you’ll initiate the home buying process by applying for a mortgage and searching for a house to buy. As you begin your search for a house, you’ll want to consider the location and size of your future home, as well as the amount you can afford to spend toward your mortgage each month.

When you begin the mortgage approval process, you’ll be responsible for providing the information and gathering the financial documents your lender needs to approve your loan. Be sure to start this process early on in your search for a home. Having your preapproval in hand while house hunting will allow you to submit an offer quickly when the right home comes along.

**The Mortgagee**

The mortgagee is the lender. When you apply for a mortgage, your lender will review your financial documents, issue your mortgage preapproval, underwrite your loan and, assuming everything goes smoothly, provide you with a mortgage. Deciding how to finance your home purchase is a huge decision and partnering with the right mortgage company is crucial for your financial success.

**When to Find a Lender**

You’ll want to start looking for a mortgage lender before you find your dream home. Getting preapproved early on in the home buying process will allow you to shop for a home with confidence because you’ll know how much house you can afford and the maximum mortgage loan amount you’d qualify for.

**9 Other Parties Involved in the Home Buying Process**

Not all home buying processes look the same, but in general, you can expect the same key people to play a role. Some of these parties are mandated by your lender and the laws of your state, while others are optional but encouraged. Here are nine additional parties you’re likely to work with when you’re buying a home.

**1. Buyer’s Agent**

Your real estate agent, also referred to as a buyer’s agent, is the most important person you’ll interact with during your home buying journey. Your real estate agent is a source of knowledge who will help you find the right home at the best price, negotiate an offer on your behalf, and walk you through the final steps to close on your home.

**Working with a REALTOR®**

There are many factors to consider as you look for a good buyer’s agent, but in general, you’ll want to find a professional with experience who knows the area and who is a good communicator. REALTORS® are real estate agents who are members of the National Association of REALTORS®. They’re held to a strict code of ethics to protect the interests of clients, cooperation between brokers, and more.

**2. Listing Agent**

You may never actually meet the listing agent for the home you’re purchasing, but they’ll play a huge role in the buying process. Just as the buyer’s agent works on your behalf, the listing agent works for the seller and represents their interests. Once you make an offer, your real estate agent will work with the listing agent to negotiate a fair price.

**3. Homeowners Insurance Company**

Your home will likely be your most valuable asset, so you’ll want to take your time finding the right homeowners insurance company. Search for several companies in your area and request detailed quotes to compare costs. If you live in an area prone to weather-related damage, like flooding or hail, you might want to find a company that offers additional insurance packages.

**4. Title Company**

During the closing process, the title company will run a title search on your property to ensure there are no outstanding liens or mortgages against it. This is done to protect your investment. Once this is complete, a title insurance policy will be issued for both the owner and the lender.

**5. Appraiser**

Your lender will generally require a home appraisal to confirm the value of the home prior to closing. This is done to protect you and your lender from financing more than the home is worth. Appraisers are typically local professionals who conduct research on your market and visit the home to assess its overall condition and value.

**6. Home Inspector**

A home inspector will also assess the condition of your home to determine if it’s a smart purchase. They are hired to help protect the buyer from purchasing a property with major problems. Once hired, the home inspector will go through the house from top to bottom with you, pointing out any problems.

**7. Real Estate Attorney**

A real estate attorney may be involved in your closing process. Their job is to protect you from making a fraudulent purchase during the final stages of the buying journey. A real estate attorney is not involved in every home purchase but is required in several states. Consult your lender regarding the requirements in your area.

**8. Tax Advisor**

A tax advisor might not be the first person who comes to mind when you think through the home buying process, but they can be a very helpful asset when buying a home. There are several smart reasons to consult a tax advisor when buying a home, including understanding any tax implications or penalties if you’re considering withdrawing funds from your 401(k) for a down payment.

**9. Notary Signing Agent**

A notary signing agent is an impartial person who acts as a witness during the signing of your closing documents. This person’s main job is to ensure you’re completely aware of what you’re signing and notarize the documents by adding their signature, seal, and notary commission (license) so your state will accept them for proper recording.

**Additional Parties to Consider When Buying a Home**

You may need to partner with other professionals during your home purchase in addition to the ones we’ve listed above. You might need a home contractor, for instance, once you receive your home inspection results. Many times, the seller will agree to pay for repairs or adjust the price of the home to offset this expense.

**The Bottom Line**

There are many parties who will enter the process at different times during the home buying journey. Understand the steps of the buying process and when you’ll need other professionals to jump in so you can better navigate each step. Lean on your real estate agent or REALTOR® to make recommendations – it can save you a lot of time when you need to hire a specific professional – but feel free to do your own research.

If you’re ready to begin the process and you’re looking for a home loan, you can start your mortgage application online with O1ne Mortgage Inc. today. Visit [O1ne Mortgage Inc.](https://o1nemortgage.com) to request someone to speak with you, request a mortgage quote, or apply for a loan. You can also call us at 888-372-8820.

**Keywords:** mortgage process, home buying, mortgage lender, real estate agent, home inspection, title company, homeowners insurance, mortgage preapproval, O1ne Mortgage Inc.