Identify the process and know who to contact first
In the sale of the real estate, there are number of professionals who play an important role in the process of purchasing a property, some of them, are: the loan agent, the real estate agent, the processors, the lawyer (judges), home inspectors, insurers, among others.
In this article we will focus on the role played by both a loan agent and a real estate agent, since they are roles that people often confuse and often do the process backwards, because they do not know who they should go to first. While it is not necessary to know all the details, it is important, to understand how each one can help you.
What does a loan officer do?
He is a certified professional who helps you obtain financing for the purchase of a property. In the market they are also known as: Mortgage loan originator, loan officer, mortgage agent or Loan Officer in English. This person has a direct relationship with banks, credit unions and financial institutions. Their job is to facilitate the loan process with the best terms and interest rates. Because there are more than 10 financing programs, the loan agent also advises you on which could be the best program that suits your financial needs and gives you advice on how to have a better profile and obtain the appropriate credit score. In addition to the above, a loan agent will analyze your income, debts and your financial history and then make you a loan offer with a pre-approval letter. If you accept the offer, they will work with you so that the credit progresses smoothly and is approved. But before the credit is approved, you must contact your real estate agent so that they can choose a house that fits the budget that the bank will provide you. What does a real estate agent do? He is a certified professional who helps people buy, sell or rent properties. These people do not lend money, but they are experts in the real estate market. They usually have a database of properties and easily identify the best areas to live, they know prices in the industry, trends, among others. With the help of this professional you can easily get a property that adapts not only to your budget but also to the amenities you need. It will also help you negotiate with the seller to get the best price for a property. In addition to providing you with housing options, it is usually related to property inspectors, insurers, among other professionals who are essential in the purchasing process. As you can see, both professionals have different roles, loan agents focus on financing, while real estate agents focus on the sale and/or purchase of a property, however both have the same objective; help you buy your own house. Finally you should know that, first you must establish contact with a loan agent to determine if you are suitable to acquire a loan, once you have a positive response and knowledge of the amount of your financing, you can establish contact with a real estate agent so that together you can choose the house of your dreams.
