Your mortgage dream team
Let us introduce you to the various individuals who will take you through the home buying process.
Your mortgage dream team
Your First Tech mortgage loan officer is your first point of contact and will help you through the home loan process. He or she will take the time to understand your unique goals, credit profile, and financial situation in order to identify mortgage options that best suit your needs. Your loan officer may also have an assistant who can help to answer your questions along the way.
This crucial member of your team helps find the right home for you. Real estate professionals are a wealth of knowledge, not only on houses, but on local employment, shopping, schools, property tax rates, seller/buyer trends, and much more. Your real estate agent’s role does not end at finding the right home. A good agent will often attend your appraisal, home inspection, and loan closing—and will be there to guide you through the process to ensure it is a smooth experience for you. Once your loan has funded, your Realtor will provide you with the keys to your new home.
Once you have found a home and are ready to move forward with your mortgage, your loan officer will gather any remaining required documents and submit your file to the loan processor. The processor will be your primary contact from this point forward, but your loan officer will still be available to you. Your loan processor will submit your file to an underwriter for final approval, gather any additional documentation needed, and then review the final numbers with you for loan closing.
This is the person who will make the final determination on your loan request by using your credit history, income and assets, as well as any other pertinent information provided. Mortgage underwriters typically work behind the scenes, and therefore, it’s unlikely you would communicate with your underwriter directly.
Real estate appraiser
When you have found a property, First Tech will order an appraisal, which will be completed by a licensed real estate appraiser. They will evaluate the property and determine fair market value-based on numerous factors including recent sales of similar homes within your neighborhood, condition of the property, and many other required state and regulatory factors.
A professional home inspector can uncover repair and structural issues before you purchase the home. Any issues found may prompt you to renegotiate the terms of real estate agreement. If you wait until after you have purchased the home to find any issues, the expense will be yours to cover. Your real estate professional can suggest home inspectors he or she trusts, or you are welcome to use any certified home inspector you choose. You do not need to provide a copy of your home inspection to First Tech.
Your escrow officer or a third party closing coordinator will walk you through the loan and sales documents, obtain your signature anywhere it is required, and answer any questions you may have. Any money due, such as down payment and closing costs, will also be required at this time. This process takes place in person and could take a couple of hours.
Once the funds have been received and all documents have been signed, the title company will record the transaction at the county courthouse.
Once this happens, congratulations! Your mortgage loan is funded.