This sounds like a chicken or egg question but should you get a loan officer or a real estate agent first? Let???s break it down to help you decide:
Realtor first! Believe it or not, real estate agents would want you to start with them. A realtor would help you get to the right track and would want to influence you when it comes to choosing affiliates or other team players that involved in the house-buying process. By saying team players, that includes loan officers. This typically happens when the realtor finds out that you don???t have a lender yet.
Loan officer first! Get a loan officer first if you haven???t been preapproved for a VA loan. Why? Well, for one, it???s better to know your budget first before you go shopping. Don???t fret if your loan officer asks if you already have a realtor. Having a realtor before your VA loan application process begins is not a requirement. The loan officer asks you this question to help you. If the loan officer finds out that you don???t have a realtor yet, he???ll most likely give you a list of realtors he has done business with and even provide you a qualification letter that you can show to the realtors.
So what is the best thing to do? To be honest, it doesn???t matter because the two will lead you to the other anyway. Some people might disagree. But the point is, you???ll end up finding a lender and a realtor since at the end of the day, you will need them both. What is important is that you understand that aside from these two, there are other people involved in this process. Here???s a quick list of other team players according to David Reed, a veteran of the mortgage industry:
Loan Processor ??? The one who verifies, compiles, and reviews your loan application. The loan processor also calls the credit bureau and employer to verify your information. Appraiser ??? The person who estimates the worth or value of a property and creates the document called Notice of Value. Inspector ??? The expert who performs structural and pest inspections ??? plumbing, electrical work, roof, structural stability, etc. Insurance Agent ??? The person who is authorized to sell and transact insurance. Title Agent ??? The guy who makes sure that it???s you and only you can claim property to the home you are buying. Attorney ??? Not all states require that you have an attorney when purchasing a home but some do! Surveyor ??? The surveyor measures the house???s dimensions ??? including permanent structures, boundary lines and easements. Underwriter ??? This team player analyzes the risks involved in your VA loan application and then establishes terms and conditions depending on the risks. Escrow Agent or Closer ??? The closer makes sure that all your papers are signed and the sale took place. Funder ??? The guy who generate wires for loans to fund.
But the most important person in this process is YOU! Never let any members of the team push you around into deciding into something that you do not want or understand.
Source: http://nobsvaloans.com/2009/08/loan-officer-or-realtor-whos-first/
Source: http://www.beverlyhillsonmain.com/loan-officer-or-realtor-who-do-you-get-first
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