Home Buying Team


The lender helps you determine the maximum amount you can borrow. They provide you with a prequalification, which is a breakdown of what you can afford.

The next step involves completing an application, having a credit check, and then receiving confirmation from the lender that they are willing to finance your home purchase, which will then allow you to move forward with a Realtor. You will also receive the Loan Estimate, which clearly outlines the costs and terms of your loan.


The realtor will screen and sort through property listings to help find your home. After finding your home, you will make an offer and negotiate a purchase agreement, which is the legal contract to buy the property.

You will likely need to put down a deposit on the contract, which is referred to as earnest money. This amount varies by region. Your realtor will help determine the amount. Your earnest money will help cover the down payment or the closing costs.

Home Inspector

The Home Inspector’s job is to identify any serious flaws with the property as well as deferred home maintenance. They should identify any systems or appliances in need of repair and replacement. Your Purchase Agreement may allow you to rescind your offer if the house fails the home inspection or provide the basis to request the seller make the necessary repairs to the items noted in the inspection.

Closing Office, Title Company, Escrow, Real Estate Attorney

This entity will hold and then transfer the funds from the buyer to the seller as well as transfer the title of the property from the seller to the buyer. They are responsible for safeguarding the funds and the title until provisions of the Purchase Agreement are met. They will work with your Lender to provide a Closing Disclosure detailing the purchase including all costs and the down payment.

The process of signing all of the loans and title documents as well as acquiring the keys is referred to as closing.

Loan Servicing Company

The Loan Servicing Company collects your payments and manages your escrow account. Money from your monthly payment is set aside into the escrow account to pay for your Property Taxes and Homeowners Insurance premium when they’re due.

It’s generally recommended for first-time homebuyers to escrow for their homeowner’s insurance and property taxes. By doing this, your monthly payment will be calculated in a manner that includes 1/12th of the cost of both of these expenses.

As you make your monthly payment, you are also saving the money to pay for your insurance premium and taxes.