When you decide to purchase a home, there are a lot of players in the process. It is not just the buyer, seller and lender. There are a few more people than that. Take a look at this list:
Buyer – the person taking out the mortgage and is also obligated to pay the loan.
Seller – company or person offering the property for sale
Real Estate Agents – licensed representatives hired by buyer or seller. They are paid a percentage of the sales for their efforts.
Title Insurer – someone who examines and insures title to property is clear of encumbrances. They also review legal documents related to the sale.
Appraiser – licensed, objective third party who provides property value assessments.
Mortgage Lender – banks, savings and loans, credit unions, mortgage banks, and mortgage brokers who are license to lend money to prospective borrowers.
Credit Agencies – they collect info about your credit performance. Prepare reports for an individual’s credit history for lenders.
