Who Are the Players in the Mortgage Process?

BUYER
The purchaser of the home who takes out the mortgage and is obligated to repay the loan over time with interest.

SELLER
The person or entity offering a property for sale.

REAL ESTATE AGENTS
Licensed representatives engaged by a buyer and/or seller and paid a commission — a percentage of the sales price — for their efforts.

TITLE INSURER
A specialist who examines and insures that the title of the property is clear of encumbrances and reviews legal documents related to the sale.

APPRAISER
Licensed, objective third party contracted to provide property value assessments.

ESCROW COMPANY
A third party serving both the buyer and the seller who is responsible for transferring property from one party to another and ensuring the terms of the sale are met on each end.

MORTGAGE LENDER
First Republic Bank is a mortgage lender. Mortgage lenders include commercial banks, savings and loans, credit unions, mortgage bankers, mortgage brokers and others that are chartered or licensed to lend money to prospective borrowers.

HOME INSPECTORS
Licensed home inspectors may be hired by the borrower to examine the home's physical structure and systems from the roof to the foundation. Home warranty insurance can be purchased to insure buyers against costly defects that aren't discovered during the inspection.

CREDIT REPORTING AGENCY
Credit reporting agencies (credit bureaus) collect information about your credit performance. They prepare reports of an individual's credit history for lenders (as well as for employers and insurers), who in turn use these reports to determine a borrower's creditworthiness. This affects the credit decision and loan terms.

They also provide credit scores which reflect your past pay history and level of outstanding debt relative to available credit. Some loan products have minimum credit scores required to qualify.

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