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Finding a home

The role of your Home Lending Advisor and others

The Home Lending Advisor is one of many professionals who have a role in helping you buy a home. Some you’ll meet. Others are working behind the scenes. Together, they want to make sure your homebuying process is smooth and fast, so you can enjoy your new home as soon as possible.

Home Lending Advisor

Learn about the role of a Home Lending Advisor throughout the home buying process.

Loan processors

Learn about the role of the loan processor throughout the loan application process.

Mortgage underwriter

Learn about the role of a mortgage underwriter and what they look for when reviewing your application.

How much home can you afford?

Take the first step and get prequalified.

Home Lending Advisor

As you're deciding on a mortgage and applying for your loan, your Home Lending Advisor will be there to answer your questions and give you advice. He or she will ask you questions to understand your financial situation and recommend solutions, no matter if:

  • You're self-employed or work for a large corporation.
  • You have excellent credit or less-than-perfect credit.
  • You have available cash or need to make a low down payment.

Once you find the right mortgage and submit your application, your Home Lending Advisor will simplify the application process by making sure your documents are filled out properly and submitted to the Underwriter on time. Your Home Lending Advisor will also help you find resources and refer you to other professionals you may need along the way.

Home inspector

Before you buy your home, a home inspector will review the property to ensure its safety, and let you know what needs repaired and what may need to be replaced. This will help you understand the systems in your new home, such as plumbing, and limits the surprises you may find after moving in. Keep in mind that every house is going to have issues. Once you know about potential problems, it’s up to you to decide if you want to proceed.

Loan processor

A loan processor will work with your Home Lending Advisor to review your documentation for your loan application. He or she also verifies your information by contacting credit companies, your employer and the appraiser who is reviewing the home you’re buying. Once it’s been reviewed, your loan processor will send the paperwork to the underwriter, who will make a decision on your application. After it’s approved, the loan processor will conduct a final audit to ensure everything is ready for you at your closing.

Underwriter

The underwriter reviews your loan application and will either approve, suspend or deny it. He or she looks at your income, debt, credit history, savings and debt-to-income ratio. The underwriter must assess risk for your lender and determine whether you will likely be able to repay the loan.

Appraiser

An appraiser determines the estimated value of the home you want to buy. He or she studies the condition of the home and reviews the values/sales of comparable properties in the neighborhood. The appraised value of the home should be greater than the loan amount you applied for, or your loan could be denied.

Real estate lawyer

You may or may not need a real estate lawyer to complete your purchase. If so, he or she will ensure that your purchase agreement is legally binding and meets local, state and federal requirements. When you submit your offer, a lawyer will draft language for special agreements between you and the seller. Your real estate agent can help determine if you need a lawyer.

Tax advisor

You may need a tax advisor to find out if homebuying and mortgage-related expenses are tax deductible. He or she will help you determine if tax laws apply to your specific circumstances, and may help you estimate the potential tax savings associated with a specific property and mortgage.